Attorney-General and Minister for Justice and Minister Assisting the Premier in Western Queensland
The Honourable Kerry Shine

Wednesday, May 07, 2008

Students Sharpen Their Money Skills with Buy Smart 2008

Queensland school students will get the chance to raise awareness of the important consumer and financial issues facing young people through this year’s Buy Smart Competition, Attorney-General and Minister for Justice Kerry Shine said today.

Mr Shine, along with the Member for Keppel, Paul Hoolihan MP, encouraged local students to take part when they launched the competition at Yeppoon State School today.

"The Buy Smart competition is now in its seventh year, giving students an opportunity to demonstrate their consumer and financial skills and the chance to win cash prizes," Mr Shine said.

"Students submitted some very creative entries last year including videos, board games, posters, mobiles, a song and our first ever MySpace page entry.”

"I am proud to say we have had a significant increase in the number of entries in recent years and I am particularly looking forward to seeing the entries in this year's competition."

Mr Hoolihan said young people were active consumers in the modern marketplace and it was vital they learned smart consumer and financial literacy skills so they could be wise with their money.

"Young people have more disposable income, with their average weekly earnings increasing by more than $30 in the past 10 years," he said.

Mr Shine said surveys have shown the average age that young people start using mobile phones is 13, with 20 per cent of those under 18 admitting phone debt has caused them major problems.

"Defaulting on a phone contract can affect your credit record, which impacts on your ability to buy a car, rent a place to live and obtain a personal loan in the future,” he said.

"Last financial year, more than 2000 people aged under 25 declared themselves bankrupt, which was an increase of almost eight per cent on the previous year."

To enter the Buy Smart competition, students need to research a consumer or money-related topic and present what they have learnt to their fellow students.

The presentation is then forwarded to the Department of Justice and Attorney-General and judged on its creativity and quality, how effectively it communicates consumer or fair trading advice and the suitability of the delivery to their peers.

There are cash prizes for winners and runners up in each of the four categories (school years 3 - 4, 5 - 7, 8 - 9 and 10 - 12).

Students who win in each category will receive money for themselves and their participating school or organisation as follows:

• First prize - $500 for the student and $1500 for the school or organisation.
• Second prize - $200 for the student and $800 for the school or organisation.
• Third prize - $150 for the student and $500 for the school or organisation.

Entries close 19 September 2008.

For more information visit www.fairtrading.qld.gov.au or call the Office of Fair Trading on 13 13 04.

The website also has resources to help teachers incorporate the competition into classroom activities, developed in partnership with Education Queensland.


Media contact: Jamie Byron 3224 7476 / 0412 108 467

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