We have joined forces with state and territory financial counselling peak bodies to deliver a powerful, evidence‑based Federal Budget Submission calling for transformational investment in frontline financial counselling services across Australia.
The joint submission makes a clear case: Australia’s cost‑of‑living crisis is structural, deepening and placing unprecedented pressure on households. With rising housing costs, utilities, food prices, and debt, demand for financial counselling is at record levels. Yet the sector remains chronically underfunded and unable to meet community need.
Drawing on robust economic and workforce data, the submission recommends quadrupling investment in financial counselling over the next decade. This would grow the sector by 300 per cent. This scale of funding would enable earlier intervention, reduce long‑term pressure on housing, health, justice and social services, and deliver proven economic returns of between $3.70 and $5.30 for every dollar invested.
The evidence is compelling. Without major investment, it would take decades in some states for current households in hardship to access financial counselling support. With sustained funding over the next decade, a national workforce of around 4,500 financial counsellors by 2035 could meet unmet need and build long‑term financial resilience across communities.
Importantly, the submission highlights the critical role of specialist services, including family violence, gambling harm, disaster recovery and small business financial counselling, alongside strong generalist frontline services embedded in local communities.
FCVic is proud to have collaborated on this submission with:
- Financial Counselling Queensland (FCQ)
- Financial Counselling Tasmania (FCAT)
- Financial Counsellors’ Association of NSW (FCAN)
- Financial Counsellors’ Association of Western Australia (FCAWA)
- South Australian Financial Counsellors Association (SAFCA) (including Northern Territory)
Together, we are calling on the Federal Government to recognise financial counselling as a cornerstone of Australia’s economic resilience and productivity, and to invest accordingly.
The evidence is ready. The sector is ready. Now is the time for decisive action to ensure every Australian can access the financial support they need to recover, rebuild and thrive.