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Financial Inclusion and First Nations Peoples: Law, Policy and Structural Barriers

With Dr Isa Alade

On 22 May 2026, the Centre for Law as Protection hosted a workshop, organised by Dr Isa Alade from the University of Canterbury, New Zealand.

This workshop brought together policymakers, academics, industry representatives, and consumer advocates to examine financial inclusion for First Nations peoples in Australia. It explored how regulatory frameworks and institutional practices shape access to financial services and long-term financial well-being. The workshop aims to facilitate a focused, policy-oriented discussion on pathways for reform and more inclusive financial systems.

The workshop opened with a welcome from Dr Isa Alade.

Dr Isa Alade is a member of the Centre for Law as Protection, Deakin University and a Senior Lecturer at the University of Canterbury, New Zealand. His research focuses on corporate law, financial services/fintech regulation and how rapidly evolving digital systems should be governed to promote innovation while protecting consumers, markets and vulnerable communities.

Dr Zehra G Kavame Eroglu presented the introduction and Acknowledgment of Country.Opening the workshop, Dr Zehra Kavame Eroglu framed financial inclusion as an issue that sits at the intersection of law, regulation, economic participation, and social justice. She challenged participants to move beyond understanding financial inclusion solely as access to financial products and services and instead consider whether existing financial and regulatory systems genuinely promote inclusion or inadvertently reproduce exclusion.

Drawing on lessons from the Hayne Royal Commission, she highlighted how exploitative fee structures, failures in responsible lending, and weaknesses in accountability mechanisms disproportionately  affected vulnerable consumers. She emphasised that these challenges are often compounded for First Nations communities by historical exclusion, geographical barriers, lower levels of institutional trust, and systems that are not always designed with cultural responsiveness in mind. Dr Eroglu commended Dr Alade for organising the workshop, which is not simply about identifying problems but about exploring possibilities for reform, specifically through regulatory design, institutional practices, consumer protection frameworks, and more inclusive approaches to economic participation and wealth generation.

The keynote, ‘‘Wealth Inequality and First Nations Australians’’ was presented by Dr Melek Cigdem-Bayram. 

In her keynote address, Dr Melek Cigdem-Bayram argued that wealth, rather than income, provides the most meaningful lens for understanding economic disadvantage and financial inclusion. Drawing on analysis of HILDA survey data, she demonstrated that wealth in equality in Australia is significantly greater than income inequality and that First Nations households remain disproportionately concentrated at the lower end of the wealth distribution. Her findings suggested that wealth disparities have persisted despite improvements in educational attainment and labour market participation. A central insight from the keynote was that the wealth gap is driven not only by differences in asset ownership but also by differences in the value of assets held. While superannuation participation has become relatively widespread, substantial disparities remain in property ownership and financial assets. Dr Cigdem-Bayram argued that meaningful financial inclusion must therefore involve participation in asset ownership and wealth accumulation, while also addressing the structural factors that shape economic opportunity over time. Shefurther noted that the available data likely understates the extent of inequality because remote First Nations communities remain underrepresented in major household surveys.

The keynote concluded by emphasising that meaningful financial inclusion requires more than access to financial products and services. Addressing wealth inequality requires greater participation in asset ownership alongside efforts to address the broader structural factors that shape wealth accumulation over time

The workshop included two sessions, both were moderated by Dr Isa Alade. 

Panel 1: Access and Inclusion in Mainstream Financial Services

Speakers from Panel 1 included Mark Holden, Stephen Rutter and Dr Zehra G Kavame Eroglu.

The first panel explored how financial systems continue to create barriers for First Nations peoples despite significant regulatory reforms over the past few decades.

Drawing on research arising from the Hayne Royal Commission, Dr Eroglu discussed systemic governance and accountability failures within the financial services sector, including the “fees for no service” misconduct that persisted across multiple institutions for extended periods. She argued that financial inclusion requires not only access but also fairness, transparency, accountability, and effective regulatory enforcement. The discussion highlighted how vulnerable consumers, including many First Nations people, were often less able to detect misconduct, challenge financial institutions, or access financial advice.

Stephen Rutter brought an Indigenous enterprise perspective to the discussion, arguing that mainstream financial systems often assess First Nations businesses through a deficit lens. He emphasised that Indigenous entrepreneurship frequently pursues community wealth, intergenerational wellbeing, and social outcomes alongside financial returns. While government procurement policies have created important opportunities, he argued that barriers remain in accessing capital and building scalable businesses capable of generating long–term wealth for communities. He suggested that financial institutions need to rethink conventional models of ownership, risk, and investment if they are serious about supporting Indigenous enterprise.

Mark Holden spoke extensively on the historical and structural dimensions of financial exclusion. He observed that many contemporary challenges cannot be separated from the legacy of dispossession, exclusion from mainstream economic participation, and historical restrictions on wages, property ownership, and citizenship. He also highlighted ongoing concerns relating to bank branch closures, access to financial services in remote communities, low–fee banking products, digital exclusion, scams, financial abuse, and the disproportionate impact of financial hardship on First Nations consumers. The discussion reinforced the need for financial institutions to better understand the communities they serve and to adopt culturally responsive approaches to service delivery and consumer protection.

 

Panel 2: Superannuation and Structural Barriers

Speakers from Panel 2 included Brad Ruting and Mark Holden.

The second panel focused on the role of superannuation in shaping long–term financial security for First Nations peoples. Drawing on the report Building Futures, Not Barriers: Superannuation That Works, Brad Ruting and Mark Holden outlined a range of structural obstacles that prevent many First Nations people from fully benefiting from the superannuation system.
A central theme was that many barriers arise not from the design of superannuation itself, but from administrative and institutional processes that make it difficult for individuals to access and manage their entitlements. These included challenges relating to identity verification, locating lost superannuation, claiming death benefits, and navigating complex interactions with superannuation funds and government agencies.
A significant portion of the discussion focused on identification requirements. Panellists noted that many First Nations people, particularly those in remote communities, experience difficulties satisfying standard identification procedures. Although AUSTRAC’s guidance permits flexible approaches to identity verification, implementation across the superannuation sector remains inconsistent. Participants argued that superannuation funds should move beyond rigid compliance approaches and proactively assist members in overcoming identification barriers rather than treating them as obstacles to service delivery.
The panel also highlighted broader concerns about customer service within the superannuation system. Participants discussed lengthy processing times for hardship applications, inconsistent treatment of vulnerable consumers, and the difficulties financial counsellors and community advocates face when assisting clients. There was considerable support for stronger customer service standards and greater accountability across the sector, particularly where delays can have significant consequences for individuals experiencing financial hardship.
Another recurring theme was the need for better data and more culturally responsive service delivery. Panellists discussed proposals for superannuation funds to collect voluntary information on First Nations status, accompanied by appropriate privacy safeguards, to enable the development of more tailored and effective services. The discussion emphasised that meaningful inclusion requires institutions to understand the circumstances of the communities they serve rather than assuming that standardised processes work equally well for everyone.
The panel further considered the role of government in addressing these challenges. Participants argued that, because superannuation is a compulsory system established by legislation, governments have a responsibility to ensure it functions effectively for all In–Confidence Australians, including First Nations peoples. Several contributors suggested that longstanding barriers have been recognised for many years but that meaningful reform has been slow, underscoring the need for stronger institutional leadership and accountability.

Speaker Bios:

Dr. Zehra G Kavame Eroglu is conducting research on and teaching Corporate Law, Corporate Governance, and Financial Regulation at Deakin Law School. She is the Research Theme Coleader of Protecting from Economic Harm and Abuse of Corporate Power at the Centre for Law as Protection, Deakin University and the Co-Chair of the Younger Comparativists Committee (YCC), American Society of Comparative Law (ASCL).

Dr Melek Cigdem-Bayram is a Ronald Henderson Senior Research Fellow at the Melbourne Institute: Applied Economic & Social Research at the University of Melbourne, with a joint appointment at the Brotherhood of St Laurence. Her research focuses on wealth inequality, poverty, and social mobility, and examines how economic resources shape life chances across generations. She recently guest-edited a special issue on poverty measurement in the Australian Economic Review commemorating the 50th anniversary of Ronald Henderson’s First Poverty Inquiry. She is currently leading the development of a social mobility atlas for Australia, which maps the relationship between the neighbourhoods in which children are raised and their outcomes in adulthood.

Mark Holden is a Senior Solicitor and Policy Advocate at Mob Strong Debt Help. He is also a Director at Ngalaya Indigenous Corporation and has previously worked with the Australian Competition and Consumer Commission (ACCC) and Legal Aid NSW. He is a Dhunghutti man from Western Sydney and focuses on legal advocacy and policy to improve financial outcomes for First Nations people.

Stephen Rutter is the Director, First Nations Finance and Chief Operating Officer, Nallawilli Technology. He is a proud descendant of the Trawlwoolway Tribal Group from Tebrakunna country in Trowunna, Tasmania. He was also the founding Head of Experience at the Sydney School of Entrepreneurship, a $25 million initiative by the NSW government to foster next-generation entrepreneurship and connect 12 institutions, 700,000 students, and over 200 campuses across NSW.

Brad Ruting is an economist and public policy expert with experience across government, consulting and consumer advocacy. He authored the Impact Economics and Policy report ‘Building futures not barriers: Superannuation that works’ for Super Consumers Australia and Mob Strong Debt Help.

Congratulations Isa for such a insightful event!

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