Australians are the biggest gamblers in the world, losing more money per adult on gambling than any other developed country.
The average loss for each Australian who gambled was $1,500, according to a government inquiry in 2010.
It also found the costs to problem gamblers ranged from $4.7 billion to $8.4 billion, and the number of Australians categorised as “problem gamblers” was around 115,000.
Digital technology is making the problem worse, and online gambling is now a booming industry, with offshore outlets circumventing Australian law.
Compounding the problem are banks that allow Australians to use their credit cards to fund online gambling activities, meaning people can spend far more money than they can afford, leading to unsustainable debt, financial insecurity and a range of social issues.
The Sustainability Report is pleased to present this episode of Not For Podcast, produced in conjunction with Pro Bono Australia News. The Sustainability Report partnered with Pro Bono Australia News to follow a group of responsible investors, consumer rights advocates and financial counsellors who are campaigning to get the major banks to cut the credit.
Members from the group featured in this episode:
- Zac Gillam, senior policy officer, Consumer Action Law Centre
- Michael Walsh, CEO, UCA Funds Management
- Tim Starke, portfolio manager, UCA Funds Management
- Mark Zirnsak, director, justice and international mission, the Uniting Church of Australia’s Synod of Victoria and Tasmania
- Lauren Levin, the director, policy and campaigns, Financial Counselling Australia
To access this episode of Not for Podcast, click here
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