Delia Rickhard

Eleven trailblazing organisations yesterday unveiled their commitment to a new innovative program designed to stimulate inclusive economic growth, especially focused on women.

According to the CEO of Good Shepherd Microfinance, Adam Mooney, the new Financial Inclusion Action Plan (FIAP) program will see coordinated, measurable actions to improve financial resilience for large numbers of people experiencing financial exclusion and hardship.

“We all want to be able to access and use financial services that are appropriate to our circumstances and improve our lives. Yet, there are three million people, or one in six adults, who are financially excluded in Australia,” said Mr Mooney.

“The FIAP program invites organisations to turn good intentions into action that works by collaborating across sectors to improve financial inclusion for everyone,” he said.

Good Shepherd Microfinance and partners EY, Centre for Social Impact (CSI) and the Australian Government have developed the FIAP program, guided by an advisory group, Chaired by Ms Delia Rickard, Deputy Chair of the Australian Competition and Consumer Commission.

“Financial Inclusion Action Plans provide an opportunity for organisations to explore their current business operations and identify how they are taking action to realise financial inclusion through relationships, impact, learning and reporting,” said Ms Rickard.

“The 11 trailblazer organisations are the first among banks, energy companies, insurers, governments, universities, community organisations and others to commit to the program.

“Financial inclusion is a shared opportunity. By working collaboratively across business, community and government, Australia is taking great strides towards a more financially inclusive society,” said Ms Rickard.

Suncorp Group CEO and Managing Director Michael Cameron said: “Suncorp has a long history in supporting communities and customers and is looking forward to working alongside other top companies to help improve the financial resilience and capabilities of all Australians.”

“We are determined to meet the needs of our customers, employees and the broader community by providing them with access to relevant and affordable products and services that provide protection for today, and confidence for tomorrow” he said.

Mr Mooney also said that increased financial inclusion was linked to improved gender equality and safer outcomes for women and their children.

“Building women’s financial resilience is good for everyone. Financially confident and resilient women create financially resilient families that are less likely to be victims of forms of family violence such as financial abuse.”

“FIAPs will give organisations the opportunity to take meaningful and significant actions towards systemic change, allowing greater access to their products and services and in turn promoting economic participation by women,” he said.

The cross sectoral approach of the FIAP program places Australia in a global leadership role with regards to its international commitments to the G20 and the Global Financial Inclusion Action Plan.

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