- 0439208236
Marcus Banks
University of Tasmania, School of Management, Faculty Member
The palliative care sector in Tasmania needs reliable and replicable data and information to understand, plan, and measure its work. In particular, we should be able to answer the fundamental questions: Who receives what palliative... more
The palliative care sector in Tasmania needs reliable
and replicable data and information to understand,
plan, and measure its work. In particular, we should be
able to answer the fundamental questions:
Who receives what palliative care services from
whom? For what purpose? At what cost? To what
effect?
In 2021, Palliative Care Tasmania produced a State of
Palliative Care Report (SOPC Report) that outlined
the extent of the Tasmanian workforce that has
any role in palliative care. It found that nearly every
Tasmanian is likely to interact with palliative care at
some stage in their life, and that more than 49,000
workers – including 28,785 employees in the health
and community sectors and 20,582 unpaid carer and
volunteers across 1,870 services – are providing at
least some palliative care for Tasmanians in at least
part of their role.
The 2021 SOPC Report served an important purpose
by demonstrating that Tasmanian palliative care
comprises a vast, integrated ‘community of care’. It
supported the messaging that ‘Everyone has a role to
play.’
The 2021 Report was, however, broad in nature and
there was little additional value in replicating this
approach.
In 2023, Palliative Care Tasmania aims to enhance the
SOPC Report concept. In particular, Palliative Care
Tasmania aims to:
Take a consumer-focused approach by centering
analysis around the number of Tasmanians
needing palliative care each year
Be far more precise about the size of the
palliative care service sector by estimating,
analysing and comparing the full-time equivalent
(FTE) workforce 1
Ensure the analysis could be used comparatively
(in future years; and against other states/
territories) by using established, replicable
national data sources
Examine differences in palliative care need and
services across 29 Tasmanian Local Government
Areas (LGAs).
The challenge, however, is there is no comprehensive
database in Australia and Tasmania on who needs
palliative care, who provides palliative care, and
the setting in which palliative care is provided. 2 In
particular, palliative care delivered in primary care,
community health centres and the aged care sector is
‘hidden’ in the national data.
So, Palliative Care Tasmania partnered with the
University of Tasmania (UTAS) to tackle this data and
information challenge by drawing together partial
data sets from reliable and replicable sources to
provide important sector insights. The methodology
behind each data insight is explained in detail. This
means the headline figures can be replicated year-
on-year. It also means that as data collection and
analyses improve over time, changes in method can
be documented and explained.
Palliative Care Tasmania and UTAS anticipate, and
warmly welcome, robust examination of the headline
figures in this Summary and the Full Report, and the
reasoning behind them. We intend to update these
figures annually, and look forward to doing so by
learning and sharing knowledge with others.
In particular, in future years we look forward to
adding analysis for sections of the Tasmanian
palliative workforce for which there is currently no
reliable and replicable FTE dataset.
and replicable data and information to understand,
plan, and measure its work. In particular, we should be
able to answer the fundamental questions:
Who receives what palliative care services from
whom? For what purpose? At what cost? To what
effect?
In 2021, Palliative Care Tasmania produced a State of
Palliative Care Report (SOPC Report) that outlined
the extent of the Tasmanian workforce that has
any role in palliative care. It found that nearly every
Tasmanian is likely to interact with palliative care at
some stage in their life, and that more than 49,000
workers – including 28,785 employees in the health
and community sectors and 20,582 unpaid carer and
volunteers across 1,870 services – are providing at
least some palliative care for Tasmanians in at least
part of their role.
The 2021 SOPC Report served an important purpose
by demonstrating that Tasmanian palliative care
comprises a vast, integrated ‘community of care’. It
supported the messaging that ‘Everyone has a role to
play.’
The 2021 Report was, however, broad in nature and
there was little additional value in replicating this
approach.
In 2023, Palliative Care Tasmania aims to enhance the
SOPC Report concept. In particular, Palliative Care
Tasmania aims to:
Take a consumer-focused approach by centering
analysis around the number of Tasmanians
needing palliative care each year
Be far more precise about the size of the
palliative care service sector by estimating,
analysing and comparing the full-time equivalent
(FTE) workforce 1
Ensure the analysis could be used comparatively
(in future years; and against other states/
territories) by using established, replicable
national data sources
Examine differences in palliative care need and
services across 29 Tasmanian Local Government
Areas (LGAs).
The challenge, however, is there is no comprehensive
database in Australia and Tasmania on who needs
palliative care, who provides palliative care, and
the setting in which palliative care is provided. 2 In
particular, palliative care delivered in primary care,
community health centres and the aged care sector is
‘hidden’ in the national data.
So, Palliative Care Tasmania partnered with the
University of Tasmania (UTAS) to tackle this data and
information challenge by drawing together partial
data sets from reliable and replicable sources to
provide important sector insights. The methodology
behind each data insight is explained in detail. This
means the headline figures can be replicated year-
on-year. It also means that as data collection and
analyses improve over time, changes in method can
be documented and explained.
Palliative Care Tasmania and UTAS anticipate, and
warmly welcome, robust examination of the headline
figures in this Summary and the Full Report, and the
reasoning behind them. We intend to update these
figures annually, and look forward to doing so by
learning and sharing knowledge with others.
In particular, in future years we look forward to
adding analysis for sections of the Tasmanian
palliative workforce for which there is currently no
reliable and replicable FTE dataset.
Research Interests:
Research Interests:
Proposals for a just transition for labour have been largely restricted to debates about transitions in coal regions. Yet a just transition for labour should apply to all industries. Alongside these debates, planning guidelines are in... more
Proposals for a just transition for labour have been largely restricted to debates about transitions in coal regions. Yet a just transition for labour should apply to all industries. Alongside these debates, planning guidelines are in place to encourage the adoption of circular economy practices to address questions relating to material sustainability, especially in the context of the encroaching climate crisis. Surprisingly, few people have considered the implications of such changes for work and employment relationships. Unless a just transition is pursued, current inequalities in the housing construction industry are likely to intensify and remain embedded. The argument is that moves toward a circular economy in Australian housing construction require a just transition for the workforce. Such a transition must be planned and inclusive.
Research Interests:
Service captivity is described as the experience of constrained choice whereby a consumer has no power and feels unable to exit a service relationship. This study aims to explore how positive service experiences can contribute to service... more
Service captivity is described as the experience of constrained choice whereby a consumer has no power and feels unable to exit a service relationship. This study aims to explore how positive service experiences can contribute to service captivity in the alternative financial services (AFS) sector for consumers experiencing financial vulnerability.
Research Interests:
Research Interests:
The emotional and moral context of high cost, small loan lending has an important bearing on how low-income people engage in the mixed economy of credit, which is a term used to describe the different sectors involved in providing credit,... more
The emotional and moral context of high cost, small loan lending has an important bearing on how low-income people engage in the mixed economy of credit, which is a term used to describe the different sectors involved in providing credit, from informal trans- actions between family and friends to formal fringe financial len- ders and multinational banks. Decisions about accessing credit are constrained by more than material circumstances or access to information about the financial cost of such transactions. How individuals perceive different credit options is also influenced by emotions such as shame, guilt or anger. The emotional dimension is critical for understanding how, where and when individuals access credit. The policy field needs to give more attention to these neglected dimensions of decision-making, particularly since ‘financial literacy’ programs targeted at low-income households assume that lack of financial and budgetary knowledge is the key issue. Here, we argue, drawing on an empirical study, that a wider range of cultural and emotional factors needs to be taken into account in making sense of the social relations of money, credit and debt.
Research Interests:
For low‐income or precariously employed households in Australia, the re‐allocation of risk over the past forty years has four crucial economic dimensions: the fraying of the social security net; changes in labour market dynamics;... more
For low‐income or precariously employed households in Australia, the re‐allocation of risk over the past forty years has four crucial economic dimensions: the fraying of the social security net; changes in labour market dynamics; heightened uncertainty arising from income volatilities; and new hazards generated by the financialisation of daily life. Household financial capabilities are negatively influenced by the compounding impacts of each of these risks. Case examples from a BSL study illustrate each impact and their interactions. The dominant idea that individual capabilities are malleable (and thus can be optimised) whilst circumstances and norms are fixed is countered by an expanded view of Sen’s/Nussbaum’s capability approach (CA) that includes collective capabilities. Collective capabilities can change norms, and so, the concept provides a needed link between the political and macroeconomic movement of risk re‐allocation and individual or household financial capabilities. The Australian Unemployed Workers’ Union is used as an example to show how collective action can challenge structural conditions, and expand or protect the capabilities of individuals.
Research Interests:
In this article, we draw on a recent Australian study to illustrate how social time in precariously employed or low-income households is increasingly riven by uncertainty and risk. We apply two concepts, riskscapes and timescapes, to... more
In this article, we draw on a recent Australian study to illustrate how social time in precariously employed or low-income households is increasingly riven by uncertainty and risk. We apply two concepts, riskscapes and timescapes, to examine how these households respond to and are buffeted by the economic and temporal insecurities they experience in labour, welfare and finance markets. Using May and Thrift’s four categories of time, – representations, technologies, social disciplines and rhythms – we highlight how household timescapes interact with their riskscapes to exacerbate economic insecurity.
Research Interests:
The emotional and moral context of high cost, small loan lending has an important bearing on how low-income people engage in the mixed economy of credit, which is a term used to describe the different sectors involved in providing credit,... more
The emotional and moral context of high cost, small loan lending
has an important bearing on how low-income people engage in
the mixed economy of credit, which is a term used to describe the
different sectors involved in providing credit, from informal transactions
between family and friends to formal fringe financial lenders
and multinational banks. Decisions about accessing credit are
constrained by more than material circumstances or access to
information about the financial cost of such transactions. How
individuals perceive different credit options is also influenced by
emotions such as shame, guilt or anger. The emotional dimension
is critical for understanding how, where and when individuals
access credit. The policy field needs to give more attention to
these neglected dimensions of decision-making, particularly since
‘financial literacy’ programs targeted at low-income households
assume that lack of financial and budgetary knowledge is the
key issue. Here, we argue, drawing on an empirical study, that a
wider range of cultural and emotional factors needs to be taken
into account in making sense of the social relations of money,
credit and debt.
has an important bearing on how low-income people engage in
the mixed economy of credit, which is a term used to describe the
different sectors involved in providing credit, from informal transactions
between family and friends to formal fringe financial lenders
and multinational banks. Decisions about accessing credit are
constrained by more than material circumstances or access to
information about the financial cost of such transactions. How
individuals perceive different credit options is also influenced by
emotions such as shame, guilt or anger. The emotional dimension
is critical for understanding how, where and when individuals
access credit. The policy field needs to give more attention to
these neglected dimensions of decision-making, particularly since
‘financial literacy’ programs targeted at low-income households
assume that lack of financial and budgetary knowledge is the
key issue. Here, we argue, drawing on an empirical study, that a
wider range of cultural and emotional factors needs to be taken
into account in making sense of the social relations of money,
credit and debt.
Research Interests:
In the last few decades, payday lending has mushroomed in many developed countries. The arguments for and against an industry which provides small, short-term loans at very high interest rates have also blossomed. This article presents... more
In the last few decades, payday lending has mushroomed in many developed countries. The arguments for and against an industry which provides small, short-term loans at very high interest rates have also blossomed. This article presents findings from an Australian study to contribute to the international policy and practice debate about a sector which orients to those on a low income. At the heart of this debate lies a conundrum: Borrowing from payday lenders exacerbates poverty, yet many low-income households rely on these loans. We argue that the key problem is the restricted framework within which the debate currently oscillates.
Research Interests:
Since the establishment of the first payday outlet on the Gold Coast (QLD) in 1998 the Australian payday industry has experienced remarkable growth. As a result of the industry’s prominence in the consumer finance market, there has been... more
Since the establishment of the first payday outlet on the Gold Coast (QLD) in 1998 the Australian payday industry has experienced remarkable growth. As a result of the industry’s prominence in the consumer finance market, there has been criticism from some quarters including consumer advocates and the Federal the government, which eventually introduced major legislation in March 2013 to regulate the industry. Since then, marked changes have taken place within the sector including the restructure of the domestic market, the augmentation of a little researched online small loans market and emergence of widening customer base. It is our view that traditional understandings of the sector must be updated to incorporate these developments to better reflect the industry’s increasing movement away from the margins, and further towards the mainstream of consumer finance. With a Federal government review of the industry set for July 2015, understanding these recent changes are vital to inform the much anticipated policy debate.
This paper focuses on how community workers in Shepparton viewed the impact of the Place Based Income Management (PBIM) trial on the lives of their clients, their clients' families, and the broader community. The paper responds to... more
This paper focuses on how community workers in Shepparton viewed the impact of the Place Based Income Management (PBIM) trial on the lives of their clients, their clients' families, and the broader community. The paper responds to criticism that there has been a lack of community voices in the development of PBIM or of their inclusion in the formal evaluation framework, raised in Philip Mendes's 2013 study of this trial site. A key policy goal underlying Income Management is that the tool assists low‑income people to become better money managers. Our study found that Shepparton community workers also used the parlance of 'tool' to describe the programmatic value of the BasicsCard in their interactions with clients. However, the BasicsCard appeared marginal to their discussions. Three clear themes emerged from the interviews: Shepparton's focus on voluntary clients, and ascertaining why participation in the local trial had dropped; that support for IM centred on the voluntary measure and the extra resources available to assist clients; and pragmatically locating the program in the middle of a welfare continuum that stretched from the voluntary Centrepay at one end to the highly coercive and restrictive paternalism of State Trustees at the other.
Research Interests:
Disaster events have spatial impacts, environmentally, socially and economically. Such impacts often play out at a regional level, defined both territorially as well as in relational terms (Macleod and Jones, 2007). Territory refers to... more
Disaster events have spatial impacts, environmentally, socially and economically. Such impacts often play out at a regional level, defined both territorially as well as in relational terms (Macleod and Jones, 2007). Territory refers to spatiality, while the relational dimension addresses their connectivity (Goodwin, 2012, p. 1182). The interaction between these dimensions produces regions whose spatial boundaries may be unclear (Massey, 2004, p. 3). Hence, a defining feature in analysis is to explain both ‘the scalar and territorial dimensions of particular political practices’ (Goodwin, 2012, p. 1189). Moreover, the scalar politics that surround regionally focused practices and policies may involve diverse actors each contributing to strategic regional economic and social agenda (MacKinnon, 2011). These themes will be explored by considering the ways regional governance arrangements can result in partial and incomplete approaches to such as disaster events. The purpose of this report is to formulate a research design that enables an understanding of this analytical framework. This step requires a consideration of the makeup of regional economies, focusing on the value chains and networks in play. We suggest that this step enables us to begin to understand the opportunities for and barriers to policy initiatives in relation to disaster events.
Research Interests:
When examining the impact of natural disasters at the regional level it is evident that the data limitations we encounter are not the only problem; a more comprehensive and dynamic understanding of the drivers of the economy is also... more
When examining the impact of natural disasters at the regional level it is evident that the data limitations we encounter are not the only problem; a more comprehensive and dynamic understanding of the drivers of the economy is also required. We argue that a political economy approach is essential to adequately capture the complexities of a regional economy. The task is twofold: first, to have an economic approach which can identify, measure and value these drivers; and second, to understand how they may interact at a regional level. Analyses must include the centrality of the state as both an enabler and component of the processes driving value creation within and across supply chains and the broader regional economy. Measuring is both a process and an activity. The meaning and act of understanding a regional economy by measurement and an identification of where value-add occurs is inherently comparative, contextual and social. In a social discipline such as economics, measuring is contested. The what, why and how of measurement are in dispute between orthodox, Keynesian and more critical economic theories. Research in this discipline initially emerged in the historical context of states seeking to interpret and generate data that was relevant to building a nationally competitive economy. Equally, in other disciplines such as sociology, the question of measurement is also contested (see Adkins and Lury, 2012). This chapter briefly outlines what is entailed in such measurements from a political economy perspective (for a review of the classic views of the state and economy see Przeworski, 1990). The concept derives from a focus on space, quantity and capacity. It is central to applied research and understandings. To apply such an inclusive, socio-economic analysis, attention is drawn to how we are to measure those drivers—including their processes of valorisation. Our more critical approach—and the toolkit we will suggest for policymakers, employers, and other stakeholders – requires an understanding of ways of measuring and valuing a regional economy, such as Gippsland or South Western Australia.
The challenge facing decision-makers and those who experience and deal with natural disaster impacts is to lay the foundation for measuring the impact and considering where value add occurs. There are two aspects to the challenge. First,... more
The challenge facing decision-makers and those who experience and deal with natural disaster impacts is to lay the foundation for measuring the impact and considering where value add occurs. There are two aspects to the challenge. First, what do we know about the regional economy and what do we not know? Second, when interrogating specific sectors of the regional economy we can ask the same question. As indicated in Report 6, there are limits to our knowledge and the intent here is to address this lack of data. Three methodological toolboxes are proposed to address this data challenge: a Regional toolbox and two ‘Sectoral’ toolboxes—one for agriculture and the other for tourism. The goal of each toolbox is to provide an updatable resource for policymakers and other stakeholders. These toolboxes will offer clear, detailed, place-based understandings of the intersections of hazard, exposure and vulnerability, in the economic, social and political life of regions experiencing disaster events (Report 2).
The purpose of the report is to assess and evaluate available measurements of the impact of disaster events at a subnational regional level. As indicated in other reports (particularly Report 4 and 5) we approach this task via a developed... more
The purpose of the report is to assess and evaluate available measurements of the impact of disaster events at a subnational regional level. As indicated in other reports (particularly Report 4 and 5) we approach this task via a developed a political economy understanding which captures the complexities of a regional economy. We first propose an economically focused approach which potentially can identify, measure and value these drivers; and second, we suggest that the critical next step is to investigate how they may interact at a regional level, drawing attention to the state as both an enabler and component of the processes driving value creation within and across supply chains and the broader regional economy. Nonetheless the first step is to measure the economic impacts and this report seeks to explore the possibilities and limitations of this first step.
This paper provides a basis for a broader understanding of
the factors that shape financial wellbeing and the capacity of
individuals to experience economic security.
the factors that shape financial wellbeing and the capacity of
individuals to experience economic security.
Research Interests:
Despite sustained economic growth, many households are doing it tough in Australia. The qualitative Spinning the Plates study examined the financial circumstances of people with low and uncertain incomes in Melbourne and how they cope... more
Despite sustained economic growth, many households are
doing it tough in Australia. The qualitative Spinning the
Plates study examined the financial circumstances of
people with low and uncertain incomes in Melbourne and
how they cope with risk in the short and longer term.
doing it tough in Australia. The qualitative Spinning the
Plates study examined the financial circumstances of
people with low and uncertain incomes in Melbourne and
how they cope with risk in the short and longer term.
Research Interests:
Our analysis of administrative social security data aimed to gain a clearer understanding of income volatility in Australia. The focus is on unemployed and underemployed Australians who received Newstart Allowance —a group of individuals... more
Our analysis of administrative social security data aimed to gain a clearer understanding of income volatility in Australia. The focus is on unemployed and underemployed Australians who received Newstart Allowance —a group of individuals highly exposed to the risks of financial insecurity.
The study drew on DOMINO (Data Over Multiple Individual Occurrences), a Department of Social Services database that records all interactions with Centrelink since 2001. This daily, event-based data provides an
important opportunity to track individual patterns of NSA receipt over a 16-year period (2001–2016).
The study drew on DOMINO (Data Over Multiple Individual Occurrences), a Department of Social Services database that records all interactions with Centrelink since 2001. This daily, event-based data provides an
important opportunity to track individual patterns of NSA receipt over a 16-year period (2001–2016).
Research Interests:
Media Release 13 October 2015. The Australian Centre for Financial Studies (ACFS) has today released a report on the ‘payday lending’ market in Australia. The report, written by Dr Marcus Banks, Dr Ashton de Silva and Professor Roslyn... more
Media Release 13 October 2015.
The Australian Centre for Financial Studies (ACFS) has today released a report on the ‘payday lending’ market in Australia. The report, written by Dr Marcus Banks, Dr Ashton de Silva and Professor Roslyn Russell of the School of Economics, Finance and Marketing at RMIT University, and funded by an ACFS grant, finds that the Australian market for payday loans has grown significantly in recent decades, mirroring international trends. The authors argue that although such loans are relatively high-cost (reflecting the higher risks of borrower default), stronger regulation may not be the appropriate policy response. Lower caps on fees, for example, may have the unintended consequence of encouraging illegal lending activity – and so other policy initiatives should be trialled.
The report makes the following recommendations:
That the recently-announced government review of small amount credit contract laws consider strengthening reporting obligations, either in the form of a national database or a tightening of the comprehensive credit reporting regime (CCR).
That lender compliance be tightened in order to meet ‘presumption of unsuitability’ rules. A small proportion of the industry is not complying with its responsible lending obligations, resulting in instances where consumers receiving Centrelink payments have multiple loans.
That policymakers recognise that any call to eliminate the industry does not remove the need for cash to meet the day-to-day living expenses of a significant proportion of the population. A broader understanding is required that growing income inequality and poverty are the crucial drivers for the growing demand for small loans.
Dr de Silva, one of the report’s co-authors, noted that: “This report is particularly timely given the recently-announced government inquiry. We find that although small loans (payday loans) in Australia are relatively high-cost, policymakers need to be realistic about what can be achieved through tighter regulation. Eliminating the industry is not a viable solution unless a cheaper option is found for the 1.1 million Australians who currently take out payday loans each year.”
Since the introduction of new regulations in 2013, loans of up to $2,000 for periods between 16 days and 12 months have been called Small Amount Credit Contracts (SACCs) – colloquially known as payday loans. In Australia, there has been a twenty-fold increase in demand for SACC loans in the last decade. The industry has consolidated from about 280 small independent operators in the mid-2000s to 30 in 2015.
The report observes that the high demand for SACC products is associated with socioeconomic changes – especially increases in income inequality and precarious employment, as well as a lack of alternative credit products that can be viably accessed by consumers. A common characteristic of SACC firms is that, because start-up costs are high and margins are low, revenue lines only tend to become profitable after the second or third loan. In general, therefore, profits appear to be derived from chronic borrowers.
“ACFS is delighted to release this report. Its timeliness and in-depth research speak to the importance of commissioning research papers that provide an evidence base for policymakers and industry to consider”, noted Amy Auster, Executive Director of ACFS.
Trends in the Australian Small Loan Market draws not just on existing data sources, but also data from an Australian Research Council (ARC) Linkage Project, responses from Victorian financial counsellors to a survey conducted in January 2014, and data from an RMIT University survey of online borrowers undertaken by Dr Banks in August 2014 (with the support of Money3 and LoanRanger). In addition, primary data was collected through interviews with a small number of key stakeholders. Dr de Silva sourced eight interviews with executives of leading payday companies and consumer finance advocacy agencies.
Trends in the Australian Small Loan Market is the latest report in the ACFS Commissioned Paper series. Each year, ACFS provides funding for academics at its consortium and associate universities to prepare Commissioned Papers that provide practitioners with an overview of the latest insights from recent academic and industry research.
The Australian Centre for Financial Studies (ACFS) has today released a report on the ‘payday lending’ market in Australia. The report, written by Dr Marcus Banks, Dr Ashton de Silva and Professor Roslyn Russell of the School of Economics, Finance and Marketing at RMIT University, and funded by an ACFS grant, finds that the Australian market for payday loans has grown significantly in recent decades, mirroring international trends. The authors argue that although such loans are relatively high-cost (reflecting the higher risks of borrower default), stronger regulation may not be the appropriate policy response. Lower caps on fees, for example, may have the unintended consequence of encouraging illegal lending activity – and so other policy initiatives should be trialled.
The report makes the following recommendations:
That the recently-announced government review of small amount credit contract laws consider strengthening reporting obligations, either in the form of a national database or a tightening of the comprehensive credit reporting regime (CCR).
That lender compliance be tightened in order to meet ‘presumption of unsuitability’ rules. A small proportion of the industry is not complying with its responsible lending obligations, resulting in instances where consumers receiving Centrelink payments have multiple loans.
That policymakers recognise that any call to eliminate the industry does not remove the need for cash to meet the day-to-day living expenses of a significant proportion of the population. A broader understanding is required that growing income inequality and poverty are the crucial drivers for the growing demand for small loans.
Dr de Silva, one of the report’s co-authors, noted that: “This report is particularly timely given the recently-announced government inquiry. We find that although small loans (payday loans) in Australia are relatively high-cost, policymakers need to be realistic about what can be achieved through tighter regulation. Eliminating the industry is not a viable solution unless a cheaper option is found for the 1.1 million Australians who currently take out payday loans each year.”
Since the introduction of new regulations in 2013, loans of up to $2,000 for periods between 16 days and 12 months have been called Small Amount Credit Contracts (SACCs) – colloquially known as payday loans. In Australia, there has been a twenty-fold increase in demand for SACC loans in the last decade. The industry has consolidated from about 280 small independent operators in the mid-2000s to 30 in 2015.
The report observes that the high demand for SACC products is associated with socioeconomic changes – especially increases in income inequality and precarious employment, as well as a lack of alternative credit products that can be viably accessed by consumers. A common characteristic of SACC firms is that, because start-up costs are high and margins are low, revenue lines only tend to become profitable after the second or third loan. In general, therefore, profits appear to be derived from chronic borrowers.
“ACFS is delighted to release this report. Its timeliness and in-depth research speak to the importance of commissioning research papers that provide an evidence base for policymakers and industry to consider”, noted Amy Auster, Executive Director of ACFS.
Trends in the Australian Small Loan Market draws not just on existing data sources, but also data from an Australian Research Council (ARC) Linkage Project, responses from Victorian financial counsellors to a survey conducted in January 2014, and data from an RMIT University survey of online borrowers undertaken by Dr Banks in August 2014 (with the support of Money3 and LoanRanger). In addition, primary data was collected through interviews with a small number of key stakeholders. Dr de Silva sourced eight interviews with executives of leading payday companies and consumer finance advocacy agencies.
Trends in the Australian Small Loan Market is the latest report in the ACFS Commissioned Paper series. Each year, ACFS provides funding for academics at its consortium and associate universities to prepare Commissioned Papers that provide practitioners with an overview of the latest insights from recent academic and industry research.
Research Interests:
This study explores the factors that influence women’s financial lives across multiple generations. Women’s financial circumstances represent the intersection of complex structural, interpersonal and individual factors that warrant better... more
This study explores the factors that influence women’s financial lives across multiple generations. Women’s financial circumstances represent the intersection of complex structural, interpersonal and individual factors that warrant better understanding if we are to reduce the vulnerabilities that too many women experience in Australia. The main driver of women’s financial vulnerability is gender inequality, which permeates every layer of our society – including politics, the workplace, and the home. This report explores women’s financial wellbeing, financial priorities, socialisation, life events, financial self-efficacy and attitudes towards their financial futures.
This study explores the factors that influence women’s financial lives across multiple generations. Women’s financial circumstances represent the intersection of complex structural, interpersonal and individual factors that warrant better... more
This study explores the factors that influence women’s financial lives across multiple generations. Women’s financial circumstances represent the intersection of complex structural, interpersonal and individual factors that warrant better understanding if we are to reduce the vulnerabilities that too many women experience in Australia. The main driver of women’s financial vulnerability is gender inequality, which permeates every layer of our society – including politics, the workplace, and the home.
This report explores women’s financial wellbeing, financial priorities, socialisation, life events, financial self-efficacy and attitudes towards their financial futures.
This report explores women’s financial wellbeing, financial priorities, socialisation, life events, financial self-efficacy and attitudes towards their financial futures.
The seminar 'All being well? Financial wellbeing, inclusion and risk' held on 5 December 2016 was organised and hosted by RMIT and the Brotherhood of St Laurence. Over 100 people from the finance, community, regulatory and academic... more
The seminar 'All being well? Financial wellbeing, inclusion and risk' held on 5 December 2016 was organised and hosted by RMIT and the Brotherhood of St Laurence. Over 100 people from the finance, community, regulatory and academic sectors attended to hear our international panel share their insights and research on the evolving concept of financial wellbeing.
Research Interests:
The Australian Government is reviewing two consumer credit markets that heavily impact on the lives of many low-income Australians - payday loans and consumer leases for household appliances and furniture. Among other matters, the... more
The Australian Government is reviewing two consumer credit markets that heavily impact on the lives of many low-income Australians - payday loans and consumer leases for household appliances and furniture.
Among other matters, the review, triggered by a requirement in the Credit Act is investigating whether the current regulatory regime strikes a “fair balance” between the need for these industries to remain viable and the need to protect consumers from exacerbating their risks of financial hardship.
It is a significant – and welcome - step in the right direction that the review’s Terms of Reference recognise the link between the payday loans (also known as Small Amount Credit Contracts) and household goods rental markets.
However, more is required to adequately understand how low-income Australians actually manage their money, the scope and scale of their credit market engagements, and why this is crucially important for regulators to consider.
Among other matters, the review, triggered by a requirement in the Credit Act is investigating whether the current regulatory regime strikes a “fair balance” between the need for these industries to remain viable and the need to protect consumers from exacerbating their risks of financial hardship.
It is a significant – and welcome - step in the right direction that the review’s Terms of Reference recognise the link between the payday loans (also known as Small Amount Credit Contracts) and household goods rental markets.
However, more is required to adequately understand how low-income Australians actually manage their money, the scope and scale of their credit market engagements, and why this is crucially important for regulators to consider.
Research Interests:
Our new study, by a team at the Brotherhood of St Laurence, RMIT University and the Australian National University, highlights significant misunderstandings about the scale and scope of Australians who received Newstart — the unemployment... more
Our new study, by a team at the Brotherhood of St Laurence, RMIT University and the Australian National University, highlights significant misunderstandings about the scale and scope of Australians who received Newstart — the unemployment payment replaced by JobsSeeker Payment earlier this year.
Bottom line? It’s much more common to get the payment than you think.
Bottom line? It’s much more common to get the payment than you think.
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21 December 2017 article
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30 September 2020 article.
https://theconversation.com/do-australians-care-about-unis-theyre-now-part-of-our-social-wage-so-we-should-144798
https://theconversation.com/do-australians-care-about-unis-theyre-now-part-of-our-social-wage-so-we-should-144798
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Overland article March 2015
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Payday lending vacuum makes regulation difficult
CONVERSATION ARTICLE. October 13 2015
CONVERSATION ARTICLE. October 13 2015
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Stopping the game of loans will take more than regulation.
CONVERSATION ARTICLE April 2 2015
CONVERSATION ARTICLE April 2 2015
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Purpose Service captivity is described as the experience of constrained choice whereby a consumer has no power and feels unable to exit a service relationship. This study aims to explore how positive service experiences can contribute to... more
Purpose Service captivity is described as the experience of constrained choice whereby a consumer has no power and feels unable to exit a service relationship. This study aims to explore how positive service experiences can contribute to service captivity in the alternative financial services (AFS) sector for consumers experiencing financial vulnerability. Design/methodology/approach A total of 31 interviews were undertaken with Australian consumers of payday loans and/or consumer leases. Findings The authors reveal a typology of consumers based on their financial vulnerability and their experience with AFS providers. Then they present three themes relating to how the marketing practices of these providers create a positive service experience, and, in doing so, can contribute to service captivity for consumers experiencing financial vulnerability. Research limitations/implications The benefits derived from positive service experiences, including accessible solutions, self-esteem, and a sense of control over their financial situation, contribute to the service captivity of some consumers, rendering alternative avenues less attractive. Practical implications AFS providers must ensure a socially responsible approach to their marketing practices to minimize potentially harmful outcomes for consumers. However, a systems-level approach is needed to tackle the wider issue of financial precarity. Policymakers need to address the marketplace gaps, regulatory frameworks and social welfare policies that contribute to both vulnerability and captivity. Originality/value This research extends the understanding of service captivity by demonstrating how positive service experiences can perpetuate this situation. Further, specific solutions are proposed at each level of the service system to address service captivity in the AFS sector.
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Few people in our study had a steady and reliable income. Many were dealing with two interlinking financial uncertainties: variable hours and wages, and the risk that their income support payment might not be correct or even be paid.... more
Few people in our study had a steady and reliable income. Many were dealing with two interlinking financial uncertainties: variable hours and wages, and the risk that their income support payment might not be correct or even be paid. People in our study talked about not knowing what their wages would be in the next week; yet they were required by Centrelink to guess in order to claim an income support payment or Child Care Benefit. When their estimate was incorrect they incurred a debt to Centrelink.
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This paper was funded by a small grant from the Australian Centre for Financial Studies. The paper's brief was to respond to the following matters: Provide an overview of the 'payday lending' market in Australia. ... more
This paper was funded by a small grant from the Australian Centre for Financial Studies. The paper's brief was to respond to the following matters: Provide an overview of the 'payday lending' market in Australia. Investigate the impact of unsecured, short-term, small amount lending in Australia and the issues involved in regulating this sector. Who are the users of payday lending? Is there evidence suggesting that the main users of small amount loans are financially excluded? Explore the potential alternatives to payday loans.
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Our analysis of administrative social security data aimed to gain a clearer understanding of income volatility in Australia. The focus is on unemployed and underemployed Australians who received Newstart Allowance —a group of individuals... more
Our analysis of administrative social security data aimed to gain a clearer understanding of income volatility in Australia. The focus is on unemployed and underemployed Australians who received Newstart Allowance —a group of individuals highly exposed to the risks of financial insecurity. The study drew on DOMINO (Data Over Multiple Individual Occurrences), a Department of Social Services database that records all interactions with Centrelink since 2001. This daily, event-based data provides an important opportunity to track individual patterns of NSA receipt over a 16-year period (2001–2016).
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The thesis revives the historical importance of a small, relatively obscure Australian workfare policy through a marxist theoretical framework that is equally marginal to Australian social policy analytics. The Jobs, Education and... more
The thesis revives the historical importance of a small, relatively obscure Australian workfare policy through a marxist theoretical framework that is equally marginal to Australian social policy analytics. The Jobs, Education and Training Program (JET) w
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There is an increasing recognition among community, policy and academic sectors that the current financial inclusion policy framework is becoming outdated. The focus of policy and practice in Australia, the United States, the United... more
There is an increasing recognition among community, policy and academic sectors that the current financial inclusion policy framework is becoming outdated. The focus of policy and practice in Australia, the United States, the United Kingdom, Canada and New Zealand is shifting from financial inclusion frameworks to the broader notion of financial wellbeing. While this term is gaining currency among policy makers and service providers, there is currently no agreement on what is meant by financial wellbeing (or similar constructs such as financial resilience).
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This study explores the factors that influence women’s financial lives across multiple generations. Women’s financial circumstances represent the intersection of complex structural, interpersonal and individual factors that warrant better... more
This study explores the factors that influence women’s financial lives across multiple generations. Women’s financial circumstances represent the intersection of complex structural, interpersonal and individual factors that warrant better understanding if we are to reduce the vulnerabilities that too many women experience in Australia. The main driver of women’s financial vulnerability is gender inequality, which permeates every layer of our society – including politics, the workplace, and the home. This report explores women’s financial wellbeing, financial priorities, socialisation, life events, financial self-efficacy and attitudes towards their financial futures.
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Purpose Service captivity is described as the experience of constrained choice whereby a consumer has no power and feels unable to exit a service relationship. This study aims to explore how positive service experiences can contribute to... more
Purpose Service captivity is described as the experience of constrained choice whereby a consumer has no power and feels unable to exit a service relationship. This study aims to explore how positive service experiences can contribute to service captivity in the alternative financial services (AFS) sector for consumers experiencing financial vulnerability. Design/methodology/approach A total of 31 interviews were undertaken with Australian consumers of payday loans and/or consumer leases. Findings The authors reveal a typology of consumers based on their financial vulnerability and their experience with AFS providers. Then they present three themes relating to how the marketing practices of these providers create a positive service experience, and, in doing so, can contribute to service captivity for consumers experiencing financial vulnerability. Research limitations/implications The benefits derived from positive service experiences, including accessible solutions, self-esteem, an...
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For low-income or precariously employed households in Australia, the re-allocation of risk over the past forty years has four crucial economic dimensions: the fraying of the social security net; changes in labour market dynamics;... more
For low-income or precariously employed households in Australia, the re-allocation of risk over the past forty years has four crucial economic dimensions: the fraying of the social security net; changes in labour market dynamics; heightened uncertainty arising from income volatilities; and new hazards generated by the financialisation of daily life. Household financial capabilities are negatively influenced by the compounding impacts of each of these risks. Case examples from a BSL study illustrate each impact and their interactions. The dominant idea that individual capabilities are malleable (and thus can be optimised) whilst circumstances and norms are fixed is countered by an expanded view of Sen’s/Nussbaum’s capability approach (CA) that includes collective capabilities. Collective capabilities can change norms, and so, the concept provides a needed link between the political and macroeconomic movement of risk re-allocation and individual or household financial capabilities. The Australian Unemployed Workers’ Union is used as an example to show how collective action can challenge structural conditions, and expand or protect the capabilities of individuals.
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In this article, we draw on a recent Australian study to illustrate how social time in precariously employed or low-income households is increasingly riven by uncertainty and risk. We apply two concepts, riskscapes and timescapes, to... more
In this article, we draw on a recent Australian study to illustrate how social time in precariously employed or low-income households is increasingly riven by uncertainty and risk. We apply two concepts, riskscapes and timescapes, to examine how these households respond to and are buffeted by the economic and temporal insecurities they experience in labour, welfare and finance markets. Using May and Thrift’s four categories of time, – representations, technologies, social disciplines and rhythms – we highlight how household timescapes interact with their riskscapes to exacerbate economic insecurity.
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ABSTRACT The emotional and moral context of high cost, small loan lending has an important bearing on how low-income people engage in the mixed economy of credit, which is a term used to describe the different sectors involved in... more
ABSTRACT The emotional and moral context of high cost, small loan lending has an important bearing on how low-income people engage in the mixed economy of credit, which is a term used to describe the different sectors involved in providing credit, from informal transactions between family and friends to formal fringe financial lenders and multinational banks. Decisions about accessing credit are constrained by more than material circumstances or access to information about the financial cost of such transactions. How individuals perceive different credit options is also influenced by emotions such as shame, guilt or anger. The emotional dimension is critical for understanding how, where and when individuals access credit. The policy field needs to give more attention to these neglected dimensions of decision-making, particularly since ‘financial literacy’ programs targeted at low-income households assume that lack of financial and budgetary knowledge is the key issue. Here, we argue, drawing on an empirical study, that a wider range of cultural and emotional factors needs to be taken into account in making sense of the social relations of money, credit and debt.
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This paper focuses on how community workers in Shepparton viewed the impact of the Place Based Income Management (PBIM) trial on the lives of their clients, their clients' families, and the broader community. The paper responds to... more
This paper focuses on how community workers in Shepparton viewed the impact of the Place Based Income Management (PBIM) trial on the lives of their clients, their clients' families, and the broader community. The paper responds to criticism that there has been a lack of community voices in the development of PBIM or of their inclusion in the formal evaluation framework, raised in Philip Mendes's 2013 study of this trial site. A key policy goal underlying Income Management is that the tool assists low‑income people to become better money managers. Our study found that Shepparton community workers also used the parlance of 'tool' to describe the programmatic value of the BasicsCard in their interactions with clients. However, the BasicsCard appeared marginal to their discussions. Three clear themes emerged from the interviews: Shepparton's focus on voluntary clients, and ascertaining why participation in the local trial had dropped; that support for IM centred on the voluntary measure and the extra resources available to assist clients; and pragmatically locating the program in the middle of a welfare continuum that stretched from the voluntary Centrepay at one end to the highly coercive and restrictive paternalism of State Trustees at the other.
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The Australian payday industry has experienced remarkable growth since the establishment of the first payday outlet on Queensland’s Gold Coast in 1998. Due to the industry’s prominence in the consumer finance market, criticism from some... more
The Australian payday industry has experienced remarkable growth since the establishment of the first payday outlet on Queensland’s Gold Coast in 1998. Due to the industry’s prominence in the consumer finance market, criticism from some quarters including consumer advocates and the federal government resulted in regulation of the industry in March 2013. Since then, marked changes have taken place within the industry including the restructure of the domestic market, augmentation of the little-researched online small loans market and a widening of the customer base. As the industry moves towards the mainstream of consumer finance, we believe that traditional views about the role of the industry must be updated to better reflect these developments. This will be essential to inform the much- anticipated policy debate ahead of the federal government review of the industry set to commence in July 2015.
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ABSTRACT In the last few decades, payday lending has mushroomed in many developed countries. The arguments for and against an industry which provides small, short-term loans at very high interest rates have also blossomed. This article... more
ABSTRACT In the last few decades, payday lending has mushroomed in many developed countries. The arguments for and against an industry which provides small, short-term loans at very high interest rates have also blossomed. This article presents findings from an Australian study to contribute to the international policy and practice debate about a sector which orients to those on a low income. At the heart of this debate lies a conundrum: Borrowing from payday lenders exacerbates poverty, yet many low-income households rely on these loans. We argue that the key problem is the restricted framework within which the debate currently oscillates. Key Practitioner Message: ● Framing payday borrowing as a problem of market failure leads to one-sided and ineffective regulatory responses; ● Until governments instigate real alternatives for cheap and readily available credit, and broader anti-poverty measures, curbing access to payday lenders can have the perverse effect of increasing privation; ● For practitioners seeking to abolish payday lending, campaigns for higher wages and a liveable social welfare income are central.
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Key points • This exploratory data project investigates the potential of the DSS DOMINO dataset to support housing research and policy development. • The key difference is that DOMINO is mainly comprised of flow data which gives... more
Key points
• This exploratory data project investigates the potential of the DSS
DOMINO dataset to support housing research and policy development.
• The key difference is that DOMINO is mainly comprised of flow data which
gives within year income volatility data rather than stock data which gives
a single annual, or point-in-time income and labour force status data.
• Demand for Commonwealth Rental Assistance (CRA) is far higher than
commonly understood and there is a significant churn of individuals
who receive CRA
• This exploratory data project investigates the potential of the DSS
DOMINO dataset to support housing research and policy development.
• The key difference is that DOMINO is mainly comprised of flow data which
gives within year income volatility data rather than stock data which gives
a single annual, or point-in-time income and labour force status data.
• Demand for Commonwealth Rental Assistance (CRA) is far higher than
commonly understood and there is a significant churn of individuals
who receive CRA
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This report presents an insight into the role of small, short term loans in the lives of Australians. This area of the financial services sector has been growing rapidly in Australia over the past two decades. Our research aim was to... more
This report presents an insight into the role of small, short term loans in the lives of Australians. This area of the financial services sector has been growing rapidly in Australia over the past two decades. Our research aim was to explore the main reasons for this growth and its consequences, particularly from the perspective of borrowers. The research was conducted as an Australian Research Council (ARC) Linkage study involving a partnership between RMIT University, The University of Queensland, The Queensland University of Technology, the National Australia Bank and Good Shepherd Youth and Family Service. Researchers interviewed people in Victoria, northern New South Wales and Queensland. The report highlights a number of the more significant borrowing patterns of 112 individuals from these three states. Also presented are the perspectives of lenders, financial counsellors and other stakeholders. A discussion about policy directions and future research is included at the end of...
This briefing note describes data gathered for the first phase of a research project ‘What is the scale, scope and business model of the Australian online small amount credit contract (SACC) industry?’ The research has been funded by... more
This briefing note describes data gathered for the first phase of a research project ‘What is the scale, scope and business model of the Australian online small amount credit contract (SACC) industry?’ The research has been funded by grants received from RMIT University College of Business and the National Financial Services Federation.
The first phase of the study aimed to capture the online presence of the Australian SACC market at a point in time. The data presented below forms part of a wider study of the scale, scope and business models of this online market.
The first phase of the study aimed to capture the online presence of the Australian SACC market at a point in time. The data presented below forms part of a wider study of the scale, scope and business models of this online market.