The Andrews Labor Government is helping low-income families to meet cost of living pressures, by supporting accessibility to safe, affordable and responsible financial services.
Minister for Families and Children, Jenny Mikakos, together with Member for Dandenong, Gabrielle Williams, visited the Good Money store in Dandenong today to announce the continued funding of the three Good Money hubs in Dandenong, Geelong and Collingwood.
This week’s Victorian Budget 2015-16 provided $7.2 million over four years to support Good Money’s work in these areas.
A first of its kind in Australia, the Good Money hubs are retail shop-fronts that were designed to create an alternative to payday lenders. They provide microfinance products and assistance to people living on low incomes.
The stores offer no-interest and low-interest loans to pay for life’s essentials, such as fridges, washing machines, education and medical expenses. They also provide referrals to services such as financial counselling.
Good Money Dandenong this week celebrated reaching 6000 people, meaning that 6000 people on low-incomes have received support from the service.
Good Money will continue to be delivered through a partnership between Good Shepherd Microfinance and the National Australia Bank.
Quotes attributable to Minister for Families and Children, Jenny Mikakos
“We’re providing funding to Good Money, so that they can continue to provide inclusive, fair and suitable financial services for people in and around Dandenong.”
“By supporting Good Money stores, the Andrews Labor Government is working to help families and reduce cost of living pressures.”
Quotes attributable to member for Dandenong, Gabrielle Williams
“Congratulations to Good Money Dandenong for helping 6000 local people on low-incomes to manage their finances, this milestone is a wonderful achievement.”
Reviewed 19 August 2020