On a trip to promote partnerships in Indigenous financial literacy, Senator Nick Sherry, Minister for Superannuation and Corporate Law, Mr Ahmed Fahour, Executive Director and CEO Australia, National Australia Bank (NAB) and Mr Paul Clitheroe, Chairman of the Australian Financial Literacy Board met with key representatives of the Traditional Credit Union (TCU) on Groote Eylandt in the Northern Territory.
The TCU is an Indigenous-run credit union with 13,000 customers, 12 branches spread across remote communities in the Northern Territory and a head office in Darwin. TCU provides culturally appropriate financial services to Indigenous communities, including financial literacy and counselling services.
"The TCU is a truly amazing example of the Indigenous community stepping up in partnership with Government and business to face the challenges of understanding and managing money."
"This is why the Rudd Government has given the TCU a grant of $1.5 million to assist it in delivering critical financial services to help close the gap between Indigenous and non-Indigenous Australia."
"Today, NAB CEO Ahmed Fahour, Paul Clitheroe and I met with some inspirational people whose dedication to this work is simply incredible," said Minister Sherry.
The delegation met with Ms Rosalie Lalara, a TCU Director and Indigenous community leader and Ms Cathy Hunt, TCU General Manager. The group toured the TCU's newest branch on Groote Eylandt, which was funded by NAB.
"The NAB has a long-term commitment to the TCU and its expansion, that's why we've committed a $200,000 grant and a $1 million no-interest loan to assist in the TCU's growth."
"True partnerships are about building up skills step-by-step, and with the opening of each new TCU branch we see financial services become more accessible for remote Indigenous communities. This makes a real difference to people," said Mr Fahour.
"Today's experience shows us the true power of financial literacy and community partnerships to build better lives for individuals and their community," said Mr Clitheroe.
The TCU also receives important assistance from the ANZ in the form of funding for a local financial literacy educator.
Minister Sherry and Mr Clitheroe, along with ASIC Deputy Chairman, Mr Jeremy Cooper, also visited Elcho Island where they met with teachers at Shepherdson's College, financial literacy workers at the Money Business Centre and staff from the Indigenous-run Marthakal Homelands Resource Centre