Financial Literacy Education

In reply to the Hon. T.A. FRANKS (2 December 2020).

The Hon. R.I. LUCAS (Treasurer): The Minister for Education has been advised of the following:

As the lead Australian government agency for financial capability, the Australian Securities and Investment Commission (ASIC) commenced a review into school banking programs in October 2018 to understand how such programs operate in schools, and to provide a national perspective on the benefits and risks.

Financial literacy is embedded in the Australian curriculum which is mandated in South Australian schools. As is the case for all learning areas of the curriculum, schools make local decisions regarding the resources and programs that they use to support teaching and learning. The Department for Education does not require schools to report on resource or program selection for any area of the curriculum, including school banking programs.

In making the decision to use or participate in external resources and programs, schools are expected to meet legislative requirements, as well as whole-of-government and Department for Education policy and guidelines. In relation to school banking programs, schools are additionally guided by Education Services Australia's National Code on Commercial Sponsorship and Promotion in School Education (1992), the principles of which are reflected in departmental policy.

With regard to measures being taken by the state government to record funding received by schools from the Commonwealth Bank, Department for Education policy requires that the financial results of promotional activities such as school banking programs are reported to school and preschool governing councils or management committees, and that this income is recorded in the annual financial statements and governing council/management committee minutes for audit purposes.

The Department for Education has recently issued updated financial instructions for schools, which will come into effect from term 1, 2021. As part of this, the legal and governance frameworks regarding promotional activities have been strengthened.

The Department for Education is making a significant ongoing investment in the development of curriculum resources for schools. The first round of resources were released in September 2020 and include curriculum resources relating to financial literacy. Further curriculum resources will be developed by the department as part of its focus on curriculum support for schools, embedding financial literacy in the learning areas of the Australian curriculum.