As part of the Rudd Government's ongoing efforts to improve financial literacy, today I am announcing the Government's decision to transfer the functions of the Financial Literacy Foundation to the Australian Securities and Investments Commission (ASIC) from 1 July 2008.
This decision consolidates the Government's financial literacy response under ASIC and strengthens ASIC's role in safeguarding Australia's economic reputation and wellbeing.
The decision will help ensure that Australia's financial markets are fair, transparent and supported by more informed investors and consumers.
ASIC will play a national leadership role in advancing financial literacy in Australia. The Government's decision recognises the need for people of all ages to have access to a range of learning opportunities, as well as reliable and independent information and resources to help them make informed financial decisions.
The Government also recognises the importance of financial literacy in helping families and individuals to secure their financial well being and to plan for the future.
As Chairman of the Financial Literacy Foundation's Advisory Board, Mr Paul Clitheroe has been instrumental in advancing financial literacy in Australia. The Minister for Superannuation and Corporate Law, Senator the Hon Nick Sherry, and I look forward to working with Mr Clitheroe and current Advisory Board members under the new arrangements.
In keeping with the Rudd Government's commitment to fiscal discipline in order to tackle inflationary pressures, the decision achieves annual savings of $5.4 million from 2008-09.