Academics from the University of melbourne has called on the govt to make basic financial services such as Insurance and credit essential services on a national basis and be treated as such to ensure universal access and fair pricing. In a white paper ‘FinFuture’ – The future of Personal Finance in Australia” says a significant proportion of Australians are fully or partially excluded from basic financial services, preventing them from full participation in the economy and exposing them to exploitation and financial distress. The negative consequences on Individuals and the economy are likely significant.
Aussies reportedly lost US $136 billion due to financial Industry’s misconduct. The white paper has also called for the implementation of a national financial well-being framework along with restructuring of the finance sector.