CommBank CEO, Ian Narev, has revealed details of a massive 25-year investment in education with an initial commitment of $50 million.
As part of its community investment strategy, first announced earlier this year, the bank is launching a teacher's toolkit that offers free, simple and accessible research on different teaching and studying methods and aims to improve student education outcomes.
The Australian Teaching and Learning Toolkit supports teachers through a world class online resource that assesses 34 educational approaches, from the value of using technology to the importance of different subjects.
It also explores the many aspects of teaching, including the benefits homework has for students, the effect of repeating years and wearing school uniforms.
The Toolkit is a result of the Bank's new partnership with Social Ventures Australia.
Speaking at the CEDA State of the Nation conference, Narev said, "To take the advantages that we have in Australia, we are going to need to invest in the skills of the future, to make sure our economy adapts successfully to the future.
"This Toolkit enables proven educational techniques to be shared right across schools, right across the country. This is where we've decided our contribution is going to be in education over the next three years and beyond. Because better schools make a better country."
Social Ventures Australia CEO, Rob Koczkar, said, "The Toolkit Initiative will empower school leaders by providing up to date, relevant information about approaches that impact student learning.
"We believe it will have a game changing influence on education in Australia, giving teachers more resources to provide every child the very best opportunity to reach their full potential. The support of CBA has been instrumental in getting this initiative off the ground."
Commbank stated, in a release, that Research from the Organisation for Economic Co-operation and Development (OECD) found the demand for the number of high skilled workers required to maintain Australia's prosperity will grow faster than the working-age population, making these jobs more difficult to fill.
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Narev also re-committed to scaling up the Bank's financial education program, Start Smart, which has already changed the way more than one million students learn about finance. The Bank will increase the reach of the program to 500,000 students each year.
Its community investment program will also highlight, celebrate and recognise best-practice teaching through its Teaching Awards program. Teachers are encouraged to apply now at www.teachingawards.com.au.