Measuring Financial Exclusion In Australia May 2012

Funded by NAB and conducted by CSI, the study measures exclusion based on lack of access to appropriate and affordable financial services and products – the key services and products being a transaction account, general insurance and a moderate amount of credit.

Research for the Measuring Financial Exclusion in Australia has found that just under three million, or 17.2% of Australians, are now either fully or severely financially excluded from affordable and appropriate financial services. CSI's research lead on this project is Chris Connolly.

The report was launched by NAB's Group CEO, Cameron Clyne, who said: “Financial inclusion has an obvious and invaluable social impact, but there is also a very strong economic case, like greater workforce participation, reduced welfare and health costs, that validate and confirm its importance."

“In a country with a banking system and economy as strong as ours, it is simply unacceptable that nearly three million Australians are financially excluded from affordable financial services," Cameron Clyne said.

Through its microfinance programs, NAB committed more than $130-million to initiatives with the aim of reducing financial exclusion. NAB anticipates its Microfinance program, provided in partnership with Good Shepherd Microfinance, will support over 20,000 low or no-interest loans (NILS) this year alone.

• Read the news report on the Measuring Financial Exclusion in Australia May 2012 release here.
• Read further information on NAB's financial exclusion programs.