Chasing the money story: an evaluation of the Tangentyere Bank Pilot Project and its relevance to Indigenous communities in central Australia

Abstract

A study of the Tangentyere Bank Pilot Project is important, as it is often cited as a ‘best practice’ model of financial service provision and financial literacy training (see McDonnell and Westbury 2002). For this reason, this report focuses on aspects of the Tangentyere project that may be applied to other Aboriginal communities in central Australia. Banking and financial services offered by the Tangentyere Council There are three major banking and financial services offered by the Tangentyere Council. First, the delivery of face-to-face, over the counter banking services to Westpac clients. Second, an extensive financial literacy program designed to facilitate the transition of individuals from cheque-based to electronic banking. Third, a strategy to overcome the fortnightly feast-and-famine cycle in the Tangentyere town camps. These aspects are discussed in terms of their relevance to remote Indigenous communities in central Australia. The Tangentyere bank branch offers a range of face-to-face services for town camp clientele. As of October 2002, the Tangentyere agency had operative bank accounts for 888 customers. The financial structure of the agency means that it costs Tangentyere approximately $190 per annum to provide services to a customer. This is not taking into account the costs that have been subsidised by Westpac, or payments from other agencies in conjunction with the trial. A number of recommendations have been put forward as ways to reduce the costs to Tangentyere Council of running the agency.