Today, Bank Australia launches its Financial Inclusion Action Plan (FIAP) aimed at improving Australia's financial resilience.
Bank Australia is one of 12 trailblazing organisations that have developed a plan to support greater financial inclusion. The FIAP program is run by Good Shepherd Microfinance, with EY and the Centre for Social Impact, and funding from the Australian Government.
More than three million people in Australia are severely or completely financially excluded, which puts them at greater risk of poor social, economic and health outcomes.
Bank Australia Managing Director, Damien Walsh, said the bank is proud to be part of the FIAP program.
"Our FIAP is based on Bank Australia's responsible approach to banking, which includes only lending money to people who have the ability to repay, and not paying staff sales performance-based commissions," says Damien.
"Bank Australia's FIAP sets out clear actions for next 12 months with a strong focus on people and communities vulnerable to financial exclusion," says Damien.
The FIAP program's lead organisation, Good Shepherd Microfinance, congratulated the 12 pioneers on their leadership and commitment to financial resilience.
"These trailblazing organisations that have come on board and developed their first FIAPs have shown themselves to be leaders – not just in their respective industries, but in the community more broadly," says Adam Mooney, CEO, Good Shepherd Microfinance.