Exploring Financial Disengagement of Indigenous Australians : Culture Matters

Journal article


Cheong, May Fong, Ola, Olukunle Rotimi, La Macchia, Graeme and Lam, Yi Bao. (2023). Exploring Financial Disengagement of Indigenous Australians : Culture Matters. Indigenous Law Journal. 19(1), pp. 45-70.
AuthorsCheong, May Fong, Ola, Olukunle Rotimi, La Macchia, Graeme and Lam, Yi Bao
Abstract

Financial disengagement of Indigenous Australians stems from external and internal sources. External factors include geographical location, unemployment, lower income, and lower financial literacy. Internal factors relate to Indigenous cultural norms of sharing which influence money management practices. The High Court of Australia’s decision in Australian Securities and Investments Commission v. Kobelt highlights the cultural practice of ‘demand sharing’ and the use of the ‘book-up’ system within remote Indigenous communities. The majority 4:3 decision that Mr. Kobelt did not engage in unconscionable conduct with his practice of the book-up system with Indigenous customers indicates the relevance of cultural lenses in evaluating unconscionable conduct in Indigenous context.

Applying an Indigenous Standpoint Theory and using a mixed methodology of statistical and reflective analytical approaches with Indigenous oral testimonies, this article demonstrates that culture matters and that connection to culture and community is key to Indigenous Peoples’ identity and strength. It provides resilience and is foundational to well-being, including financial wellbeing. Thus, effective design and implementation of financial literacy and capabilities programs worked by, or in consultation and collaboration with, Indigenous Peoples will contribute to financial engagement of Indigenous Australians. The lessons learned could also apply broadly to promoting financial engagement of Indigenous Peoples in the CANZUS nations.

KeywordsIndigenous Australians; Financial Literacy; Financial Disengagement; Financial Exclusion; Financial Capabilities; Culture; Community; Money
Year01 Jan 2023
JournalIndigenous Law Journal
Journal citation19 (1), pp. 45-70
PublisherUniversity of Toronto
ISSN1703-4566
Web address (URL)https://ilj.law.utoronto.ca/volume-19-issue-1-2023
Open accessOpen access
Research or scholarlyResearch
Page range45-70
Publisher's version
License
All rights reserved
File Access Level
Open
Output statusPublished
Publication dates
Online28 Aug 2023
Publication process dates
Deposited17 Jun 2024
Additional information

Copyright © 2023. All rights reserved.

Place of publicationCanada
Permalink -

https://acuresearchbank.acu.edu.au/item/90954/exploring-financial-disengagement-of-indigenous-australians-culture-matters

Download files


Publisher's version
  • 34
    total views
  • 36
    total downloads
  • 1
    views this month
  • 0
    downloads this month
These values are for the period from 19th October 2020, when this repository was created.

Export as

Related outputs

The Complexities of Music Licensing in the Digital Environment and the United States’ Music Modernization Act “Solution”
Majekolagbe, Faith and Ola, Kunle. (2024). The Complexities of Music Licensing in the Digital Environment and the United States’ Music Modernization Act “Solution”. European Intellectual Property Review. 46(3), pp. 160-174.
Reimagining Copyright Collective Management for Nigerian Creators : Learning from international Models
Ola, Olukunle Rotimi and Majekolagbe, Faith. (2024). Reimagining Copyright Collective Management for Nigerian Creators : Learning from international Models. Journal of Open Access to Law. 12(1), pp. 1-24.
Automated Essay Scoring (AES) System in COVID 19 Pandemic : A Contactless Academia Approach
Osakwe, Kennedy A., Ola, Kunle and Omotosho, Pete. (2023). Automated Essay Scoring (AES) System in COVID 19 Pandemic : A Contactless Academia Approach. In In Mîndrescu, Veronica (Ed.). Research Highlights in Language, Literature and Education Vol. 4 pp. 1-20 B P International. https://doi.org/10.9734/bpi/rhlle/v4/3504A
Copyright Law, Access to Translations, and Indigenous Peoples : Towards Inclusive Education and Development in Australia and Beyond
Majekolagbe, Faith and Ola, Olukunle Rotimi. (2023). Copyright Law, Access to Translations, and Indigenous Peoples : Towards Inclusive Education and Development in Australia and Beyond. Indigenous Law Journal. 19(1), pp. 72-96.
R&D intensity within corporate Australia : Evidence from large ASX-listed entities
Ciro, Tony, Terzioglu, Bülend and Lam, Ian. (2022). R&D intensity within corporate Australia : Evidence from large ASX-listed entities. Australian Tax Forum. 37(4), pp. 601-624.
The role of traditional knowledge in the COVID-19 battle
Ola, Kunle. (2022). The role of traditional knowledge in the COVID-19 battle. The Journal of World Intellectual Property. 25(2), pp. 279-291. https://doi.org/10.1111/jwip.12220
The quagmire of open access : Availability, accessibility, and impact
Ola, Kunle. (2022). The quagmire of open access : Availability, accessibility, and impact. In In Lawal-Arowolo, Ayoyemi and Kunle Ola (Ed.). Nigerian intellectual property law : Reform and development pp. 137-155 Routledge. https://doi.org/10.4324/9781003250883-13
Introduction : Nigerian IP experience : Past and present
Lawal-Arowolo, Ayoyemi and Ola, Kunle. (2022). Introduction : Nigerian IP experience : Past and present. In In Lawal-Arowolo, Ayoyemi and Ola, Kunle (Ed.). Nigerian intellectual property law : Reform and development pp. 1-8 Routledge. https://doi.org/10.4324/9781003250883-1
Gender diversity on Malaysian corporate boards : A law and social movements perspective
Chen, Vivien, Welsh, Michelle and Cheong, May Fong. (2022). Gender diversity on Malaysian corporate boards : A law and social movements perspective. Journal of Law and Society. 49(1), pp. 23-47. https://doi.org/10.1111/jols.12341
Marriage transmitted debt in the Chinese Civil Code : The beginning of a solution rather than the end
Huang, Jie and Cheong, May Fong. (2022). Marriage transmitted debt in the Chinese Civil Code : The beginning of a solution rather than the end. Feminist Legal Studies. 30(1), pp. 1-27. https://doi.org/10.1007/s10691-021-09472-4
Contracts resulting from threats and unfair exploitation : The position under Malaysian Contract Law
Cheong, May Fong and Lee, Yin Harn. (2022). Contracts resulting from threats and unfair exploitation : The position under Malaysian Contract Law. In In Chen-Wishart, Mindy, Sono, Hiroo and Vogenauer, Stefan (Ed.). Invalidity pp. 271-288 Oxford University Press. https://doi.org/10.1093/oso/9780192859341.003.0015
COVID-19 strategic global north-south divide : Access to knowledge quadrants : Imperatives for granting the WTO waiver
Ola, Kunle. (2021). COVID-19 strategic global north-south divide : Access to knowledge quadrants : Imperatives for granting the WTO waiver. European Intellectual Property Review. 43(12), pp. 777-785.
Rethinking automated essay scoring solutions for frontline academics
Osakwe, Kennedy A., Ola, Kunle and Omotosho, Pete. (2021). Rethinking automated essay scoring solutions for frontline academics. International Journal of Science and Research. 10(7), pp. 469-472. https://doi.org/10.21275/SR21707203403
Use of technology and occupational health exposures encountered by academics in institutions of higher learning - An exploratory study
Osakwe, Kennedy A., Ola, Kunle and Omotosho, Pete. (2021). Use of technology and occupational health exposures encountered by academics in institutions of higher learning - An exploratory study. International Journal of Science and Research. 10(6), pp. 432-436. https://doi.org/10.21275/SR21604191537
Art fraud and market failure in the art market : A need for multiple approaches
Cheong, May. (2021). Art fraud and market failure in the art market : A need for multiple approaches. Competition and Consumer Law Journal. 28(1), pp. 26-47.
Legal transplant: Giving life to Malaysia’s competition regime
Cheong, May Fong, Teoh, Joshua Beni Chris and Khoo, Esther Li Ean. (2020). Legal transplant: Giving life to Malaysia’s competition regime. In In S. Van Uytsel, S. Hayashi and J. O. Haley (Ed.). Research Handbook on Asian Competition Law pp. 181 - 208 Edward Elgar Publishing. https://doi.org/10.4337/9781785361838.00024
Contractual fairness : Statutory innovation and statutory interpretation
Cheong, May. (2019). Contractual fairness : Statutory innovation and statutory interpretation. In In Vines, Prue and Donald, M Scott (Ed.). Statutory interpretation in private law pp. 185-206 The Federation Press.
Is Nigeria’s Corporate Affairs Commission serious about online registration
Ola, Kunle. (2019). Is Nigeria’s Corporate Affairs Commission serious about online registration. Company Lawyer. 40(2), pp. 59-61. https://doi.org/10.2139/ssrn.3383568
Open access to knowledge in Nigeria: A framework for developing countries
Ola, Kunle. (2019). Open access to knowledge in Nigeria: A framework for developing countries Routledge. https://doi.org/10.4324/9780429446795
Embracing open policies to enable access to information : The Edo State Open Data Portal
Ola, Kunle. (2018). Embracing open policies to enable access to information : The Edo State Open Data Portal. In In Gilchrist, John and Fitzgerald, Brian (Ed.). Copyright, property and the social contract : The reconceptualisation of copyright pp. 27-44 Springer International Publishing AG. https://doi.org/10.1007/978-3-319-95690-9_2
Purposive Approach and Extrinsic Material in Statutory Interpretation: Developments in Australia and Malaysia
May Cheong. (2018). Purposive Approach and Extrinsic Material in Statutory Interpretation: Developments in Australia and Malaysia. Journal of the Malaysian Judiciary. July, pp. 1-33.
From unconscionability to unfairness: A critique of Hong Kong’s unconscionable contracts ordinance with Australian developments
Cheong, May and Ding, Kendy. (2018). From unconscionability to unfairness: A critique of Hong Kong’s unconscionable contracts ordinance with Australian developments. Journal of Contract Law. 35(1), pp. 118 - 145.
Competition Law, state-owned enterprises and regional market integration in ASEAN
Wisuttisak, Pornchai and Cheong, May. (2018). Competition Law, state-owned enterprises and regional market integration in ASEAN. In In B. Ong (Ed.). The regionalisation of Competition Law and policy within the ASEAN economic community pp. 94 - 139 Cambridge University Press. https://doi.org/10.1017/9781108182058.006
Theories of open access
Ola, Kunle. (2018). Theories of open access. Journal of Open Access to Law. 6(1), pp. 1 - 42.
Civil remedies
Cheong, May Fong and Lee, Yin Harn. (2016). Civil remedies Sweet & Maxwell.
Specific remedies and money awards in the protection of the performance interest under Malaysian Contract Law
Cheong, May Fong and Lee, Yin Harn. (2016). Specific remedies and money awards in the protection of the performance interest under Malaysian Contract Law. In In M. Chen-Wishart, A. Loke and B. Ong (Ed.). Studies in the Contract Laws of Asia I: Remedies for Breach of Contract pp. 325 - 369 Oxford University Press.
Developing a framework for open access knowledge in Nigeria
Ola, Olukunle Rotimi. (2016). Developing a framework for open access knowledge in Nigeria [Thesis]. https://doi.org/10.4226/66/5a9cc0ddb0ba9
Scholarly Publication in Nigeria: Implications of Open Access
Ola, Kunle. (2015). Scholarly Publication in Nigeria: Implications of Open Access. The WIPO Journal: Analysis and Debate of Intellectual Property Issues.
Contracting Pitfalls in "Off the Plan" Contracts in New South Wales
Cheong, May and Ji, Vanessa. (2015). Contracting Pitfalls in "Off the Plan" Contracts in New South Wales. Competition and Consumer Law News. 31(5), pp. 68 - 71.
Evolution and Future Trends of Copyright in Nigeria
Ola, Kunle. (2015). Evolution and Future Trends of Copyright in Nigeria. In In B. Fitzgerald and J. Gilchrist (Ed.). Copyright Perspectives
Competitive Neutrality in Malaysia's Telecommunications Industry
Cheong, May and Nair, Puspha. (2014). Competitive Neutrality in Malaysia's Telecommunications Industry. In In D. Healey (Ed.). Competitive Neutrality and its Application in Selected Developing Countries pp. 223 - 254 United Nations Publications.
Fundamentals of Open Access
Ola, Kunle. (2014). Fundamentals of Open Access. European Intellectual Property Review. https://doi.org/10.2139/ssrn.2382571
Evidence in Malaysia and Singapore: Cases, Materials and Commentary
Cheong, May Fong and Rafiah, Tan Sri Datus. (2013). Evidence in Malaysia and Singapore: Cases, Materials and Commentary
Competition Law Developments in Malaysia
Cheong, May. (2013). Competition Law Developments in Malaysia. CPI Antitrust Chronicle (online). 1, pp. 1 - 5.
Copyright Collective Administration in Nigeria: Regulatory Challenges
Ola, Kunle. (2013). Copyright Collective Administration in Nigeria: Regulatory Challenges. Nials Journal of Intellectual Property.
Malaysia and Singapore
Cheong, May Fong and Lee, Yin Harn. (2013). Malaysia and Singapore. In In M. Williams (Ed.). The Political Economy of Competition Law in Asia
Copyright Collective Administration in Nigeria: Lessons for Africa
Ola, Olukunle. (2013). Copyright Collective Administration in Nigeria: Lessons for Africa
Contractual Fairness in China: A Comparative Perspective on Australian Consumer Law
Cheong, May. (2013). Contractual Fairness in China: A Comparative Perspective on Australian Consumer Law. Competition and Consumer Law News. 29(1), pp. 9 - 12.
Enforcement of Singapore's Competition Act 2004: Financial Penalties for Infringement of Section 34 Prohibition on Anti-competitive Agreements
Cheong, May Fong. (2012). Enforcement of Singapore's Competition Act 2004: Financial Penalties for Infringement of Section 34 Prohibition on Anti-competitive Agreements. World Competition.
Enforcement of Singapore's Competition Act 2004: Financial Penalties for Infringement of Section 34 Prohibition on Anti-competitive Agreements
Cheong, May Fong. (2012). Enforcement of Singapore's Competition Act 2004: Financial Penalties for Infringement of Section 34 Prohibition on Anti-competitive Agreements. World Competition. 35(2), pp. 301 - 324.
A New Catalyst for Malaysia: The Competition Act 2010
Cheong, May. (2011). A New Catalyst for Malaysia: The Competition Act 2010. The Law Review.
Goals of Public Procurement: A Fine Balancing Act for Malaysia
Cheong, May Fong. (2011). Goals of Public Procurement: A Fine Balancing Act for Malaysia. Journal of Malaysian and Comparative Law.
State Relations in the Telecommunications Industry in Malaysia
Cheong, May Fong. (2011). State Relations in the Telecommunications Industry in Malaysia. Macquarie Journal of Business Law.
Contract Law in Malaysia
Cheong, May Fong. (2010). Contract Law in Malaysia Sweet & Maxwell Asia.
Regulation of the Electricity Industry in Malaysia
Cheong, May. (2009). Regulation of the Electricity Industry in Malaysia. Antitrust Bulletin. 54(1), pp. 67 - 86.
The Malaysian Contract Act 1950: Some Legislative and Judicial Developments Towards A Modern Law of Contract
Cheong, May. (2009). The Malaysian Contract Act 1950: Some Legislative and Judicial Developments Towards A Modern Law of Contract. Journal of Contract Law. 25, pp. 244 - 271.
Competition law perspectives on the water services industry in Malaysia
Cheong, May Fong and Mei, Yong Chiu. (2009). Competition law perspectives on the water services industry in Malaysia. LAWASIA Journal.
Selected Issues in the Development of Malaysian Law
Cheong, May, Thambapillay, Sridevi and Chiu, Mei Yong. In M. F. Cheong, S. Thambipilay and C. M. Yong (Ed.). (2008). Selected Issues in the Development of Malaysian Law University of Malaya.
Exclusion clauses in Malaysia: The need for reform
Cheong, May Fong. (2008). Exclusion clauses in Malaysia: The need for reform. In In M.F. Cheong, S. Thambapillay and C.M. Yong (Ed.). Selected Issues in the Development of Malaysian Law pp. 55 - 81 University of Malaya.
The Impact of the English, Canadian and Australian Doctrine of Unconscionability on Malaysia
Cheong, May. (2008). The Impact of the English, Canadian and Australian Doctrine of Unconscionability on Malaysia. In In S. S. S. Y. Ahmad (Ed.). Developments in Malaysian Law - Selected Essays pp. 43 - 65 University of Malaya.
A Malaysian doctrine of inequality of bargaining power and unconscionability after Saad Marwi?
Cheong, May Fong. (2007). A Malaysian doctrine of inequality of bargaining power and unconscionability after Saad Marwi? In In A.T.K. Jin and A. Sharom (Ed.). Developments in Singapore and Malaysian Law pp. 89 - 105 Marshall Cavendish.
Civil remedies in Malaysia
Cheong, May Fong. (2007). Civil remedies in Malaysia Sweet & Maxwell.
The Role of Curriculum in Malaysian Legal Education
Cheong, May. (2007). The Role of Curriculum in Malaysian Legal Education. Masalah Pendidikan (print). 30(2), pp. 7 - 18.
Interaction of the Doctrines of Undue Influence and Unconscionability in Malaysia: A Merger or Separate Development?
Cheong, May. (2006). Interaction of the Doctrines of Undue Influence and Unconscionability in Malaysia: A Merger or Separate Development? The Law Review.
E-Commerce in Malaysia: Issues and challenges in the formation of contracts
Cheong, May Fong. (2006). E-Commerce in Malaysia: Issues and challenges in the formation of contracts. In In K.L. Tee and S.S.S. Ahmad (Ed.). ICT: Its Impact on Selected Areas of the Law pp. 1 - 24 University of Malaya.
Regulating Competition in Malaysia: The Policy and the Law
Cheong, May. (2006). Regulating Competition in Malaysia: The Policy and the Law. In In C. Lee and M. F. Cheong (Ed.). Competition Policy in Asia: Models and Issues pp. 1 - 20 Press of the National University of Malaysia.
Competition Policy in Asia: Models and Issues
Cheong, May and Lee, Cassey. In C. Lee and C. M. Fong (Ed.). (2006). Competition Policy in Asia: Models and Issues University of Malaya.
Legal Position in Relation to Competition in Malaysia
Cheong, May. (2005). Legal Position in Relation to Competition in Malaysia. The Law Review.
Restitutionary Development under Part VI, Malaysian Contracts Act 1950
Cheong, May. (2005). Restitutionary Development under Part VI, Malaysian Contracts Act 1950. Asian Law. 7(1), pp. 24 - 42.
A Malaysian Doctrine of Inequality of Bargaining Power and Unconscionability After Saad Marwi?
Cheong, May. (2005). A Malaysian Doctrine of Inequality of Bargaining Power and Unconscionability After Saad Marwi? Malayan Law Journal (print). 4, pp. 1 - 12.
Remedi-Remedi Bagi Kemungkiran Kontrak Di Malaysia
Cheong, May. (2004). Remedi-Remedi Bagi Kemungkiran Kontrak Di Malaysia Sweet & Maxwell.