New research by the International Monetary Fund found Australia has the fourth-largest gap between wealthy and struggling regions and that the First Nations peoples are some of the worst affected by the financial disparity between rural and metro Australia.
Amanda Young, CEO of the First Nations Foundation says government and financial services needed to balance the growing economic gap, which is severely affecting Aboriginal and Torres strait Islanders.
Ms Young says their own research has shown that nine in 10 Indigenous people do not have financial security, three in four are excluded from financial services, including superannuation, insurance, and financial advice, and one in two is in severe financial stress.
Speaking on CAAMA RADIO Ms Young says while increasing Newstart and banning the Cashless Welfare Card in remote communities are top priorities for improving economic conditions in remote areas. … local financial investors also need to be looking at investment opportunities.