1. Reducing remittance costs in the Pacific Islands
- Author:
- Jessica Collins
- Publication Date:
- 10-2023
- Content Type:
- Policy Brief
- Institution:
- Lowy Institute for International Policy
- Abstract:
- Despite years of international policy efforts to bring down the cost of sending money home, fees for overseas workers remitting to Pacific Island countries are among the most expensive in the world. If remittance costs to Fiji, Tonga, and Vanuatu were reduced to the United Nations’ target of less than 3% per transaction, more than A$79 million annually would go directly to households in those countries. The Australian government should better support Pacific people working under its temporary labour scheme who remit significant earnings home by using existing financial architecture and building up digital capabilities in the Pacific region.
- Topic:
- Labor Issues, G20, Economy, and Remittances
- Political Geography:
- Australia/Pacific, Tonga, Vanuatu, Fiji, and Pacific Islands