Financial rights advocates ‘seriously concerned’ about how Youpla support scheme will be spent

‘Disappointment’ comes after documents reveal only two-thirds of $96m will go to Indigenous victims of predatory funeral fund

• Get our morning and afternoon news emails, free app or daily news podcast

A coalition of financial rights advocates say they have “serious concerns” about an Albanese government’s $96m support scheme for the thousands of Aboriginal people harmed by the collapse of the predatory funeral fund ACBF-Youpla, after revelations that almost a third of the funds will be spent on its own departments.

According to documents published on the government’s AusTender site on Thursday, the maximum amount it is expecting to pay out to the 13,700 affected policyholders is $66.6m. Over the years of ACBF-Youpla’s operations, policyholders paid millions of dollars into the business in the belief that their funerals would be taken care of.

Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup