The awards give teachers the opportunity to receive $10,000 to fund an existing or new financial education initiative in their school.

The initiative recognises and rewards extraordinary teachers from schools across Australia who have demonstrated a commitment to developing the essential money management skills of their students.

Commonwealth Bank CEO Ian Narev said the bank was committed to working with teachers to help build students' skills and equip them for the future.

"The teaching awards celebrate teachers who are creating innovative and engaging money management programs," he said. "We have seen some exceptional learning initiatives over the years, from an online banking simulator for children with special needs to a self-sufficient school economy."

Commonwealth Bank will award 15 teachers from across Australia with $10,000 each to further develop their financial learning program, as well as an additional $2000 personal reward for each winning teacher.

Applications for the 2015 teaching awards are currently open to all Kindergarten to Year 12 teachers in all Australian schools. Teachers can be nominated or can apply themselves online. Nominations close on July 27, with the winners to be announced on September 30.

For more details, visit teachingawards.com.au