200 words (10 marks)
Commonwealth Bank of Australia (CBA) contributes to the vulnerable communities through community investment and financial education. Explain the role of CBA in contributing to advancing society, particularly poor and vulnerable people, in light of the social metrics provided in Figure 10. Figure 10: Social metrics of CBA 30 Jun 21 30 Jun 20 30 Jun 19 30 Jun 18 30 Jun 17 Community investment Sm Total community investment 247.4 250.5 204.3 204.0 180.6 - Cash contributions 47.3 57.5 41.6 55.5 37.2 - Time volunteering 1.2 0.7 1.1 1.1 1.2 - Forgone revenue 187.5 178.5 147.4 134.2 130.5 - Program implementation costs 11.4 13.8 14.2 13.2 11.7 Community investment as a percentage of pre-tax profit % 2.0 2.4 1.8 1.6 1.4 Financial literacy programs # School banking students (active)" 75,773 174,997 244,636 299,074 321,389 291,548 377,214 427,527 568,649 574,246 Start Smart students (booked)" Indigenous community support Indigenous Customer Assistance Line (calls received) # 181,460 206,436 202,444 180,225 168,218 6,093 4,395 2,959 Australian Indigenous supplier spend - first tier" $'000 1 In FY21, the methodology for forgone revenue changed to exclude Youthsaver and a number of products no longer available. Historical numbers have been restated. In FY21, the methodology for calculating the employee hourly rate changed. Historical numbers have not been restated. 2 3 FY20 restated for consistency with programs included in FY21. 4 Cash net profit from continuing operations before tax. Comparative information for FY20 and FY19 has been restated. For further details, refer to Note 1.1 in the Financial report on pages 122-123. 5 FY21 metrics impacted by COVID-19. 6 In November 2020, the State Government of Victoria announced it would no longer allow financial institutions to deliver school banking programs in Victorian government schools. Change effective from Term 1 (January 2021). 7 Start Smart program for vocational students ceased in FY19. 8 FY21 spend increased due to embedding an Indigenous stationery supplier and the purchase of carbon credits. Commonwealth Bank of Australia (CBA) contributes to the vulnerable communities through community investment and financial education. Explain the role of CBA in contributing to advancing society, particularly poor and vulnerable people, in light of the social metrics provided in Figure 10. Figure 10: Social metrics of CBA 30 Jun 21 30 Jun 20 30 Jun 19 30 Jun 18 30 Jun 17 Community investment Sm Total community investment 247.4 250.5 204.3 204.0 180.6 - Cash contributions 47.3 57.5 41.6 55.5 37.2 - Time volunteering 1.2 0.7 1.1 1.1 1.2 - Forgone revenue 187.5 178.5 147.4 134.2 130.5 - Program implementation costs 11.4 13.8 14.2 13.2 11.7 Community investment as a percentage of pre-tax profit % 2.0 2.4 1.8 1.6 1.4 Financial literacy programs # School banking students (active)" 75,773 174,997 244,636 299,074 321,389 291,548 377,214 427,527 568,649 574,246 Start Smart students (booked)" Indigenous community support Indigenous Customer Assistance Line (calls received) # 181,460 206,436 202,444 180,225 168,218 6,093 4,395 2,959 Australian Indigenous supplier spend - first tier" $'000 1 In FY21, the methodology for forgone revenue changed to exclude Youthsaver and a number of products no longer available. Historical numbers have been restated. In FY21, the methodology for calculating the employee hourly rate changed. Historical numbers have not been restated. 2 3 FY20 restated for consistency with programs included in FY21. 4 Cash net profit from continuing operations before tax. Comparative information for FY20 and FY19 has been restated. For further details, refer to Note 1.1 in the Financial report on pages 122-123. 5 FY21 metrics impacted by COVID-19. 6 In November 2020, the State Government of Victoria announced it would no longer allow financial institutions to deliver school banking programs in Victorian government schools. Change effective from Term 1 (January 2021). 7 Start Smart program for vocational students ceased in FY19. 8 FY21 spend increased due to embedding an Indigenous stationery supplier and the purchase of carbon credits
