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Only 1% of Australians are fully excluded from financial services (no transaction account, no credit card, no general insurance)[1]. I doubt this law will have
by emdowling 7y ago
Only 1% of Australians are fully excluded from financial services (no transaction account, no credit card, no general insurance)[1]. I doubt this law will have much of an impact on that small population.
[1]According to this report from 2013/2014: https://www.nab.com.au/content/dam/nabrwd/documents/reports/financial/2014-measuring-financial-exclusion-in-australia.pdf https://www.nab.com.au/content/dam/nabrwd/documents/reports/...
- mcv 7y ago1% of Australians is still 246,000 people.
- elyobo 7y agoMore than I would have expected. The report is long; was there a breakdown provided of the reasons for this exclusion? I assume that some proportion is voluntary and I wonder how much (and what the other reasons are).
- fit2rule 7y agoYou are being disingenuous by using the 1% figure. Its actually more like 16% of Australians who cannot access banking services which would allow transactions greater than this imposed $10,000 limit, because General Insurance is a requirement of such limits (imposed by the banks).