Indigenous Australians shut out of banking

A report has raised concerns about the lack of access that indigenous Australians have to banking and financial services. Research conducted by the National Indigenous Money Management Agenda found that difficulties accessing retail banking can force people to hold on to cash which can be lost or stolen, while trouble meeting standard lending criteria can force people to fringe lenders who can charge unreasonable fees and interest. Indigenous Affairs Minister, Jenny Macklin, said that there needs to be recognition that many people only have basic language skills and expecting people to fill out forms and communicate online was not being realistic.

Source: The Australian Financial Review