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The Centre for Aboriginal Independence and Enterprise. Indigenous Financial Institution Project. The Centre for Aboriginal Independence and Enterprise- What is it?.

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the centre for aboriginal independence and enterprise
The Centre for Aboriginal Independence and Enterprise
  • Indigenous Financial Institution Project
the centre for aboriginal independence and enterprise what is it
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
what does the caie do
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.
the centre for aboriginal independence and enterprise1
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
indigenous financial institution project why
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
what are the aims of an indigenous financial institution
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
what do we know
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
what don t we know
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
what we need from the community
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
managing project expectations
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