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?