International Day of Family Remittances

International Day of Family Remittances History

The International Day of Family Remittances (IDFR) is a global observance that acknowledges the essential role of migrant workers in supporting their families back home. This day recognises the financial contributions these individuals make to their native countries, as well as their efforts to improve living conditions through remittance services. The observance aims to encourage the public and private sectors to collaborate, strengthening financial systems and making remittance processes more efficient, transparent, and accessible for families worldwide.

Established in 2015 by the United Nations General Assembly, this day is particularly relevant for Australia, as it is a multicultural nation with a large migrant population. In 2020, the World Bank reported that Australians sent approximately $17 billion in international remittances. These funds play a vital role in the socioeconomic development of many countries and are essential for millions of families to meet their daily needs, such as education, health, and housing. As a result, Australians should be aware of the significance of IDFR as it honours the hard work and sacrifices made by migrants and highlights the importance of maximising the positive impact of remittances.

In Australia, various educational events, workshops, and conferences are held on the International Day of Family Remittances to raise awareness around the importance of remittances and promote better understanding among the public. Financial institutions, non-government organisations, and migrant communities come together to share insights and explore ways to make remittance services more affordable and accessible. The observance takes place annually on June 16, providing an opportunity for all Australians to appreciate the vital role of remittances in the lives of millions of families around the world.

Facts about Family Remittances

• In countries such as Tonga, Kyrgyz Republic, and Haiti, remittances can make up more than a quarter of the GDP each year.
• Global remittances inflows are expected to grow by 2.0% in 2023.
• Family remittances are closely linked to migration patterns. The financial support provided through remittances can incentivize migration, as individuals seek better economic opportunities abroad to support their families back home.
• In 2021, Australia was ranked 18th worldwide in terms of remittance outflows, with an estimated $10-$12 billion sent overseas. The top countries receiving remittances from Australia include India, China, the Philippines, Vietnam, and the United Kingdom.
• The cost of sending remittances from Australia is relatively high compared to the global average, with the World Bank estimating that the average cost to send $200 from Australia is around 7.2%, while the global average is around 6.5%.

In the News and Trending in Australia for International Day of Family Remittances

Top things to do in Australia for this observance

• Watch the IFAD's 2020 International Day of Family Remittances video if you missed it.
• Watch a documentary to learn more about family remittances in Australia. Here are our suggestions:
  1. Dollars and Sense: The Economics of Migration (2011) - This documentary by Australian filmmaker Rachel Wilson delves into the lives of four immigrant families from various countries trying to send remittances to their families back home. It explores the economic aspects, hardships, and cultural effects of sending money from Australia to their original countries.
  2. Adrift (2009) - This Australian documentary follows the story of Vietnamese refugees who come to Australia looking for a better life. The film illustrates the importance of remittances sent by these migrants to support their families back in Vietnam.
  3. The Secret Millions: Australia's Migrant Money Trail (2018) - This investigative documentary by SBS Dateline explores how Australian migrants, particularly those with work visas, send money to their family members in their homeland. It also highlights the challenges that these migrants face when they find themselves stuck in low-wage jobs and living in debt.
• Read a book to learn more about family remittances in Australia. Here are our top picks:
  1. Global Remittance Practices and Migration During the Financial Crisis and Beyond by Justyna Zajaczkowska, Ibrahim Sirkeci, and Jeffrey H. Cohen
  2. Money and Mobility: Migrants, Remittances and Economic Development Edited by Jørgen Carling and Heidi Østb
  3. Remittances: An Economically Beneficial Tool for Australia by Satendra Prasad