THE Australian Securities and Investment Commission’s (ASIC) new National Financial Literacy Strategy 2014-17 has been launched in an effort to develop a lasting national financial learning framework.

Parliamentary Secretary to the Treasurer, Steven Ciobo said the new strategy aims to improve the financial literacy of all Australians by providing a national framework for action across government, business, community and education sectors. 

The 2014-17 Strategy has strategic priorities centring on educating the next generation of Australians, particularly through the formal education system, he said. It will increase the use of free information, tools and resources such as ASIC’s MoneySmart website. 

The strategy also aims to provide quality targeted guidance and support, strengthen co-ordination and effective partnerships – especially through the financial services sector – and improve research, measurement and evaluation.

ASIC has said it would work closely with the Australian Government Financial Literacy Board and liaise with relevant key stakeholders to oversee implementation of the strategy and action plan ASIC will provide an annual report on progress.

“Knowing how to manage your money is one of the most important skills in everyday life,” Mr Ciobo said.

“Whether it’s taking out a credit card, applying for a loan or choosing a super account, improved financial literacy benefits everyone, whatever their circumstances. Being able to make the most of your money, manage financial risk and avoid financial pitfalls is good for the financial well-being of everyone.

“Financial literacy allows people to be informed and more confident when engaging with financial services, providers and products.”

Mr Ciobo said the strategy would provide a national roadmap to guide and encourage participation by all organisations with an interest in improving financial literacy.

“It builds on the significant work done to date, ever since financial literacy was a made a priority under initiatives announced by the Howard Government,” Mr Ciobo said.

www.asic.gov.au

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A NEW SCIENCE precinct that aims to boost research standards and help address national science skills shortages was officially opened at the Australian National University (ANU) in Canberra in July.

The new Sciences Precinct, built with $165 million from the Australian Government, includes a Chemical Science Hub, a Sciences Teaching Building, a Research Building and a Combined Science Workshop.

The ANU Science Precinct also includes new laboratories, flexible learning spaces, outdoor teaching areas and smaller classrooms that will improve the student experience. 

“This new Science Precinct is the first of its kind in Australia,” said Small Business Minister Bruce Billson who toured the precinct.

“It will raise the standard of ANU’s education and research, and in doing so allow graduates to take up careers in Australian industries which are facing skills shortages,” Mr Billson said.

“We don’t just want to keep pace with the scientific teaching and research innovations of other countries, we want to exceed them.

“We are committed to place Australia’s higher education and research sector amongst the world’s best, so I am delighted to see such a state of the art facility established at one of our leading institutions.”

Mr Billson said the Federal Government regarded a strong focus on science education as key to the nation’s future prosperity.

“We also understand the importance of higher education as an export industry, and that great facilities are part of attracting students from overseas and supporting hundreds of thousands of Australian jobs,” Mr Billson said.

He said increasing biosciences and chemistry teaching, as well as improving research capacity, was part of the ANU’s strategy to lift the national uptake of science study.

“These new facilities will allow the ANU to be more responsive to increasing student demand in the sciences,” Mr Billson said.

www.anu.edu.au

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THE Federal Government has extended training loans, like those it has traditionally provided for university students, to the trades sector.

Industry Minister Ian Macfarlane said Trade Support Loans would start from July 1, in a similar format to the HECS-HELP tertiary student loans. 

Mr Macfarlane said it was as part of the government’s “comprehensive plan to create a more responsive skills and training system that cuts red tape and trains apprentices that are job-ready”.

The Federal Government has set aside $1.9 billion in Trade Support Loans.

“Australia’s productivity and competitiveness depend on a highly trained workforce,” Mr Macfarlane said. “Trade Support Loans will help more apprentices complete their training and get the skills they need to fill the jobs that businesses want.

“Many young apprentices do it tough in the early years and these loans, paid monthly, will ease the financial burden and help increase training completion rates,” he said.

“Trade Support Loans are interest free. They are indexed annually with CPI, but aren’t subject to a commercial rate of interest as a bank loan would be. This is the policy we took to the election, and this is the policy we are implementing.

“Our Trade Support Loans are a responsible investment in the nation’s future tradespeople,” Mr Macfarlane said.

The Trade Support Loans programme offers loans of up to $20,000 which are repayable once apprentices are earning a sustainable income of around $50,000.  Apprentices will receive a 20 percent reduction in the amount of the loan once they complete their training.

The programme targets occupations on the National Skills Needs List such as plumbers, diesel mechanics, electricians and fitters, as well as well priority areas in horticulture and agriculture with more than 100 qualifications eligible.

www.industry.gov.au

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SUBSCRIBER EXTRA / 

ENGINEERING group Bechtel Australia has received high praise from industry support body Construction Skills Queensland (CSQ), for the innovative training program Bechtel implemented during the construction phase of the Curtis Island LNG plant project.

Bechtel Australia won the Employer of the Year Award at the 2013 Queensland Training Awards.

Bechtel invested more than $2.3 million in training on the liquefied natural gas (LNG) project between July 2011 and February 2013, providing opportunities for more than 350 workers to participate in accredited training each month.

CSQ CEO Brett Schimming said Bechtel will also have one of the largest intakes of apprentices in Australian history through its adult apprenticeship program. 

Mr Schimming said a construction employer winning the award illustrated the strong training culture that existed across the state in the building and construction industry.

“Bechtel are a great example of construction employers in Queensland committed to maximising the training outcomes of major projects for the wider community,” Mr Schimming said.

“In addition to offering on the job training to the apprentices, the company has helped a further 350 workers each month to develop new skills and progress their careers,” he said.

“We congratulate the Bechtel team on their hard work and dedication to training which will help to ensure a lasting legacy of skills for the Gladstone construction industry.”

During the project, CSQ has provided funding towards two ‘apprentice coordinators’ dedicated to apprentice and trainee management and mentoring.

“The coordinators played a key role in ensuring Bechtel has a framework in place to support the needs of their apprentices,” Mr Schimming said.

At an early stage, Bechtel identified challenges in recruiting the large number of steel fixers required by the project. With funding support from CSQ, the company developed a purpose built program to train existing workers on the project in steel fixing.

Mr Schimming said industry upskilling was a key focus for CSQ.

“Resource related infrastructure projects continue to face significant skills challenges that can only be met by harnessing the capacity of our existing workers,” he said.

“While many of the skills from residential and commercial construction are transferable, some training may be necessary to make the transition into the engineering construction sector of the industry.

“With funding support of civil construction training programs and industry short courses, we are providing opportunities for workers to upskill and gain the right skills mix to take advantage of work prospects on major projects.

“Across Queensland we are working to ensure we have a construction workforce capable of meeting the skills demands of the future,” Mr Schimming said.

CSQ recently outlined a $52.5 million investment in skills development over the next 12 months for the state’s building and construction industry.

CSQ has published details of its Annual Training Plan investment on its website.

www.csq.org.au

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