New Resource available – What is Economics?
Reserve Bank of Australia has produced a short video explaining What is Economics? This would be an excellent resource for students new to the subject or wanting more information for subject selection. It is available at the RBA website
Reserve Bank of Australia releases speech outlining the declining numbers of enrolments in Economics
To access the Reserve Bank of Australia’s speech, please click here.
Please find following the response from Business Educators Australasia, President Tony Kuc to the Reserve Bank speech made at our council metting on Saturday 29 July, 2017.
Please click here.
Development of consumer and financial educational resources for teachers
The Australian Consumer Law (ACL) regulators understand the importance of developing confident young people who are aware of their consumer and financial rights. Early teaching of consumer and financial literacy develops a strong foundation for young people to go forward and engage in the real world of business and finance.
With the revision of the national curriculum, the ACL regulators saw an opportunity to work together to develop a suite of national educational resources. The resources developed are relevant and appropriate for teaching consumer and financial literacy in economics and business learning areas in Australian schools.
The resources include five ACL resources that were mapped against the curriculum for Years 5-10, which will help teachers identify how they are able to incorporate a selected number of consumer and financial literacy materials into their curriculum programs. The resources have been mapped by an experienced curriculum developer.
For each year level there are two available resources. They are the:
- ‘Teaching about consumer affairs’ guide: This identifies the alignment between the selected consumer literacy materials to the Content Descriptions and the General Capabilities of the Australian Curriculum and the National Consumer and Financial Literacy Framework.
- Australian curriculum mapping by content descriptors and achievement standards document: This maps the selected consumer literacy materials (by Unit) to the Australian Curriculum Content Descriptions, Achievement Standards, General Capabilities and the National Consumer and Financial Literacy Framework.
The resources for Years 5-10 are available on the Australian Consumer Law website.
Electoral Education Professional Learning
The AEC’s online Professional Learning module steps you through how to use the election process as a tool to make decisions in your classroom.
Through this activity your students will get hands on election experience and be empowered to use decision making to shape their world.
The course is free , takes about 60 minutes and aims to equip teachers with the skills and knowledge to conduct an election in your classroom.
Why not go online in your own time and space and improve your teaching skills with this free Professional Learning opportunity?
For more information click here.
Students making virtual dollars could win real cash prizes
The Financial Basics Foundation has called on Australian teachers to register their classes for the chance to make a virtual fortune in its annual money management competition for students.
Participants in the ESSI Money Challenge have the chance to win a $4000 cash prize for their school. Individuals can also win $1000 deposited into a Suncorp Kids Savings account.
Financial Basics Foundation CEO Katrina Birch said more than 34,000 students have participated in the ESSI Money Challenge since it began seven years ago.
“The competition allows students to enter a virtual world where they can safely put their money management skills to the test, competing against classmates and students around Australia,” Ms Birch said.
“They experience what it’s like to apply for jobs, earn a wage, invest in shares and even go bankrupt.
“It’s a fun way to learn about money, which can help them navigate a world where cash is usually invisible.”
The Financial Basics Foundation is a not-for-profit organisation that provides free financial literacy resources to high schools throughout Australia.
It was formed in 2002 and aims to equip young Australians with the knowledge, skills and confidence to make informed financial choices now and in the future.
Ms Birch said the importance of teaching young people how to earn, save, spend and invest money wisely should not be underestimated.
“In today’s world of easy credit and fast paced consumerism, it’s never been more important to show young people how to make smart financial decisions,” she said.
Registrations are open: Monday 31 July to Friday 1 September (five weeks).
The ESSI Money Challenge is open: Monday 21 August to Friday 1 September (two weeks).
For more information and to register your class, visit: www.financialbasics.org.au
Note: additional cash prizes are available to teachers who are new to the Foundation since last year’s challenge.
Media contact: Kathryn Stevens, Sequel PR – 0431 748 862
Tax, Super + You Competition for students in Years 7 – 10
from the Australian Taxation Office
For secondary school students in Years 7 – 10. Students are to create an innovative way to generate buzz about tax and super.
They are invited to think outside the box and pitch their ideas on how they would tell their friends about the value of tax and super in the community.
They will not only get an insight into the value of tax and super, but they could also have the chance to win a share of $4,000 in prizes! Their creative idea could even be used in a national campaign.
Entries close on Friday 3 November 2017.
Suggested topics include:
- Taxes collected are used to help your local sports grounds, parks and recreation centres.
- Taxes are used to help the community meet the cost of healthcare.
- The more super you save now will allow you to live comfortably in retirement later.
- You can choose how actively you would like to be involved in your super account:
- You can use a super fund or set up a self-managed super fund.
- You can pay more into you super, access government contributions and other benefits.
More information at: https://www.taxsuperandyou.gov.au/competition-about
The Reserve Bank of Australia
The Reserve Bank of Australia offers a school incursion program whereby staff visit schools to address topics such as the Roles and Functions of the Bank and Monetary Policy and the Australian Economy. While these are mainly in metropolitan areas the bank would encourage regional schools to register their interest. Go to www.rba.gov.au/education/educational-talks/school-incursions.html
National Consumer and Financial Literacy Framework
The new National Consumer and Financial Literacy Framework was approved by the Australian Education, Early Childhood Development and Youth Affairs Senior Officials Committee (AEEYSOC). This document is a revised version of the National Consumer and Financial Literacy Framework (the Framework) originally developed in 2005. It articulates a rationale for consumer and financial education in Australian schools; describes essential consumer and financial capabilities that will support lifelong learning; and provides guidance on how consumer and financial education may be structured to support a progression of learning from Foundation Year 10. Companion resources to this Framework, being developed by the Australian Securities and Investments Commission (ASIC), provide further guidance about integrating consumer and financial education into specific learning areas of the Australian Curriculum. These companion resources are available at: http://www.financialliteracy.gov.au/.
The importance of economic literacy
With a sound knowledge of economic concepts [students] can better understand and evaluate the nature and impact of policies at all levels of government. [They] can explain the multiplier effect of increased government spending, and how it raises Australia’s level of income, output and employment.
Economics students know
- that the national debt does not necessarily impose a burden on future generations of Australians
- that an economy is not run like a household the reasoning at the time of the Great Depression
- about the role of the Reserve Bank in determining monetary policy, the concept of overnight cash rates and the policy implications of rising interest rates
- how banks can actually create credit and money through their lending policies.
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