AUSTRALIAN BANKERS’ ASSOCIATION WELCOMES FEDERAL GOVERNMENT’S CONSUMER AND FINANCIAL LITERACY TASKFORCE

Sydney, 23 February, 2004: The Australian Bankers’ Association (ABA) has welcomed today’s announcement by the Federal Government that it will create a Taskforce to develop Australia’s first consumer and financial literacy strategy.

The banking industry will be represented on the Consumer and Financial Literacy Taskforce by ABA Chairman, Mr John McFarlane.

Commenting on the formation of the Taskforce, Mr McFarlane said: “There is a clear consensus between government, the financial services industry and consumer groups about the importance of empowering people with the appropriate financial skills, knowledge and information.”

“Today’s announcement by Senator Coonan provides a platform to turn that consensus into a national strategy with tangible outcomes that will help ensure people are better  informed consumers and able to make decisions about their money and avoid being misled on financial matters.”

“We know many Australians have a good foundation of basic skills but it is clear there remain challenges in the financial services sector.  These include helping increase understanding in the areas of investment, superannuation and retirement planning, and in assisting the most vulnerable sections of the community, many of whom are struggling with financial skills.”

“I also acknowledge the industry itself has much work to do in ensuring the information it provides its customers is clear and easily understood.  The banking industry is already making a contribution through the ABA’s “Broadening Financial Understanding” program and through the actions of individual banks.”

“However, the Taskforce provides an opportunity to take this to the next level through a concerted long-term effort by governments, industry and consumer groups to achieve real change on these issues.  I am looking forward to making an active contribution to the Taskforce on behalf of the industry,” Mr McFarlane said.

For further information contact:

Heather Wellard
ABA Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439

ENDS