ASIC and the Territory Insurance Office (TIO) today launched a joint Indigenous financial literacy strategy involving audio posters with messages about ATM fees in 12 Aboriginal languages.

The Arnhem Land Progress Aboriginal Corporation (ALPA) and Outback Stores have agreed to display the posters in approximately 40 remote stores throughout the Northern Territory. TIO funded the production of the posters.

Residents of remote Indigenous communities are more reliant on ATMs than other Australians because of their lack of access to alternative means to make balance enquiries or cash withdrawals. However, frequent usage of ATMs provided by independent or foreign bank providers means that fees can account for a significant proportion of incomes.

ASIC’s Northern Territory Regional Commissioner, Mr Duncan Poulson said, ‘The audio posters are designed to encourage fewer ATM balance enquiries and cash withdrawals by providing warnings in Indigenous languages about the costs of excessive use.

‘This is an example of how ASIC is assisting Indigenous communities in partnership with other local stakeholders. ASIC congratulates TIO, ALPA and Outback Stores for supporting this initiative as it will help them meet the needs of their Indigenous customers, who currently lose a disproportionate amount of their income in ATM fees’, Mr Poulson said.

CEO of ALPA, Mr Alastair King, said, ‘Remote ATMs are generally located in stores within Indigenous communities and stores are therefore a key point of access to financial services in those communities.

‘This financial literacy initiative is one way to reduce the sizeable expenditure on ATM fees by residents of remote Indigenous communities. It is an example of a practical financial literacy solution’, he added.

CEO of Outback Stores, Mr Steve Moore, said, ‘The posters are well designed and importantly, are in community languages. The posters will complement the work of Outback Stores to improve financial literacy and awareness of consumer rights’.

The posters are in the following 12 languages: Alywawarra, Anindilyakwa, Anmatyerr, Eastern Arrente, Gurindji, Kriol, Luritja, Pitjantjatjara, Yankunytjatjara, Yolgnu Matha, Waramangu and Warlpiri.

Poster recordings will soon be available on ASIC’s consumer website, www.moneysmart.gov.au.

The posters will be launched at 3:00 pm on 5 April, 2012 at Arnhem Land Progress Aboriginal Corporation, 70 O’Sullivan Circuit, East Arm in the Northern Territory.

Background

A customer transacting at their own financial institution’s ATM network does so free of charge (although some financial institutions charge their own customers for ATM transactions once they have exceeded a certain threshold in a given month). Transactions at a ‘foreign’ ATM (i.e. not part of a network belonging to the customer’s financial institution) are charged directly by the ATM owner. A typical direct charge for a cash withdrawal is $2.

Residents of remote Indigenous communities are unlikely to have direct access ATMs operated by the financial institutions that hold their accounts. They are far more likely to rely on ATMs owned by independent operators or foreign banks. This means that they have far less capacity than other Australians to avoid ATM fees through behavioural change.

Talking posters have an in-built audio module that provides a translated ‘talking’ component by pressing a button. Therefore, they do not rely on the audience having the skills to read the printed message because it talks to them in their own language.

The key message of the talking posters is - take care with ATMs. Don’t give anyone your card or PIN number - they could withdraw ALL your money. You could be charged a fee EVERY TIME you use an ATM - even for checking your account balance. Visit www.moneysmart.gov.au for more money tips. The posters will be displayed in the following communities:

ALPA stores

Ajurumu; Alawa; Galiwin’ku; Gapuwiyak; Gunbalanya; Kalkarindji; Mi Patha; Malandari; Milingimbi; Minjilang; Nganmarriyanga; Nunbulwar; Pirlangimpi; Ramingining; Robinson River and Umbakumba.

Outback stores

Ali-Curung; Angurugu; Balgo; Barunga; Beswick; Bulman; Canteen Creek; Engawala; Eppenarra; Imanpa; Jilkminggan; Manyallaluk; Mimili; Ngukurr; Nyirripi; Pigeon Hole; Ringer Soak; Santa Teresa; Tennant Creek; Ti Tree; Titjikala; Willowra; Yarralin; and Yuendumu.

The 2006 Census identified 1,008 very remote discrete Indigenous communities. These had a total of 69,253 residents. Most of the very remote Indigenous communities are very small. 767 of the 1,008 very remote Indigenous communities had populations of less than 50 people. Only 12 had populations of greater than 1,000 people.

Most of these communities are located in the Northern Territory and Queensland. Residents in 52 per cent of these communities have to travel more than one hour by road to access banking services (for 13 per cent it takes more than five hours). For 10 per cent, the usual means of transport for community members to access banking services is by boat or aircraft.

The Census indicates that nationally there were 52,000 Indigenous people who reported speaking an Australian Indigenous language at home. Of those Indigenous people who speak an Indigenous language at home, almost three-quarters (74%) live in very remote communities, with 14 per cent living in remote communities. Over half (56%) of all Indigenous language speakers live in the Northern Territory where 59 per cent of the Indigenous population speak an Australian Indigenous language.