The program, directed by teacher Jane Fincher, has been nominated for The Commonwealth Bank Foundation Teaching Awards, which recognise and reward teachers who are making an outstanding contribution to developing the essential financial literacy skills of their students.

Ms Fincher said the two-pronged proposal, which combines environmental and financial literacy education, teaches children about the importance of recycling. 

They earn cheques for the amount of recyclable material they collect, which is then sold on. The income generated from recycling sales is used to

purchase goods that children can buy at auction with their “school” bank account.

“It’s a great way to employ kids within the school economy,” Ms Fincher said. 

If she is successful Ms Fincher will use the prize money to improve the school garden so vegetables can be grown, sold and the proceeds fed back into the program. 

There are 15 awards of $10,000 per teacher to invest in their school’s financial learning program. In addition, each winning teacher will receive a personal reward of $2000.

The winners of the 2014 Commonwealth Bank Foundation Teaching Awards will be announced Friday.