Unit of competency Outline

Date retreived
23/07/2026 5:24 PM AWST

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Facilitate customer awareness of the Australian financial system and markets

Facilitate customer awareness of the Australian financial system and markets

Unit of competency
National Code
FNSFLT512
State Code
OCZ33
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
080101 - Accounting
Original Release Date
22/04/2021
Nominal Hours
40
Description
This unit describes the skills and knowledge required to facilitate customer awareness of how the monetary and financial systems and markets operate in Australia, with the aim of enhancing basic consumer financial literacy.The unit applies to those who use specialised knowledge to build relationships and/or contribute to the development of financial literacy in others.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Explain to customers the function and role of the Reserve Bank of Australia (RBA)
  • 1.1 Explain to the customer the role of the Reserve Bank of Australia (RBA)
  • 1.2 Explain to the customer differences between RBA and other banking institutions
  • 1.3 Explain to the customer the effects of RBA’s monetary policy on the Australian economy and consumers’ personal finances
  • 1.4 Explain to the customer the role of the RBA in maintaining financial stability and regulating the Australian Payments System
2. Outline to customers the role of money and Australia's monetary base
  • 2.1 Identify and discuss with the customer society’s motivations for holding money and various functions of money
  • 2.2 Explain to customer the impact of changes in supply of money
3. Outline the main features of the Australian financial markets
  • 3.1 Identify and explain to the customer the purpose of financial markets and the major markets in the Australian financial system
  • 3.2 Discuss with the customer the role of banks and financial institutions as financial intermediaries
  • 3.3 Explain to the customer the role and function of the short-term money market and the types of products it deals in
4. Inform customers about regulation of the Australian financial system
  • 4.1 Explain to the customer the role of independent regulation and the main regulators in the Australian financial system
  • 4.2 Provide examples of protection afforded to individuals by regulators
No information
No information
Replaces
State Code National Code Title Type
AUQ90 FNSFLT502 Facilitate customer awareness of the Australian financial system and markets Unit of competency