Updated: May 29
Rural and remote communities, essential to Australia’s economy, are in decline - driven by issues of isolation, economic viability and severe damage stemming from extreme weather events.
The Gen Advisory team has produced a report which highlights:
The importance of Australia’s rural and regional communities to our nation’s economy;
The challenges currently being faced by these communities; and
How ADIs can provide them with ongoing support.
Note: This report was first published on Gen Advisory’s website in February 2020 – soon after the 2019/2020 bushfires but before the outbreak of CoVID-19. Since the outbreak, the situation facing Australia’s rural and remote communities has become even more difficult.
Drawing from the previous work of organisations such as Good Shepherd Microfinance and the Foundation for Rural and Regional Renewal (FRRR), ways in which ADIs can provide ongoing support to Australia’s rural and remote communities include the following:
Joining Good Shepherd Microfinance’s “Financial Inclusion Action Plan (FIAP)” program.
For immediate post-bushfire relief: Supporting the FRRR’s “Strengthening Rural Communities” program. For longer-term impact: Supporting their “Disaster Resilience and Recovery Fund”.
Providing access to fair and affordable products and services (such as microfinance) to financially-excluded Australians.
Investing in rural financial literacy programs addressing educational disadvantage.
Providing a hardship assistance program aimed at rural and remote communities.
Making ADI products and services accessible for all rural and remote communities.
Training financial advisers on issues impacting farmers and rural communities.
Further strategies are detailed in our team’s report.
Gen Advisory Pty is a specialist professional services firm supporting Australian ADIs.
For any questions regarding the above report, please call us on (02) 8088-0744.