Bank of America (BoA) said on Thursday it would contribute A$2.5 million ($1.8 million) to an education and employment initiative for Aboriginal and Torres Strait Islander Australians with a view to hiring more minorities.
Education-to-employment provider Generation Australia will embark on a three-year partnership with the bank to support indigenous Australians into “in-demand roles”.
The lender would work with Generation Australia to prepare, place and support workers who have traditionally faced barriers to employment into growing roles and industries.
“Australia’s workforce of the future will be an increasingly diverse one and it is crucial that we help to provide under-represented young adults with the skills needed to connect to in-demand careers,” BoA country manager Joseph Fayyad said.
“It’s one way we’re working to advance racial equality and economic opportunity in communities in Australia, and globally,” he added.
In 2019, the indigenous employment rate was 49%, compared with that of non-indigenous Australians at 75%.
“First Nations Australians face significantly more barriers to access meaningful employment than the average Australian, Malcolm Kinns, Generation Australia CEO said.
“With this funding and partnership with the Bank of America, we will work with First Nations people to ensure a community-led and participatory approach.”
The grant is part of BoA’s $1.25 billion, five-year global commitment to indigenous employment.
- George Russell