The Centre for Aboriginal Independence and Enterprise

1. The Centre for Aboriginal Independence and Enterprise • Indigenous Financial Institution Project

2. The Centre for Aboriginal Independence and Enterprise-What is it? • CAIE is an independent, not-for-profit organisation with no political or religious affiliations and conducts business and advocacy in a fair and non-prejudicial manner

3. What does the CAIE do? • realise enhanced self-esteem and economic independence for Indigenous people • enhance existing alliances between the Indigenous and the non-Indigenous community in a show of collective unity, trust and openness • generate new opportunities for the Indigenous community to move beyond reliance on government agencies and other bureaucracies.

4. The Centre for Aboriginal Independence and Enterprise • Chairperson is Wayne Coolwell • Wayne’s traditional country is the Beaudesert/Mt Tamborine region of South East Queensland • spent most of his working life in communications and the media • last ten years helping to create independence and autonomy for Indigenous people

5. Indigenous Financial Institution ProjectWhy? • Indigenous people are regarded as the most impoverished group in the Australian community • remain under represented as participants in the broader economy • barriers to accessing existing financial products & services • fewer opportunities to build wealth • Initially based in South East Queensland

6. What are the aims of an Indigenous Financial Institution • deliver appropriate financial products, services (including financial literacy training and counseling) and pricing in a manner which is culturally appropriate and sensitive to the needs of the Aboriginal and Torres Strait Islander community • profits returned to Indigenous communities & organisations • help create wealth and capability within communities • economic and social restructuring • greater independence • stronger economic future for many generations of Aboriginal people

7. What do we know? • The studies already undertaken by CAIE indicate that there is a clear demand for better access to more appropriate financial products and services • That the solution will require a collective approach, to bring the existing Indigenous banking under one umbrella • The solution requires the engagement of Indigenous businesses, the Indigenous community, not for profit organisations, corporates, Government agencies and the wider community • We require products that support wealth creation, financial literacy, micro credit and we require a culturally sensitive delivery model • The CAIE has signed an MOU with the Community Sector Banking Group to establish the Indigenous financial institution

8. What don’t we know. • the actual structure of the institution will be to deliver desired outcomes • the level of required capital to build a sustainable business • a final ‘menu’ of products & services • the level of buy in (financial commitment) from the broader community and key stakeholders

9. What we need from the community • Participation, ‘buy in’ and commitment to change • Guidance on how you think an Indigenous financial institution should ‘look, feel and function’ • Guidance on the financial services (counselling, financial literacy training) and products you would like to see delivered

10. Managing Project Expectations • It will not automaticallydeliver a Bank branch, this is subject to the outcomes of the feasibility study and the support of stakeholders and the community. • It will not automatically deliver home loans and business loans to people that do not meet lending criteria • It should provide the infrastructure and pathway to access financial products, services and support • It is hoped that it will lead to a sustainable business model that delivers financial products and services to Indigenous people and communities in a culturally appropriate manner