Culturally and Linguistically Diverse (CALD) Budgeting

Just announced by ASIC:

The Minister for Revenue and Financial Services, The Hon. Kelly O’Dwyer has today launched ASIC’s MoneySmart ‘Simple Money Manager’.

The Simple Money Manager is a free online budgeting resource designed to help culturally and linguistically diverse (CALD) Australians with everyday budgeting to take control of their finances.

One would have thought that budgeting and mathematics are not really subject to cultural and linguistic diversity, so clearly both ASIC and the Minister have earned their keep this week.

According to ASIC Deputy Chairman Peter Kell:

Budgeting is the best way to get on top of your finances and take control of them. ASIC’s new digital resource is easy to use and will help you work how much money you have coming in and going out. It can be tailored to your unique situation to help you manage your expenses.

One has to wonder whether this culturally and linguisticallt diverse tool has been road tested in Canberra, specifically in the preparation of the Commonwealth budget.  They cant’s seem to work how much money they have coming in and going out.

The Minister’s and ASIC’s timing could not be better.  Just this morning, Treasurer ScoMo gave a speech in New York where he said:

… I want to say that the Australian Government is committed to reducing our debt.

Australia’s gross debt to GDP will soon peak at around 30per cent. This is low by international standards, including for other triple-A rated economies. But it is high for Australia. The Turnbull Government is committed to arresting our debt by first restoring our Budget to balance.

The Budget I delivered in May projects a return to balance in 2020-21 subject to parameter variations, with expenditure to fall from 25.8 per cent of GDP to 25.2 per cent.

Perhaps the Treasurer should offer ASIC’s CALD budget tool to the Europeans and Japanese also.

God help us all.

Addendum – I shot too fast.  Here is the Minister’s official media release.

The Minister says:

We are committed to building the financial capability of all Australians to help them make informed financial decisions. Through ASIC we provide financial tools to build confidence and support the development of positive money habits.

Can ASIC please offer help to the Budget Committee of Cabinet?

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18 Responses to Culturally and Linguistically Diverse (CALD) Budgeting

  1. nerblnob

    Most Indian and Chinese immigrants could teach the Australian government a thing or two about budgeting.

    This reminds me of those stupid wails about lack of ethnic diversity on TV drama or soaps.

    Why the fuck would any self respecting immigrant want their kids to enter a field with 90% unemployment?

  2. John L

    According to ASIC Deputy Chairman Peter Kell:

    Budgeting is the best way to get on top of your finances and take control of them. ASIC’s new digital resource is easy to use and will help you work how much money you have coming in and going out. It can be tailored to your unique situation to help you manage your expenses.

    What a splendid idea! Have ScoMo one of these? If not, could Chairman (should be Chairperson!!!) Kell please send a complimentary copy to ScoMo and bingo, all Australia budgetary problem will disappear.

  3. nerblnob

    Also brings to mind the Indian meme about Australia as an immigrant destination ( compared to say, USA) :
    “In Australia, the racehorse can only run as fast as the donkey”

  4. RobK

    For once I’m at a loss for words.

  5. Bruce of Newcastle

    Canberra’s addiction to deficit spending is bad. They should go CALD turkey.

  6. RobK

    ASIC is doing what was traditionally a retail banks job in customer relations. The banks may well have lost their way but why is the government stepping in? Is the motivation merely votes? It’s not a good look.

  7. duncanm

    I hope the advice includes “whatever you do, don’t put extra money into Super or anything else the Government can get its hands on”, however I suspect the CALD’s come from places where ther’ye well aware of government thievery.

  8. Megan

    Sweet cheeses on a biscuit! Is this what we have been reduced to? There is absolutely no hope left for us as a country, if it is. Just stand beck, let us hit the bottom hard so we can begin the hard graft of recovery. Maybe.

  9. H B Bear

    O’Dwyer is one of the many Waffleworth Coalition Team members who diminishes their meagre reputation with every public utterance. She never fails to disappoint.

  10. Squirrel

    “One has to wonder whether this culturally and linguistically diverse tool has been road tested in Canberra” – quite possibly yes (and at considerable expense to the public purse), by people who are about as diverse as a blancmange.

  11. Snoopy

    If only the CLAD budgeting tool was around when that Wong chap was finance minister. Sigh.

  12. Rasputin

    Have these dickheads forgotten that they are supposed to be the Australian Securities and Investments Commission? Why are they even allowed to reinvent themselves as whatever they see fit. Having made the ACCC redundant they are now going after everything left. Today ASIC, tomorrow the world!

  13. duncanm

    ASIC, 2014-15 annual report.
    – Revenue from government ever angrier taxpayer = $312M
    – own-source revenue = $4.5M
    – Net costs = $350M
    – Deficit = $37M

    more fun and games from same:

    3.2.5 Rainbow Network
    ASIC has set up a Rainbow Network to raise awareness in the workplace of LGBTI (lesbian, gay, bisexual, transgender and intersex) issues. ASIC has also become a member of Pride in Diversity, which will enable us to draw on best practice in LGBTI inclusion.

  14. 1234

    One has to wonder whether this culturally and linguistically diverse tool has been road tested in Canberra, specifically in the preparation of the Commonwealth budget.

    Usual bullshit from Morrison and O’Dwyer. Nothing but an attempt to divert from the car crash which is the HoR committee’s farce with the banks. Both definitely past their pay grades.

    As for Morrison Australia’s gross debt to GDP will soon peak at around 30per cent. he overlooks private sector debt which he wants to bail him out when all other sources of spending are stuffed. What a loser – private debt to income is merely 180%. I can see them taking on more! Good luck with that ScoMo.

  15. Rob MW

    Australia’s gross debt to GDP will soon peak at around 30per cent. This is low by international standards, including for other triple-A rated economies.

    According to the ABS and with a little division, each person in Aust owes $32,400.00 (US) which (should) rank us 5th in the world behind Taiwan if Wikipedia updates its list of ‘International Investments Positions Per Capita’.

    The ABS says (@ June 2016):

    INTERNATIONAL INVESTMENT POSITION (IIP)
    “Australia’s net IIP liability position was $1,035.9b at 30 June 2016, an increase of $28.1b (3%) on the revised 31 March 2016 position of $1,007.8b. Australia’s net foreign debt liability increased $22.7b (2%) to a net liability position of $1,044.5b. Australia’s net foreign equity asset decreased $5.4b (38%) to a net asset position of $8.6b at 30 June 2016.” – that’s over 1 thousand billion.

  16. 1234

    Oh god. Just read the ScoMo New York speech – oh, please come and invest here. He has laid himself out over the gurney with a wide stance. He is just a sniveling little prick in New York and bully here. Says it all really.

  17. candy

    I take a more realistic view. A chap or lady on $300,00o such as Scott M. and the O’Dwyer lass, have absolutely no idea about the budget of a family of say $65,000 or less. A static salary, reducing in real value as wages are. Or perhaps beholden to casual working conditions.

    To say “follow a budget” is …. deplorable. They are so out of touch.

    (unless you a public servant or on some government board thing – the elite workers of Australia).

  18. The Pugilist

    Culturally and linguistically diverse…
    I think that perfectly describes the political class in Australia.
    Their linguistic gymnastics involve describing tax rises as ‘savings’, public servant salaries as ‘investment’, setting people’s roofs on fire as ‘nation building’ and flagging your intention to stab someone in the back as ‘having my full support’.

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