The Minister for Families, Community Services and Indigenous Affairs, Jenny Macklin, said new approaches were needed to support people in building their own financial security.

“The funding will be used to develop the community development financial institution sector in Australia, which currently includes around ten institutions and up until now has had little government support,” Minister Macklin said.

“This includes looking at innovative ways to provide vulnerable people, who have the capacity to repay a loan but who are excluded from mainstream financial services, with access to safe and affordable credit.

“Services like these can be an important stepping stone…