The Centre for Aboriginal Independence and Enterprise Indigenous Financial Institution Project

The Centre for Aboriginal Independence and Enterprise- What is it? CAIE is an independent, not-for-profit organisation with no political or religious affiliations and conducts business and advocacy in a fair and non-prejudicial manner

What does the CAIE do? realise enhanced self-esteem and economic independence for Indigenous people enhance existing alliances between the Indigenous and the non-Indigenous community in a show of collective unity, trust and openness generate new opportunities for the Indigenous community to move beyond reliance on government agencies and other bureaucracies.

The Centre for Aboriginal Independence and Enterprise Chairperson is Wayne Coolwell Wayne’s traditional country is the Beaudesert/Mt Tamborine region of South East Queensland spent most of his working life in communications and the media last ten years helping to create independence and autonomy for Indigenous people

Indigenous Financial Institution Project Why? Indigenous people are regarded as the most impoverished group in the Australian community remain under represented as participants in the broader economy barriers to accessing existing financial products & services fewer opportunities to build wealth Initially based in South East Queensland

What are the aims of an Indigenous Financial Institution deliver appropriate financial products, services (including financial literacy training and counseling) and pricing in a manner which is culturally appropriate and sensitive to the needs of the Aboriginal and Torres Strait Islander community profits returned to Indigenous communities & organisations help create wealth and capability within communities economic and social restructuring greater independence stronger economic future for many generations of Aboriginal people

What do we know? The studies already undertaken by CAIE indicate that there is a clear demand for better access to more appropriate financial products and services That the solution will require a collective approach, to bring the existing Indigenous banking under one umbrella The solution requires the engagement of Indigenous businesses, the Indigenous community, not for profit organisations, corporates, Government agencies and the wider community We require products that support wealth creation, financial literacy, micro credit and we require a culturally sensitive delivery model The CAIE has signed an MOU with the Community Sector Banking Group to establish the Indigenous financial institution

What don’t we know. the actual structure of the institution will be to deliver desired outcomes the level of required capital to build a sustainable business a final ‘menu’ of products & services the level of buy in (financial commitment) from the broader community and key stakeholders

What we need from the community Participation, ‘buy in’ and commitment to change Guidance on how you think an Indigenous financial institution should ‘look, feel and function’ Guidance on the financial services (counselling, financial literacy training) and products you would like to see delivered

Managing Project Expectations It will not automatically deliver a Bank branch, this is subject to the outcomes of the feasibility study and the support of stakeholders and the community. It will not automatically deliver home loans and business loans to people that do not meet lending criteria It should provide the infrastructure and pathway to access financial products, services and support It is hoped that it will lead to a sustainable business model that delivers financial products and services to Indigenous people and communities in a culturally appropriate manner