Summary

Verian engaged CIRCA to conduct research into how Aboriginal and Torres Strait Islander peoples pay for goods and receive money. The objective of this research was to determine whether Aboriginal and Torres Strait peoples have unmet payment needs that could be addressed by a potential retail Central Bank Digital Currency, a digital version of currency issued by the Reserve Bank of Australia.

Research approach

CIRCA provided input into the discussion guide to be used in the focus groups, ensuring cultural appropriateness and relevance. CIRCA then recruited and conducted 3 in-person focus groups with Aboriginal and Torres Strait Islander peoples residing in Katherine, Torres Strait Islands and Melbourne. Focus group participants were recruited and facilitated by CIRCA’s Aboriginal and Torres Strait Islander research consultants, enabling cultural safety and nuanced conversations based on shared experiences.

Research Findings and Outcomes

The research found that Aboriginal and Torres Strait Islander peoples’ needs are generally being met by existing payment systems. Cash is trusted and important to Aboriginal and Torres Strait Islander peoples and their communities, despite not being common in day-to-day transactions. While commercial bank accounts are frequently used, many expressed a low level of trust in and dissatisfaction with the banking system in general. Because the focus groups were conducted by researchers from the same cultural background, participants felt comfortable to discuss experiences of discrimination and expressed scepticism towards government-controlled financial systems.

CIRCA’s findings were incorporated in Verian’s report that encompassed findings from data collection with other population groups. RBA drew on this report to complete an assessment that concluded there is no clear public interest case for a retail Central Bank Digital Currency in Australia at this time.