Any marked growth in First Nations incomes in the workforce must be complemented by building financial literacy and institutions adapting to the unique needs of Indigenous communities, says Leah Bennett, the new chief executive of the First Nations Foundation.
The Foundation, which supports the financial wellbeing and economic growth of Indigenous people, is Australia's only national Indigenous financial literacy organisation.
With almost 15 years of experience in superannuation, financial services and governance, the proud Wiradjuri woman has stepped into the role after inaugural CEO Phil Usher's departure.
Ms Bennett told the Indigenous Business Review / National Indigenous Times she was determined to help eradicate long-standing disparity in financial services between First Nations communities and the general population.
While several financial institutions like the Commonwealth Bank and Westpac now have dedicated First Nations teams in their organisations, as well as RAPs, many others are still dragging their feet, hindering operational challenges.
"There are still organisations within the financial services sector that have not employed a single First Nations person," Ms Bennett said.
"There's nobody in the room challenging how things are done operationally when a product is introduced, or removed.
Ms Bennett said several remote Indigenous communities still had no branches, ATMs, or a mechanism to actually contact an institution.
"For me, if you're willing to take First Nations peoples' money, you must be willing to serve them," she said.
As the sector moved from face-to-face contact to online servicing, the most vulnerable in communities were not equipped to deal with rapid change.
"So having First Nations voices in the room to challenge and talk about the actual issues going on in community is so vital as we move forward," Ms Bennett said.
"This isn't just an issue for First Nations people; it impacts our elderly, our disabled, those in domestic violence situations … they are being left behind because we're not thinking about how we do banking, and how that serves those people, we just think about the general population."
Ms Bennett said she is determined to maintain the long-term relationships FNF has built with communities since Mr Usher, with opportunities for open dialogue with First Nations communities to understand their needs essential to make progress in this space.
"It's about building relationships in community engagement, rather than imposing solutions," she said, while also emphasising the FNF's work to bridge the gap between the financial services sector and Indigenous communities.
"We need ongoing efforts to understand and serve community needs effectively."
Ms Bennett said she was incredibly honoured to step into the role of managing director at FNF, an organisation she has been involved with as a board director and poised to deepen its reach, influence and impact empowering communities through education – including in schools – representation and self-determined financial wellbeing.
Her initial focus as MD would centre on improving financial education for Indigenous Australians, intergenerational wealth, economic independence, and First Nations leadership in the financial sector.
"This moment not a personal milestone, but a reflection of a future where First Nations voices are leading conversations in finance, driving systemic change and creating lasting benefits for our communities," she said.
