FCVic welcomes the Victorian Government’s announcement of the 2024-25 State Budget, ‘Helping Families’. 

While the Budget papers are light on the specifics of program funding, FCVic believes upon our initial read that the outcome is mixed for the financial counselling sector.  

Firstly, we thank the government for responding in part to our ongoing advocacy on funding for the financial counselling sector. The maintenance of core funding for financial counselling services is much needed. 

We are also pleased to see that funding for critical specialist financial counselling services for family violence and gambling harm, as well as rural financial counselling services, appears to have been maintained. There also appears to be increased support for disaster recovery services, though the allocation towards financial counselling is unclear at this point.  

However disappointingly, it appears that funding for small business financial counselling through the Partners in Wellbeing program has not been included in the Budget. We know that small business specialist financial counsellors have assisted over 1,800 small business owners in three years. The flow-on effects of this loss of specialisation, and the guaranteed correlating increase in demand for general financial counsellors is not something that the financial counselling sector will be able to manage given the already outsized demand for services.  

As the peak body for financial counsellors, FCVic also holds concerns about the short-term nature of funding for these specialist projects and what that means for a workforce that has already been stretched thin. Financial counsellors are becoming overburdened to the point of burnout. We recommend to the state government that these specialist projects should be integrated into core funding, recognising the long-term nature of these issues. 

We are eagerly awaiting any further information regarding the recommendations in our State Budget Submission to enhance the professionalisation of the sector, integration with other community services, and opportunities for enhancing financial counselling practice. 

Overall, we know that this funding announcement in the Budget, while important, does not adequately address the long wait lists for financial counselling services in this state. We will continue to advocate for recognition of the important work of financial counsellors in responding to the most vulnerable Victorians experiencing financial hardship, and appropriate funding to ensure that all people who need support, will get support.  

FCVic commits to communicating to members proactively as we review the Budget papers in greater detail, and more information on program funding specifics come to light.  

Zyl Hovenga-Wauchope 
Executive Officer, FCVic 

 

Note – If you have any correspondence from funding bodies on these issues, we invite you to share them with FCVic – please email them to [email protected]. 

 

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Media contacts

Zyl Hovenga-Wauchope, Executive Officer, on 03 9663 2000 or [email protected]

Amanda Chan, Advocacy Coordinator, on 03 9663 2000 or [email protected]