Review of the Coordination and Funding of Financial Counselling Services Across Australia
Following the Government’s response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Australian Government has agreed to take action on all 76 recommendations contained in the Royal Commission’s Final Report. In a number of important areas, the Government is going further and is conducting an immediate review of financial counselling services.
The Government recognises that financial counselling is a vital service used by thousands of Australians every year. For this reason, we are commencing an immediate review that will focus on the coordination and funding of financial counselling services. It will consider gaps and overlaps in current services and the adequacy of appropriate delivery models for future funding.
This Review is a chance to increase predictability and stability in funding for financial counselling, as well as consider whether funding sources can be broadened. States and territories, private and not-for-profit funders, the financial services sector and those involved in service delivery are being consulted.
This consultation has now closed.