Page 405 - Week 02 - Wednesday, 10 February 2021
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ASIC report: “I love the school banking program; it teaches children the value of money and how to save.” That is what one parent said, responding anonymously. Another said, “I feel like it is just a way for the banks to get my child’s information and as soon as they turn 18 send them a credit card offer.”
There is a mixed view, but when you consider what ASIC have said in their findings, we are supportive of the motion. It is right that the program not be so reliant on a single financial institution, in this case predominantly the Commonwealth Bank. Indeed, although there is parental and student choice, I note, Mr Assistant Speaker, that if that is the only program on offer, in some regard you could argue that there is not any choice. They either participate in that program or in no program. In that regard I am supporting Mr Davis’s motion, which, obviously, is also supported by the government.
As I alluded to, I have an amendment, which I will move shortly. It has two effects. One is that it delays the time frame in the original motion. Mr Davis said that this needs to be done by the end of the financial year. That seems to me to be a very short time frame for students, parents and P&Cs to adjust and for an alternative, appropriate program to be delivered.
I also note that schools operate on a school year, not on a financial year. If you are teaching a subject, you may be halfway through that subject. Many kids may have received instruction on the Dollarmites program. I do not think it is helpful, halfway through a school year, in learning about financial literacy through this program, to say, “Forget that, rip it up and start all over again.” I do not know whether schools are ready to come up with another program, but in delivering a curriculum it is not a good way of doing business to change halfway through a school year. The beginning of the school year, when going into year 6 or year 5, is the time to start that.
The first part of my amendment delays the start date of the transition, to allow time for schools, P&Cs, parents and, most importantly, the students themselves, not to be unduly disrupted. I make the point that this program has been running since 1931, so I do not think there is a massive urgency to rush to failure here. I think we can do this in a more considered, deliberate way that is less disruptive.
The second part of my amendment—and I note the comments of the minister—relates to the fact that P&Cs are engaged financially in this. They receive some of their funding through the Dollarmites program. If the Dollarmites program ceases then they are out of pocket. It might sound like small amounts—$1,000, $500 and so on—but if you have ever been on a P&C or a P&F, you would understand that that is a significant amount of money. The minister is saying, “Don’t worry, we’ve got grants available; people can apply for grants and so on,” but there is no guarantee that you will get that grant.
I say to the minister that there should be no problem with supporting that amendment. If the minister is saying, “We’re doing that,” or “We’re going to do that,” why not support my amendment? If she agrees with it, why not support it, unless she is not actually going to do that? I make the point, Mr Assistant Speaker, that if you have ever applied for a grant—and I am sure there are many people here from the
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