Indigenous Australians

Reconciliation Action Plan

The Commonwealth Bank (the Group) believes it is essential to support and enrich the Indigenous communities in which we operate. Through our people and our partnerships, we aim to promote equality for all Australians. We recognise that this is not the reality for many Indigenous Australians, who face significant social, economic and financial disadvantage.

The Group recognises that a reconciliation program is an important part of our investment in our community and the related sustainability of our business. Through providing cultural, educational, employment and enterprise opportunities, and enhancing our services, the Group will develop real and practical capabilities to meet the needs of our Indigenous customers and staff.

The Group’s Reconciliation Action Plan will help us achieve our vision to be Australia's finest financial services organisation through excelling in customer service. Through understanding the needs of our Indigenous customers, the Group will be better placed to ensure the services we provide to all customers are relevant and appropriate.

What is a Reconciliation Action Plan (RAP)?

A Reconciliation Action Plan is a tool to assist organisations in formalising their commitment to Indigenous Australians. Our RAP outlines the initiatives the Commonwealth Bank Group will take to help reduce the significant gap in life expectancy between Indigenous and non-Indigenous Australians and to promote social, economic and financial equality for all Australians.

Our RAP initiatives

• Focusing on educational programs and employment opportunities through the Aboriginal Employment Strategy for Indigenous Australians
• Supporting Indigenous enterprise
• Strengthening relationships with Indigenous communities by addressing our Indigenous customers’ needs and providing opportunities for our people to work with and learn from Indigenous communities
• Improving our understanding of Indigenous culture to help us better understand their needs as customers and staff
• Identifying opportunities that will help create a larger labour market of educated and skilled Indigenous Australians.

RAP progress and reporting
Our Reconciliation Action Plan is a living document that we will update annually through a yearly review process. Each year it will be submitted for accreditation by Reconciliation Australia, the organisation coordinating the national Reconciliation Action Plan program. Our RAP Project Team and Advisory Group will review the action areas of the RAP to ensure they are progressing well and new action areas will be included as the Group identifies opportunities to further participate in the community.

More information
The Commonwealth Bank’s Reconciliation Action Plan

 

Indigenous initiatives

We are committed to helping create social and economic opportunity through appropriate banking services, employment opportunities and cultural awareness. The Commonwealth Bank Foundation helps to create social and economic opportunity by supporting programs that focus on improving the financial literacy skills of Indigenous Australians.

Aboriginal Employment Strategy
The Aboriginal Employment Strategy (AES) operates a School Based Traineeship (SBT) Program which supports high school students to complete a traineeship while studying for their HSC. The SBT encourages the student to stay at school and complete their HSC; they get paid for their time at their host employer and receive a Certificate 2 in Business Services on completion of their HSC. The Program provides opportunities for Indigenous students, giving them workplace experience and skills which will assist them when they finish school.

St Joseph's College Indigenous Scholarship Fund
The Group contributes to the St Joseph's College Indigenous Scholarship Fund, which provides a comprehensive high school education to boys from more than 24 rural and regional communities throughout NSW. With 44 Indigenous students currently attending the College, this initiative is the leading Indigenous Scholarship program in Australia."A high quality education is the most critical factor in changing the lives of marginalised children, and nowhere is this more true than in the case of Indigenous children." Andrew Penfold, Chairman of the St Joseph's College Indigenous Scholarship Fund.

Australian Indigenous Education Foundation
The Australian Indigenous Education Foundation provides boarding school scholarships for Indigenous students, with an initial focus on scholarships for Indigenous girls.

Caritas Australia
‘Manage your Income, Manage your Life' is run together with Caritas and Centacare Wilcannia/Forbes. It teaches Indigenous communities about financial management and provides resources to sustain these skills, including goal setting, budgeting and leadership. The program employs three Indigenous financial counsellors and works with community groups to provide life and money skills.

Indigenous Consumer Assistance Network
The Commonwealth Bank Foundation works with Indigenous Consumer Assistance Network (ICAN) to build financial literacy and community education programs in remote Indigenous communities across Far-North Queensland. The ‘Personal Finance and Consumer Assistance Training' program teaches skills such as debt management and offers guidance on using financial services to take control of money.

The Commonwealth Bank Foundation and ICAN have developed the “Indigenous Financial Counselling Mentorship Program”. There are currently only four accredited Indigenous financial counsellors in Australia, which equates to less than 1% of the financial counsellors across the nation. Through this partnership, ICAN and the Commonwealth Bank Foundation aim to increase this number by supporting an Indigenous Australian to receive a Diploma in Community Services, Financial Counselling. The program will also allow the participant to gain invaluable and practical industry work experience.

Financial Counselling in APY lands
The Commonwealth Bank funds a full time financial counsellor in Anangu Pitjantjatjara Yankunytjatjara – a remote part of South Australia. The program is run in conjunction with the Aboriginal Legal Rights Movement and includes education on debt management and budgeting as well as support on accessing other assistance programs.

Indigenous Financial Services Network
The Commonwealth Bank is part of this important industry body that seeks to improve access to financial services for Indigenous Australians.