The tragedy is that in this modern, affluent Australia, 43.1 per cent of First Australians are fully or severely financially excluded, compared to 17.2 per cent of the rest of the population. This means our First Australians cannot access a bank account, credit or insurance to leverage a better financial future.
There is an untapped market of 237,000 marginalised Indigenous people unable to access mainstream financial products and resorting to high-risk, short-term credit such as payday lending and consumer leases, locking themselves into the unwinnable task of extricating themselves from debt.
This is not only the story of remote Aboriginal communities. In our capital cities First Australians are also financially excluded. Read the full article here....
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