Thirty-four companies, including a number of financial services companies, have contributed A$7.75 million to the Financial Counselling Foundation to fund counselling services.
It is the biggest donation the foundation has received. In a statement, foundation chair George Brouwer said the funding priorities would include services for family violence victims, tenants at risk of homelessness, First Nations communities and people in prison.
The foundation was set up in 2017 in the wake of the Hayne royal commission and has the administrative support of Financial Counselling Australia.
Industry provides funding on a voluntary basis, although the financial counselling sector has pushed for a levy-based funding model.
Speaking on behalf of the donors, Australian Banking Association chief executive Anna Bligh praised the “important work” of the foundation and the groups it will fund.
Programs the foundation currently funds include the Family Violence Counselling Agency CARE, in the Australian Capital Territory; counselling for people who do not have a lawyer and are facing bankruptcy proceedings; financial counsellors attached to tenancy legal services in Victoria, New South Wales and Queensland; and counsellors with the Mob Strong Debt Help advice line.