The big four banks have been told to tip at least $20 million each year into financial counselling services.
Treasurer Josh Frydenberg has welcomed the recommendation, contained in a report to the federal government, as he tours outback towns affected by drought.
“We certainly support increased money into financial counselling services and indeed, here in these regional communities hit by drought, we have supported that strongly,” he told ABC News on Thursday.
“We have seen the number of regional financial counsellors go from over 500 to over 700.
“So, we will continue to provide that support and we do expect the financial services companies like the banks to be investing in these important services for communities.”