Commonwealth Bank announces its next elevate settlement plan

The FY23-25 ​​RAP sets out an ambitious plan that seeks to have demonstrable impact on four key issues:

• Removing barriers to access to appropriate financial products and services
• Build society’s trust in our institution and anchor the consideration of indigenous people’s rights in our business
• Removing barriers to bank employment and economic participation for First Nations businesses
• Understand the unique nature of financial abuse in the First Nations context and work with the community to develop ways to identify and address it

“As the nation begins an important public discussion about constitutional recognition and an Indigenous voice to Parliament, the Commonwealth Bank wholeheartedly supports the Uluru Declaration. Following the advice of our Indigenous Advisory Council, we are supporting conversations across the Bank to understand what is proposed and how it can contribute to better outcomes for First Nations people.” said Mr Comyn.

The Commonwealth Bank has introduced an Indigenous Leadership Team, whose voices and perspectives will help inform the bank’s approaches and decisions.

In addition to the Bank’s Indigenous Advisory Council, the ILT is a diverse group of Aboriginal and Torres Strait Islander leaders from across the Bank who support reconciliation priorities, as well as elected members of the Bank’s Indigenous Network.

“ILT is underpinned by strong cultural concepts of leadership, and together we seek to amplify the strengths of Aboriginal and Torres Strait Islander ways of knowing and being, whose purpose is to support interactions across CommBank in Indigenous-focused businesses and projects. I am in able to bring the perspectives and insights of the ILT to the Indigenous Advisory Council, further strengthening our voice in the decision-making process.” said Mitchell Heritage, a member of the ILT and staff representative on the group’s Indigenous Advisory Council. Mr Heritage is a Kuku-Yalanji/Goorimpul man and a Senior Product Owner in Retail Banking Services.

Sean Gordon, Chair of CommBank’s Indigenous Advisory Council (IAC), recognized the bank’s efforts to continually improve how it communicates with First Nations staff, customers and communities, noting that this will ultimately lead to improved reconciliation outcomes.

“This is an ambitious plan and one that I am proud to oversee in my role as Chair of the CommBank IAC. I look forward to working with the Indigenous Advisory Council, the Indigenous Leadership Team and teams across the Bank to continue to build a brighter future for First Nations people.” said Mr. Gordon.