STATEMENTS BY SENATORS

Senator DOWLING (Tasmania) (13:34): In the last sitting fortnight, I stood in a packed Mural Hall alongside more than a hundred experts from across industry, education, consumer and community organisations, regulators and researchers to launch the Parliamentary Friends of Financial Capability. Financial literacy matters because the consequences of getting money decisions wrong can follow people for decades.

Recent research shows that, among teenagers, more than half of males and around three-quarters of females could not directly answer basic questions on interest, inflation and risk. We expect too many Australians to simply figure it out—to understand debt after taking out a loan, to understand super after years in the workforce, to recognise a scam after the money is gone.

That's why I often compare financial capability with sex education or learning to drive a car. We would never seriously suggest sending young Australians into adulthood and not telling them how it actually works—'Just figure it out for yourself.' Money should be no different. Financial capability is a life skill, and it matters throughout life, from a first bank account and a first pay packet through to borrowing, buying a home, investing, managing superannuation and planning for retirement.

The good news is we're not starting from scratch. There's great work already happening across Australia, but it remains fragmented. Our opportunity is to bring that effort together and build on what really works.

Tuesday night showed there is real momentum behind this issue and a remarkable breadth of people willing to work together to progress it. I thank Assistant Minister Dr Andrew Leigh for delivering the keynote address; Assistant Treasurer Dr Daniel Mulino for his closing remarks; my co-chair, Senator Jess Collins; and our launch partners, Vanguard, Ecstra Foundation and the Financial Basics Foundation.

Now the task is to turn that momentum into a more financially capable Australia.