The Australian Securities and Investments Commission (ASIC) is today hosting its Indigenous Super Summit to allow the superannuation industry to discuss opportunities and challenges when First Nations people engage with their super.
The sessions had been run since 2015 and were previously facilitated by the Australian Institute of Superannuation Trustees (AIST).
Topics that will be covered included servicing First Nations consumers from a risk perspective, best practice engagement, Indigenous identification data, embedding principles and guidance into super fund processes to best support First Nation members, and a discussion on innovative initiatives.
Speakers come from a range of backgrounds, both regulation and superannuation funds, and include Emma Rosenzweig, Deputy Commissioner for super at the Australian Taxation Office; Carlos Lopez, policy adviser at HESTA; and Mel Birks, deputy chief executive and general manager for advocacy at AIST.
Others specialise in working with First Nations people including Alex Price-Busch, financial counselor at the Indigenous Consumer Assistance Network; Carolyn Cartwright, managing director of not-for-profit MoneyMob Talkabout; and Debra Mansfield who delivered the Reconciliation Action Plan at AustralianSuper.
“Indigenous Super Summits provide an opportunity for representatives from the superannuation industry and government bodies to build an understanding of and discuss opportunities for progress in addressing the unique and often complex challenges First Nations peoples can experience with access to and engagement with their superannuation,” it said.
Nathan Boyle, a leader in ASIC’s Indigenous Outreach Program, explained the importance of the framework and the Indigenous Super Summit.
“We hope that by reading the framework, all stakeholders will get a better understanding of the role that financial services play in First Nations consumers lives. We also want people to understand what some of the historic barriers have been to equitable participation in the financial system,” Boyle said.
In February 2023, ASIC released its Indigenous Financial Services Framework that outlined key learnings on First Nations people’s access to the financial system, developed after extensive consultation with First Nations communities, government, and financial services.
The four key learnings identified in the framework are:
- First Nations peoples had unique, established economies before colonisation. These economies continue today and should be understood, respected, and maintained.
- First Nations peoples have been prohibited and excluded from participating in the Australian financial system.
- Financial wellbeing affects all aspects of First Nations peoples’ lives.
- First Nations peoples have many different versions of financial success. This needs to be accepted and encouraged. All First Nations peoples should be empowered to achieve their vision of success.
Earlier this year, super fund members joined the traditional owners of three First Nations across Australia to commence legal action against funds investing in Santos and its Barossa and Narrabri gas projects.
Australia’s top 20 super funds, including AustralianSuper, Hostplus, HESTA, UniSuper, Cbus, and Australian Retirement Trust, were named in the human rights complaint. These 20 funds collectively manage over $1.7 trillion of members’ retirement savings.
Per the complaint, Santos’ projects risked damage to sacred sites, the environment, and the livelihoods of traditional owners. Additionally, the Barossa and Narrabri projects risked spills, pipeline eruptions, and devastating impacts on the local environment.
Miah Wright, Gomeroi/Gamilaraay traditional owner, highlighted that the majority of cultural heritage sites were within 200 meters of a waterway that would be adversely affected by pollutants.
