3 October 2019
Banks welcome today’s release of the Sylvan Review, which charts a path forward to strengthen Australia’s financial counselling sector.
The Review highlights the importance of financial counsellors in helping Australians who are struggling to repay their debts, manage their household budgets and provide for their families in a difficult environment.
Banks actively participated in the review and are pleased to see the Report has reinforced a number of important issues identified by banks in their submission such as better coordination of resources across the sector, a central body to allocate funding and long-term funding certainty for financial counselling, including a long term, data driven funding model.
CEO of the Australian Banking Association Anna Bligh said that financial counsellors were important to Australians and the banking industry who see them as valuable partners in helping vulnerable customers.
“Financial counsellors get people back on track when they’re experiencing some of the most difficult moments in their lives and provide a valuable education service to people with lower levels of financial literacy and capability,” Ms Bligh said.
“This review charts an important path forward to strengthen Australia’s financial counselling sector.
“Certainty of funding for financial counsellors is a top priority and the industry will work with the government to finalise a model as quickly as possible to appropriately fund the sector.
“As outlined in their submission to this review, banks support industry funding sourced from both the financial sector and other industries that may contribute to financial hardship,” she said.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
E&OE Bran Black, BCA: I’m here with colleagues from industry associations that represent the length and breadth of Australia’s economy, and we’re here today to talk about a couple of key features of the Budget. What I wanted to do is just take a step back first and just talk about how we came together…. Read more »
The Alliance of Industry Associations described measures in the Federal Budget as positive first steps on productivity reform, while calling for further action to deliver sustained cost of living relief for households and businesses. The Alliance, representing around 30 industry groups from a broad cross-section of Australia’s economy, has previously called for a significant package… Read more »
The ABA says the 2026 Federal Budget lays the groundwork for reforms that enhance productivity across the financial services sector and the broader economy. Projected improvements to the overall Budget position through lower deficits and a more sustainable fiscal trajectory are also welcome. Ongoing fiscal discipline, including spending restraint, will be key to placing… Read more »