I am pleased to announce that the Australian Government will commit a further $1.5 million to allow the expansion of the very successful Family Income Management project. This project, which has been trialed in three communities in the Cape York area, is an innovative programme aimed at increasing the purchasing power of families in Cape York by teaching and assisting them to save a proportion of their income on a regular basis.
The project will be funded by a number of Australian government agencies, including the Office of Status of Women';s Partnerships Against Domestic Violence programme in recognition of the fact that effective management of finances can lead to a reduction in family violence and substance misuse.
The Australian Government will support the further rollout of programs to help indigenous communities build financial management skills, both in Cape York and in other COAG trial sites.
Successful financial management requires appropriate infrastructure to provide financial services and the overall plan to improve the economic circumstances of indigenous people in Cape York involves providing access to personal and business banking and financial services through the establishment of a Cape York Credit Union.
The Australian Government has allocated $90,000 as a first step in developing a business plan for the credit union and to enable negotiations with key stakeholders to determine the most appropriate operating arrangements. The development of a Credit Union specifically designed for the people of this region will help to support the growing involvement of community people in the Family Income Management projects.