ASIC and the Territory Insurance Office (TIO) have launched a joint Indigenous financial literacy strategy involving audio posters with messages about ATM fees in 12 Aboriginal languages.
The Arnhem Land Progress Aboriginal Corporation (ALPA) and Outback Stores have agreed to display the posters in approximately 40 remote stores throughout the Northern Territory. TIO funded the production of the posters.
Residents of remote Indigenous communities are more reliant on ATMs than other Australians because of their lack of access to alternative means to make balance enquiries or cash withdrawals. However, frequent usage of ATMs provided by independent or foreign bank providers means that fees can account for a significant proportion of incomes.
ASIC’s Northern Territory Regional Commissioner, Mr Duncan Poulson said, ‘The audio posters are designed to encourage fewer ATM balance enquiries and cash withdrawals by providing warnings in Indigenous languages about the costs of excessive use.
‘This is an example of how ASIC is assisting Indigenous communities in partnership with other local stakeholders. ASIC congratulates TIO, ALPA and Outback Stores for supporting this initiative as it will help them meet the needs of their Indigenous customers, who currently lose a disproportionate amount of their income in ATM fees’, Mr Poulson said.
CEO of ALPA, Mr Alastair King, said, ‘Remote ATMs are generally located in stores within Indigenous communities and stores are therefore a key point of access to financial services in those communities.
‘This financial literacy initiative is one way to reduce the sizeable expenditure on ATM fees by residents of remote Indigenous communities. It is an example of a practical financial literacy solution’, he added.
CEO of Outback Stores, Mr Steve Moore, said, ‘The posters are well designed and importantly, are in community languages. The posters will complement the work of Outback Stores to improve financial literacy and awareness of consumer rights’.
The posters are in the following 12 languages: Alywawarra, Anindilyakwa, Anmatyerr, Eastern Arrente, Gurindji, Kriol, Luritja, Pitjantjatjara, Yankunytjatjara, Yolgnu Matha, Waramangu and Warlpiri.
Poster recordings will soon be available on ASIC’s consumer website, www.moneysmart.gov.au.