Launched today, the National Financial Literary Strategy 2014-17 will provide a “national framework for action” across the government, business, community and education sectors.
The program is the result of a year-long consultation, which prioritised the areas in which people required financial education through a combination of feedback and views from stakeholders, consumer and investor research, and the experiences of other countries around the world.
The strategy will continue to use ASIC’s MoneySmart scheme, which promotes and supports financial literacy in schools.
Parliamentary secretary to the treasurer, Steven Ciobo, said that an improved financial literacy can benefit anyone by giving them a great understanding of financial matters, and the ability to meet future financial goals.
“Being able to make the most of your money, manage financial risks and avoid financial pitfalls can have a positive impact on the financial wellbeing of individuals, families and communities,” he added.
The aims of the scheme are as follows:
-To educate the next generation
-To increase the use of free, impartial information, tools and resources
-To provide quality targeted guidance and support
-To strengthen co-ordination and effective partnerships
-To improve research, measurements and evaluation
In March, Australia unveiled a new tax “amnesty” program aimed at encouraging tax evaders to declare their offshore assets with just a “heavily reduced penalty” to pay.
The voluntary disclosure initiative is being called “Project DO IT”, the initials of which stand for “disclose offshore income today”.
