The Financial Counsellors’ Association of Western Australia attended the State Budget lock-in today and as predicted, the funding allocation to support the profession across Western Australia has not increased.
This news comes following an extensive campaign and comprehensive pre-budget submission to government that outlined simple and effective measures the peak body could undertake to further its goals of financially resilient communities and reduced hardship for all. Achieving these target outcomes is not possible without investment, and it is disappointing this wasn’t given despite the significant cost-of-living crisis facing a growing percentage of the population.
“In our pre-budget submission, we highlighted four areas of recommended investment for the government”, says the Financial Counsellors’ Association of WA CEO, Melanie Hopkinson. “These included additional generalist and specialist financial counsellor positions, the establishment of a network of specialist small business financial counsellors, a traineeship program that empowers more First Nations people to study financial counselling and increased core funding for the peak to facilitate higher levels of support for members.”
“At a time with spiraling costs, with many independent reports showing growing numbers of people experiencing hardship, as well as a diversification of demographics when it comes to those seeking support, it is unsatisfactory the government has not heeded our calls for more investment. In particular, the training and availability of specialist financial counsellors is an initiative we were really hoping would gain traction. We’ve seen this government commit, rightly, to more services and support for victim survivors of family and domestic violence. It makes no sense to leave embedded financial counselling services out of the equation when it comes to boosting funding in this area. Similarly, small businesses account for nearly 98% of all businesses in Australia. Calls to the Small Business Debt Helpline are increasing month-on-month, with an increase in calls of around 20% compared with the same time last year. More support in these areas, via financial counsellors with specific training, is essential.”
Independent reviews show that for every $1 invested in financial counselling saves at least $4 in avoided social costs (such as homelessness, health, and justice). The Financial Counsellors’ Association of WA will continue to work with agencies and other peak bodies around the State and nationally to provide the best response possible to those facing hardship.