A new website to help consumers navigate their finances is the first part of the National Financial Literacy Strategy and an important plank in the first stage of the Gillard Government's new banking competition public awareness campaign.
MoneySmart.gov.au, developed by the Australian Securities and Investments Commission (ASIC), was launched in Melbourne on World Consumer Rights Day by Assistant Treasurer Bill Shorten and Parliamentary Secretary to the Treasurer David Bradbury.
The website is the first part of the National Financial Literacy Strategy and will form part of the Government's public awareness and education campaign announced last year to help consumers work out the best banking deals for them.
"This website is a fantastic way for people to see how different life events will impact on their finances," said Mr Shorten.
"There are 26 calculators and tools, including specially-designed mobile phone apps, to help people find the answers to their questions about money.
"Whether you are signing up for your first mobile phone contract, starting a family or saving for retirement, the MoneySmart website offers independent, unbiased guidance."
Mr Bradbury, who has responsibility for consumer policy and financial literacy, said that a better understanding of personal finances can empower people to make better choices.
"The Gillard Government wants people to be better informed about the choices they make so that they can take control of their own finances," he said.
"We think it's important that people take into account all of the risks and benefits before making decisions on their finances.
"Understanding more about your financial health can help you set goals and grow your wealth.
"Often the first steps are the hardest to take, but something as simple as working out a household budget with the help of MoneySmart can make a big difference."
Mr Shorten said the MoneySmart website would also be an important part of the Government's public awareness campaign to help consumers get the best possible deal out of their financial institutions.
"The Gillard Government wants to make sure that all Australians have access to high-quality, independent information to help them find a better banking deal and switch banks.
"MoneySmart will provide a range of calculators and information to make it easier for consumers to compare the rates and fees on offer at the banks and find one that suits them best."
Mr Bradbury said empowering consumers was at the heart of the Government's banking reform package, and the new website would help to do that.
"Active, well-informed consumers will make the banks sit up and take notice and drive greater competition in the banking sector.
"I encourage everyone to go to MoneySmart.gov.au to equip yourself with the latest information and be ready to take your business down the street to a better bank."
The National Financial Literacy Strategy is focussed on delivering quality financial literacy education through schools, workplaces, higher education institutions and in the community.
The Gillard Government has also provided $10 million over three years to ASIC to deliver face-to-face financial literacy training for more than 6,000 teachers as part of the new Australian Curriculum.
15 March 2011