P&Cs Qld boss says schools left out of state’s Dollarmites decision

The chief executive of P&Cs Queensland says schools could take a financial hit after the State Government scrapped the long-running Dollarmites banking program.

Queensland school P&Cs have been left reeling by the shock decision to dump the longstanding Dollarmites school banking program, with claims the financial impact could be severe.

P&Cs Qld chief executive Scott Wiseman said he was disappointed with the state government’s decision to scrap the program entirely, and that schools were not given the authority to decide whether or not to keep the initiative.

He said the regular financial support of the banking program had contributed to multiple school projects and fundraising over the years, which had ultimately benefited many school communities.

The Commonwealth Bank's Dollarmites program is being scrapped from Queensland schools.

“P&Cs Qld has had a long association with the Commonwealth Bank which has been an active supporter of school communities,” he said.

“They have demonstrated this support by acknowledging the outstanding work of P&Cs and their dedicated volunteers through such initiatives as the P&C of the Year awards.

“We feel some disappointment that this decision was not left up to individual schools to weigh up the ultimate benefit or disadvantages of the program for their own communities.”

Education Minister Grace Grace announced on Monday that the program would not be renewed when the current contract expired in July, in the wake of a damning ASIC report investigating the risks of school banking.

“The ASIC report demonstrated that there was little value in the program and often the true intention of the program wasn’t disclosed,” Ms Grace said.

Education Minister Grace Grace says the government will end the long-running Dollarmites program in Queesnland schools. Pic: Tara Croser.

Since the report was released in December, Victoria and the Australian Capital Territory have also scrapped their school banking programs.

The report also found that school banking providers “fail to effectively disclose that a strategic objective of these programs is customer acquisition”.

Mr Wiseman said he hoped the education department would work closely with Queensland P&Cs affected by the dumping of the program, to minimise the financial impact.

“P&Cs Qld recognises the era of cash banking has come to an end and that our students are living in a world of digital transactions and apps,” he said.

“Financial literacy continues to be an essential life skill and P&Cs Qld fully supports the teaching of these programs in schools.”

LNP education spokesman Christian Rowan said the state government’s “lack of consulation” was a concern.

“Whilst the Palaszczuk Government’s decision on the Dollarmites Program was based on strong recommendations by the Australian Securities and Investments Commission, Labor always fails to consult affected stakeholders or appreciate the impact of its decisions,” he said.

“P&Cs Queensland chief executive, Scott Wiseman, has clearly identified that the Labor Government has not appropriately consulted school communities, and that the Labor Government has not appreciated the implications for school project fundraising, and what alternative strategies will be put in place to assist P&Cs.”