Unit of competency Outline
Date retreived
23/07/2026 5:04 AM AWST
23/07/2026 5:04 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Develop knowledge of the Australian financial system and markets
Develop knowledge of the Australian financial system and markets
Unit of competency
National Code
FNSFLT215
FNSFLT215
State Code
OCZ14
OCZ14
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081105 - Investment And Securities
Original Release Date
22/04/2021
Nominal Hours
40
Description
This unit describes the skills and knowledge required to understand the financial systems and markets operating in Australia, including identifying the main participants in financial markets, the role of the central bank, the impact of its decisions on business and consumers, key factors that influence the Australian economy and the role of financial regulators. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.The unit applies to those who research information to develop personal financial literacy knowledge and skills.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Define Australian financial markets
- 1.1 Identify financial markets and their purpose and history in Australia
- 1.2 Identify financial market participants
- 1.3 Identify roles of banks and financial institutions in financial markets as financial intermediaries
2. Determine role of Reserve Bank of Australia (RBA)
- 2.1 Identify role of RBA as Australia’s central bank
- 2.2 Compare role of RBA with other banking institutions
- 2.3 Identify impact of RBA’s monetary policy on the Australian economy and consumers
3. Research Australia’s monetary system
- 3.1 Identify economic reasons for individuals to hold or invest money
- 3.2 Identify the monetary cycle in the domestic and global economy
- 3.3 Identify impact of increases and decreases in money supply and importance of regulating the money supply of any country
4. Identify factors that influence the Australian economy
- 4.1 Identify the role and impact of Commonwealth and state government actions on the economy
- 4.2 Identify the impact of change in domestic interest rates on different sectors of the economy
- 4.3 Identify the impact of changes in consumer activity on the Australian economy
5. Identify the role of regulators in the financial system
- 5.1 Identify the main regulators of the financial system
- 5.2 Identify the role of each regulator
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUR00 | FNSFLT205 | Develop knowledge of the Australian financial system and markets | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| BGN7 | FNS10120 | Certificate I in Basic Financial Literacy | Qualification |
| BGX7 | FNS20120 | Certificate II in Financial Services | Qualification |