We’ll put our mutual credit unions and building societies, together with our regional and other smaller banks, right at the centre of this awareness campaign, to properly inform consumers about the safe and competitive alternatives they offer to the big banks. This will include the introduction of a new ‘Government Protected Deposits’ symbol, which will help consumers easily identify that their deposits are secure.
The Gillard Government is committed to building the capacity of every Australian to make better decisions about managing their money and to help enhance their financial wellbeing.
Improved financial literacy can increase economic participation and drive competition in the financial services sector, as part of the Government’s broader agenda to foster competitive, efficient, well-informed and safe markets.
The Government will also launch a new, interactive consumer website with ASIC to help people boost their understanding of money matters through access to high-quality and independent online, personalised financial guidance that is free and readily accessible.
These reforms complement the Gillard Government’s existing commitment to ensuring Australian students have the skills and knowledge they need to be informed consumers and make responsible financial decisions.
From 2011, the national school curriculum for Maths will contain a strong focus on the practical financial skills that students need, with additional training provided for teachers.