Once a sector struggling to maintain its government funding, financial counsellors have received funding in the budget to allow them to provide services to drought affected farmers, develop microfinance initiatives, assist with the bushfire recover effort and support people affected by COVID-19.
The government will provide A$44.4 million over three years from 2021/22 to maintain money support hubs, microfinance initiatives and problem gambling financial counselling. That funding will continue beyond the budget’s forward estimates
Financial Counselling Australia said in a statement: “The fact these programs are now ongoing shows the government recognises how important they are to the social, financial and mental wellbeing of people.”
The government is also providing $12.8 million over two years for financial counselling as part of its drought communities small business support program.
In addition, the National Bushfire Recovery Fund includes $10 million for financial counselling for families and individuals, and $15 million for financial counsellors to assist primary producers.
And as part of a package of social services measures to assist vulnerable Australian affected by COVID-19, $200 million has been allocated to expand the No Interest Loans Scheme and increase the delivery of financial counselling services.
The government is also allocating $132.6 to allow work funded by the now defunct Social and Community Services Special Account to continue. FCA said financial counselling agencies will benefit from this budget measure.