The National Indigenous Australians Agency and Services Australia will receive about $30m to run the program
According to documents published on the government’s AusTender site on Thursday, the “maximum” amount it is likely to pay to the 13,700 affected policyholders is $66.6m.In February the Albanese government announced a $97m resolution scheme for those affected. The Youpla support program is due to begin on 1 July and will run for two years. Eligible recipients will have the choice of a funeral bond or a cash payment worth 60% of the value of their policy.
ACBF-Youpla targeted Indigenous people using marketing materials in the distinctive red, black and yellow colours of the Aboriginal flag, including stuffed toys and colouring books for children, attending community events and by conducting door-to-door sales.but it was not until 2018, when its conduct was exposed in the banking royal commission, that its licence to sell new products was withdrawn, paving the way for its eventual financial collapse in 2022.
The balance of funding is for government agencies to deliver the program, communicate with First Nations people who are eligible for resolution payments and to provide them with financial counselling to explain the funeral bond and resolution payments to help inform people’s decision.”
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