The Albanese Labor Government is strengthening the financial futures of Australia’s most vulnerable people.
We’re investing $51.5 million to ensure the successful Saver Plus program continues to support Australians experiencing disadvantage to improve their financial literacy and better navigate financial crises.
Under Saver Plus, lower-income families also receive matched savings of up to $500 for education costs for themselves or their children.
Brotherhood of St. Laurence, in partnership with ANZ and supported by The Smith Family and Berry Street, will continue to deliver Saver Plus until 2030 under the new funding agreement.
Minister for Social Services Amanda Rishworth said the investment reflects the Government’s commitment to supporting Australians most at risk of financial disadvantage.
“The Albanese Labor Government is doing more than ever to help Australians experiencing financial stress,” Minister Rishworth said.
“We’ve reformed our Financial Wellbeing and Capability programs – providing Australians with a clearer pathway away from the financial cliff and Saver Plus is a big part of that story.
“This funding is vital for those who need help to manage their finances, navigate financial crises and build a stronger, more secure future.
“We are proud to continue our partnership with Brotherhood of St. Laurence over the next five years, ensuring this important program continues to deliver excellent outcomes for Australians and empower them to take control of their finances.”
More than 64,000 vulnerable Australians have collectively saved over $30 million since Brotherhood of St. Laurence launched Saver Plus in 2003. ANZ matches savings up to $500.
A recent survey of past participants also found:
- 84 per cent are still saving more than seven years after completing the program;
- 85 per cent agreed they are better able to provide for their families; and
- 52 per cent were meeting bill and credit commitments ‘without any difficulty’ up from 15 per cent before participating in the program.
The critical funding is part of our Financial Wellbeing and Capability Activity which helps people build their financial resilience and navigate financial stress.
The Government invests around $150 million a year into Financial Wellbeing and Capability programs, enabling organisations to deliver critical services to Australians in financial hardship.
This is another way Labor is helping with cost of living pressures. It follows our Government’s tax cuts, energy rebates and cheaper medicines, along with increasing maximum rates of Commonwealth Rent Assistance by 45 per cent.
Brotherhood of St. Laurence Executive Director Travers McLeod said: “Working in partnership with the Federal Government, ANZ and our delivery partners The Smith Family and Berry St, we’re incredibly proud of the positive difference Saver Plus has made over the past 21 years. It provides life changing support and critical education that improves financial wellbeing, reduces household stress and builds the confidence of so many Australians.
“As cost of living weighs heavily on the minds of all Australians – especially at this time of year with back-to-school costs – we’re delighted Saver Plus will be able to provide much-needed financial relief and support during 2025 and beyond. We thank the Government and our partners for continuing to support this critical program,” Mr McLeod said.
ANZ CEO Shayne Elliott said: “We appreciate the ongoing support from the Federal Government and are proud that Saver Plus has been acknowledged for its significant impact on the long-term financial wellbeing of Australian individuals, families and communities.
“This additional funding will enable us to expand the Saver Plus program and assist more Australians to improve their financial literacy. We look forward to continuing to work closely with the Federal Government and our community partners to support better outcomes for many Australians,” Mr Elliot said.
