Are you considering what to select for your VCE or HSC subjects, or what major to study at university?
A student can only choose 12 to 24 subjects. With so many interesting areas to explore and only 24 hours in a day, what makes one course stand out over another for you? Is it which subjects you would enjoy the most, the courses that link to careers with the highest incomes, or the ones that help make a difference in the world?
If this is you, did you know that you’re actually facing an economic problem? How to use your limited time resources and commitment to achieve the best possible outcome. You may not have recognised it, but you, like many other people apply economic principles to solve their problems all the time.
What is economics?
Economics is the study of managing scarce resources and decision-making. Behaviours of individuals, businesses, and organisations in terms of their wealth is the focus of microeconomics. Whereas macroeconomics concerns the economy as a whole at national and international levels.
Why study economics?
You might be surprised by the benefits of studying economics in your day-to-day life.
First of all, it can help you to understand and apply tools to make better decisions in your daily life from investment to dating (yes, dating). There is only one ‘you’, who should you devote yourself to? Who will benefit you the most by making you happy? What is the cost you’ll pay for such a romantic relationship? How will it impact on your time and lifestyle ?
Economics offers skills and knowledge to make real-world impacts. Economists study how and why resources are used in producing goods and services. There can be both good and bad sides to this such as creating a surplus somewhere but a shortage in another part of the world. The consequences are, but not limited to, poverty, inequality, and environmental impacts. Awareness allows us to shape decision making and actions for a more sustainable and/or equal society.
The knowledge of economic behaviour is an essential factor at Treasury when implementing programs to improve everyone's living standard. Understanding complex markets, people's behaviours and the strong analytical and problem-solving skills gained from an economics course are the underlying foundation in being at the forefront of building stable economic growth and a thriving society.
There are also many job opportunities out there for people with an economics degree.
A variety of roles in different fields are available for an economics graduate. Some examples of career prospects include economists, investment analysts, financial analysts, accountants, compliance officers, risk managers, and stockbrokers. An education in economics can offer employability in a wide range of sectors, from finance, banking, and marketing to consultancy and government.
Working in a government department, economists make a real difference to everyday Australians now and in the future. One of the most popular choices for people with an economics background is the Commonwealth Treasury.
Working at Treasury
As an Australian Public Servant at Treasury, you will be able to contribute ideas and assist in providing advice to the government on a broad range of economic, fiscal, structural, financial and tax policy issues.
Using childcare policy as an example - here economists use economic principles to provide advice on how to improve women’s employment outcomes through more accessible and affordable childcare. The best aspect of working for Treasury is the people. With Treasury’s work culture, employees are encouraged to raise their voices, contribute ideas, and pursue personal development. It offers a dynamic and diverse workplace so everyone can thrive and make a difference for Australians.
Minh, The Treasury