Another acronym and establishment of a regional centre for education and training for financial regulators and research into best practice regulation.

The single major need in Australia when it comes for financial services is a commitment to financial literacy education for the millions of Australians who are just plain confused by their options when it comes to retirement planning. For too long the current government has ignored this need. The Howard Government saw the need and poured millions into the Financial Literacy taskforce – but too little effect. The majority of Australians are still baffled by the detail of superannuation, investment and Centrelink eligibility and this comes at great cost to their potential later life savings. The CIFR will do nothing to help ordinary people understand the smartest way to fund themselves.