Partnering for Indigenous financial well-being

• IBA signs partnership agreement with First Nations Foundation for next two years.

• The partnership supports the delivery of financial education and retirement goals for Aboriginal and Torres Strait Islander people.

• Financial well-being builds confidence around money management and increases financial literary.

Indigenous Business Australia (IBA) partners with First Nations Foundation to deliver on their joint objective for the financial prosperity of Aboriginal and Torres Strait Islander people.

IBA will work in partnership with the foundation to improve retirement outcomes and educate Aboriginal and Torres Strait Islander communities to navigate the superannuation system and improve their financial well-being, combatting the lowest rates of financial literary in the nation (HILDA 2018). First Nations Foundation is a not-for-profit group established in 2006 with a majority Indigenous board. Their key areas of activity include financial education, superannuation outreach, and research into the financial position of Indigenous Australians.

IBA will support two of the foundation’s major activities over the next two financial years – an Indigenous financial well-being website (to be launched this year) and their keystone event, Big Super Day Out, a superannuation outreach program for Indigenous communities.

IBA CEO Rajiv Viswanathan noted that a portion of the annual returns from IBA’s investment in the Indigenous Real Estate Investment Trust (I-REIT) are able to be used to promote Indigenous economic impact and the foundation’s work with financial literacy aligns with that intent.

‘Providing access to education and insight to the superannuation system can create long term effects for Aboriginal and Torres Strait Islander people that may not otherwise know how to navigate the benefits they are entitled.

‘The Big Super Day Out has a track record of reuniting Indigenous people with a significant amount of lost and unclaimed super – $24 million for more than 1600 people.

‘With an Indigenous majority board since 2006, First Nations Foundation has a remit to build financial education and IBA is proud to support the work they do.’

Media contact: Tara Toohill, 0427 011 938 or tara.toohill@iba.gov.au