Insights from Australia’s approach to financial empowerment

This past March, I travelled to Australia to speak at the fifth Financial Inclusion Conference, hosted by Northern Rivers Community Gateway in partnership with the Financial Counsellors’ Association of NSW and the NSW Financial Inclusion Network.

Sitting in rooms with practitioners, government officials, researchers and financial institutions, I kept hearing the same thing in different accents: a deep commitment to doing better for people living on low incomes.  

What struck me most was how generous everyone was with their time and ideas—and how genuinely curious they were about what’s happening in Canada. Conversation after conversation turned into a working session: comparing programs, sharing hard-won lessons, and asking, “How could this work in your context?” Those exchanges were both insightful and inspiring, and they revealed several lessons that can help inform our work to strengthen financial empowerment supports for people living on low incomes. 

1. Governments treat community delivered financial help as a public service  

Federal and state governments have recognized that financial exclusion and hardships are social issues that require publicly supported solutions. Community- based financial empowerment services, referred to as financial counselling and financial capability services, are considered essential supports for households that are struggling. Federal funding alone now exceeds ninety million dollars each year. This level of investment has enabled services to expand across the country and continuously improve. 

2. Less emphasis on benefit navigation, greater emphasis on debt help  

In Australia, financial empowerment programs spend far less time helping people access income supports. The government has centralized and simplified the benefits system, making it easier for people to apply and manage payments through an online platform and supporting services. This allows financial counsellors to focus on helping households that are facing debt, missed payments or other financial pressures. Their core work involves assessing debt, negotiating with lenders and supporting people to regain financial stability. They also have a National Debt Helpline. 

3. Financial institutions play a proactive role in supporting vulnerable consumers  

Australian banks are starting to view financial wellbeing as part of their business strategy rather than solely a philanthropic activity. Many have established dedicated hardship offices that work directly with financial counsellors to support struggling customers and prevent further harm. Some private sector players are also coordinating their investments through the Financial Counselling Industry Fund. The Bankers Association of Australia has created industry guidelines that outline how banks should take extra care (for example, dedicated customer teams for First Nations peoples) with customers experiencing vulnerability. 

4. A professionalized sector supported by strong national standards  

With sustained government investment and clear expectations, the financial counselling workforce has developed into a highly professionalized field. Financial Counselling Australia serves as the national body responsible for training, accreditation, ethical standards and ongoing sector development. This strengthens quality and comparability across the country and contributes to a system that people can trust when they are in crisis. 

5. A multi sector approach to providing alternatives to high-cost lending  

Australia has taken coordinated action to reduce reliance on high- cost credit. A national program of ‘No Interest Loans’, delivered by community organizations with federal support and lending capital from financial institutions, provides households with safe and fair access to essential credit. This stands in contrast to Canada’s more fragmented efforts and highlights the potential of national coordination. 

These insights reinforce how much is possible when governments, industry and community organizations work together. They also underscore the value of ongoing international learning.  

I left Australia encouraged, grateful for the hospitality of our colleagues and hopeful about what we can achieve in Canada by continuing to strengthen our own financial empowerment ecosystem. —by Adam Fair