The Albanese Government has today reaffirmed its commitment to combat financial abuse and called for cross-sector action at the commencement of the Commonwealth Bank Financial Abuse Leadership Summit in Sydney.
Assistant Minister for the Prevention of Family Violence, Justine Elliot, in her opening speech to the Summit, emphasised the essential role financial institutions have in protecting vulnerable people from financial abuse and ending violence against women.
“The Government is committed to ensuring that victim-survivors escaping abuse and violence are supported consistently across all sectors,” Assistant Minister Elliot said.
“While financial abuse can be hard to recognise, and comes in a variety of forms, its prevalence in our community is unacceptably high.
“Banks and financial institutions are in a prime position to combat financial abuse, and we need to ensure that Government systems don’t exacerbate any abuse, including financial.”
The Commonwealth Bank Financial Abuse Leadership Summit brings together business, government, victim-survivors, and sector leaders to inspire action to address financial abuse.
“Today’s summit presents an excellent opportunity to exchange knowledge and discuss the key role that businesses play in addressing financial abuse,” Assistant Minister Elliot said.
“As outlined in the National Plan to End Violence against Women and Children 2022-2032 (National Plan), there is a significant need to build evidence on the different types of financial abuse experienced by women and children.
“That is why we were proud to commit an additional $589.3 million in our 2023-24 Budget to deliver women’s safety initiatives under the National Plan,” Assistant Minister Elliot said.
“This is on top of the Commonwealth’s record investment of $1.7 billion in women’s safety through the October budget.”
The increase includes additional funding for key programs such as 1800RESPECT, the Escaping Violence Payment, and Temporary Visa Holders Experiencing Violence Pilot.
The Albanese Government is also reviewing compliance in the Child Support Scheme, focusing on collection and enforcement to strengthen the Scheme.
“Through these programs, policies, and initiatives, we remain committed to addressing financial abuse, supporting victim-survivors, and ending violence against women and children, in one generation,” Assistant Minister Elliot said.
