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Welcome to QETA Newsletter 12 2015. Answers are not enough, students should be encouraged to ask questions and explore alternatives to the norm. Entrepreneurship and invention are the backbone of the new economy, yet I doubt they get more than a nod in economics courses. - Jim Hunt QETA 2015 CALENDAR OF EVENTS 17 June 18 June 6/7 July 7/9 July 13 July 17 July 23 July 27-31 July 27-31 July 14 September 6 October 14th October Wealth Academy Financial Literacy Program at Bundamba Secondary College Wealth Academy Financial Literacy Program at Cavendish Road SHS ATEC Conference University of Queensland ACE Conference QUT Gardens Point Campus Econopak 2 Published QUT Student Day UQ Student Day UQ Student Economics Competition Economics Week UQ Student Economics Competition Presentation of Prizes Econopak 3 Published AGM QETA NEWS 1. QUT AND UQ STDUENT ECONOMICS DAYS These days are on Friday 17th July at QUT Gardens Point Campus and Thursday 23rd July at UQ St. Lucia Campus. The days are conducted by the School of Economics in each institution and give our students the opportunity to hear from some leading academic economists, experience something of university life and broaden their economic knowledge and understanding. Cost is just $5.50 per student which includes lunch for the students. QUT Day is now fully booked and there are no further places available. Registration for the UQ Student Economics Day is now open at www.qeta.com.au The program for each day is available on the QETA website. 2. QETA UQ SCHOOL OF ECONOMICS STUDENT ECONOMICS COMPETITION 2015 Registration is now open for the 2015 QETA University of Queensland School of Economics Student Economics Competition. This competition consists of two divisions, Year 11 and Year 12. It is a multiple choice test format consisting of 40 items based on current economic conditions (10 questions) and the core unit/s of the syllabus – Markets and Models for Year 11 and Contemporary Economic Management and International Economics for Year 12. Every participant is given a Certificate based on their achievement in the Competition, and there are cash prizes for the top 3 students in each year level. Registration is at www.qeta.com.au 3. THE WEALTH ACADEMY FINANCIAL LITERACY PROGRAM If you want to find out about The Wealth Academy and its Financial Literacy Program for schools, then why not attend one of the following seminars? Bundamba Secondary College: 17th June 2015 4pm Cavendish Road SHS 18th June 2015 4pm For further information see the flyers already circulated to all members. AUSTRALIAN CURRICULUM First step to uncrowd the Australian Curriculum The first step by ACARA to improve the Australian Curriculum has been completed. Following analysis, the identification of the general capabilities and cross-curriculum priorities on the Australian Curriculum website has been updated Previously, the way in which general capabilities and cross-curriculum priorities were presented gave the impression of more work being required from teachers. This was one of the factors contributing to the curriculum being seen as overcrowded. + Read more TEACHING RESOURCE FROM ACC ACCC’s Tertiary education program blurb (article/blog post) Are you interested in including an up-to-date, interactive and highly practical educational resource about Australian competition and consumer laws in your teaching portfolio? Australian Competition and Consumer Commission’s tertiary education program is free, available online, and consists of 12 modules on topics including misleading sales and advertising practices, social media, business scams, cartels, misuse of market power, product safety and consumer rights. It is supported by a comprehensive suite of free resources and can be facilitated by educators or completed by students in self-study mode. More information can be found at www.ccaeducationprograms.org or you can join the Tertiary Information Network to receive the free program resources. Alternatively, you can contact the ACCC education team at [email protected]. RESOURCES 1. FROM THE FEDERAL TREASURY Press conference, Canberra TREASURER: Today’s March quarter National Accounts confirm there is strong and broad-based momentum in the Australian economy. Real economic growth rose by 0.9 per cent in the quarter to be 2.3 per cent higher over the past year. This exceeds market expectations. This builds on growth, 0.3 per cent in the September quarter and 0.5 per cent in the December quarter … Read more National Accounts – March Quarter 2015 Today’s March quarter National Accounts confirm there is strong and broad based momentum in the Australian economy. Real economic growth rose by 0.9 per cent in the quarter, to be 2.3 per cent higher over the past year. This exceeds market expectations. This builds on growth of 0.3 per cent in the September quarter and 0.5 per cent in December … Read more 2. FROM THE ABS 5625.0 Private New Capital Expenditure and Expected Expenditure, Australia, Mar 2015 http://www.abs.gov.au/ausstats/[email protected]/mf/5625.0?OpenDocument 5302.0 Balance of Payments and International Investment Position, Australia (Media Release), Mar 2015 http://www.abs.gov.au/ausstats/[email protected]/MediaRealesesByCatalogue/DB1B30094A31D9D5CA256EA6007 80195?OpenDocument 5302.0 Balance of Payments and International Investment Position, Australia, Mar 2015 http://www.abs.gov.au/ausstats/[email protected]/mf/5302.0?OpenDocument 5519.0.55.001 Government Finance Statistics, Australia, March Quarter 2015 http://www.abs.gov.au/ausstats/[email protected]/mf/5519.0.55.001?OpenDocument 8731.0 Building Approvals, Australia (Media Release), Apr 2015 http://www.abs.gov.au/ausstats/[email protected]/MediaRealesesByCatalogue/B4669E44CACBB1D5CA257E38001 BDFC5?OpenDocument 3401.0 Overseas Arrivals and Departures, Australia, Jan 2015 http://www.abs.gov.au/ausstats/[email protected]/mf/3401.0?OpenDocument 5676.0 Business Indicators, Australia, Mar 2015 http://www.abs.gov.au/ausstats/[email protected]/mf/5676.0?OpenDocument 8731.0 Building Approvals, Australia, Apr 2015 http://www.abs.gov.au/ausstats/[email protected]/mf/8731.0?OpenDocument 5206.0 Australian economy grows 0.9 per cent (Media Release), Mar 2015 http://www.abs.gov.au/ausstats/[email protected]/MediaRealesesByCatalogue/1AB7DE51F7FCAA46CA257E58001 49A70?OpenDocument 5206.0 Australian National Accounts: National Income, Expenditure and Product, Mar 2015 http://www.abs.gov.au/ausstats/[email protected]/mf/5206.0?OpenDocument 8501.0 Retail Trade, Australia (Media Release), Apr 2015 http://www.abs.gov.au/ausstats/[email protected]/MediaRealesesByCatalogue/676AC4CC578D6559CA257734002 04519?OpenDocument 5368.0 International Trade in Goods and Services, Australia, Apr 2015 http://www.abs.gov.au/ausstats/[email protected]/mf/5368.0?OpenDocument 6321.0.55.001 Industrial Disputes, Australia, Mar 2015 http://www.abs.gov.au/ausstats/[email protected]/mf/6321.0.55.001?OpenDocument 8501.0 Retail Trade, Australia, Apr 2015 http://www.abs.gov.au/ausstats/[email protected]/mf/8501.0?OpenDocument 5609.0 Housing Finance, Australia, Apr 2015 http://www.abs.gov.au/ausstats/[email protected]/mf/5609.0?OpenDocument 8731.0 Building Approvals, Australia, Apr 2015 (Additional Information) http://www.abs.gov.au/ausstats/[email protected]/mf/8731.0?OpenDocument 3. FROM THE IMF The Changing Landscape of Financial Intermediation, Speech by Christine Lagarde, Managing Director, IMF http://www.imf.org/external/np/speeches/2015/060815a.htm 4. FROM WORLD BANK Kids Key in Quest to End Poverty Many countries around the world marked Children’s Day this week, offering an opportunity to reflect on the kind of world our children will inherit. Find out how you and your kids can join together to make a better world — one free from extreme poverty. Read More » Tough Transitions for Developing Countries in 2015 Developing countries are likely to be squeezed by higher borrowing costs and a new era of lower commodity prices in 2015. The World Bank Group has again revised down its growth forecast for the world economy to 2.8% this year, while developing countries are now projected to grow by 4.4%. Read More » Report | Data | Infographic | Video OPINION Welcoming Asian Infrastructure Investment Bank to Fight Poverty 5. FROM THE RBA For your information the Reserve Bank of Australia issued the Financial Aggregates for April 2015. You can view this statistical release at: http://www.rba.gov.au/statistics/frequency/fin-agg/2015/fin-agg-0415.html The Reserve Bank of Australia issued the Index of Commodity Prices for May 2015. You can view this statistical release at: http://www.rba.gov.au/statistics/frequency/commodity-prices/2015/icp-0515.html The Reserve Bank of Australia has released the June 2015 issue of the Chart Pack. You can view the Chart Pack at: http://www.rba.gov.au/chart-pack/index.html An address delivered by Glenn Stevens, to the Economic Society of Australia Luncheon in Brisbane, is available on the Reserve Bank website. http://www.rba.gov.au/speeches/2015/sp-gov-2015-06-10.html 6. FROM THE BUSINESS SPECTATOR Relying on construction is no blueprint for growth 27 May | 2:25 PM | Callam Pickering Residential construction is a bright spot in an otherwise bleak outlook for the sector, but it won't be enough to offset the collapse in mining investment. The economics of wealth and sadness 29 May 2015 | 5:29 PM | Peter Cai It's time to rethink two of the most fundamental assumptions underpinning the modern economy. Weekend Economist: The RBA's waiting game 30 May 2015 | 2:11 AM | Bill Evans A sinking dollar may allow the RBA to sit on rates for the rest of 2015, but if household expenditure falters, the bank's response could surprise. Property investment is sucking the life out of the economy 29 May | 2:06 PM | Callam Pickering Surging investor activity is a reminder of the Australian tendency to prioritise short-term gains over productivity growth -- and it's hurting the economy. The recession we don't have to have 29 May 2015 | 6:55 AM | Adam Carr Neither business nor the government is offering a positive growth narrative for the Australian market. But it doesn't have to be this way. The holes in the economy just got bigger 28 May | 2:38 PM | Callam Pickering The unprecedented collapse in mining and non-mining investment suggests a very gloomy outlook for the economy, and it's not clear what will fill the gap Economy has ‘hit a brick wall’ Survey shows business confidence has failed to recover despite concessions in budget. Don't be fooled by the rebound in growth 3 Jun | 2:26 PM | Callam Pickering GDP has received a boost in the near term, but keeping the economy on track over the next couple of years will prove a gargantuan task. Weekend Economist: A clear cut pause 6 Jun 2015 | 2:49 AM | Bill Evans The RBA appears intent to hold rates until data compels it to cut. There's good reason to wait and see, but early signs are a little worrying. The forces squeezing household spending 4 Jun | 2:30 PM | Callam Pickering A two-speed dynamic is emerging in the household sector, and it is likely to widen as the mining bust progresses. Don't be fooled by the rebound in growth 3 Jun | 2:26 PM | Callam Pickering GDP has received a boost in the near term, but keeping the economy on track over the next couple of years will prove a gargantuan task. All eyes on Glenn as the dollar's gloom grows 10 Jun | 6:32 AM | Matt Richardson The reasons for the Australian dollar's slide may give the Reserve Bank little reason to celebrate. Busting a housing affordability myth There is no housing affordability crisis. It's just basic economics that not everyone will be able to afford a place in traditionally attractive areas 7. FROM ECONOMY WATCH Australia GDP Rises Despite Disinflation Woes Australia saw GDP growth accelerated to a 0.9% rise in the first quarter of 2015, above expectations, although incomes have stagnated and economists fear the country is facing a disinflationary trend that is unfamiliar to the country. Read More Could India be the New Economy to Watch? growth for 2015 to 2016 at an astounding 7.5 percent. That puts India's growth slightly higher than China's. Many investors had overlooked India, assuming its outrageous deficit spending would hamper its economic growth, but it seems to have had little or no negative consequence yet. This leaves many in the financial industry asking if India is the best emerging economy in which everyone should invest. Read More European Economy Showing True Strength outlook for the region's long-term financial prospects. According to Barron's, gross domestic product (GDP) in the European Union should grow by 1.8 percent in 2015 and 2.1 percent in 2016, and each member state of the EU could see average growth around 1.5 percent. While growth will be slow, a combination of the European Central Bank's loose monetary policies, a weak Euro, and low energy prices have helped kick start the EU economic recovery. Read More Is Chinese Production Too Efficient for Global Economy? China's economy grew on the back of its impressive manufacturing capabilities. Just over a decade ago, as China sought ways to expand its economy, it turned to manufacturing and exporting, and the investment paid off. For years, Chinese economic growth has been among the best in the world, and China now has one of the most influential economies on the Planet thanks to its highly efficient production facilities, abundant human capital, and low price points for its finished goods. Read More Protecting Oceans Could Add Almost a Trillion Dollars to World Economy Report Says The World Wildlife Fund (WWF) has long been committed to protecting animals and their natural habitats. For over 50 years, this organization has developed a reputation as one of the most respected and influential environmental groups in the world. As a result, when they offer suggestions, governments tend to listen. The WWF's ability to shape global environmental policies has helped to preserve a number of endangered species, led to the adoption of several international environmental protection treaties, and led to billions of dollars in research on a broad range of environmental matters. Read More The AIIB and World Bank: Rivals or Complements After a late flurry of additions to the founding membership of the Asian Infrastructure Investment Bank (AIIB), attention now turns to setting the China-led AIIB’s rules and regulations. Important questions remain — most importantly, whether the AIIB is a potential rival or a welcome complement to existing multilateral financial institutions like the World Bank. Read More China's Economy Shows More Signs of Contraction expected a 10-percent fall in imports, but imports dropped 17.6 percent year-on-year. China is undergoing a stronger currency that hurts exporters, and drops in commodity prices are hurting the country's growth potential. Exports fell 2.5 percent, which is a better than an expected turnout of 4.0 percent. The fall in imports is attributed to the trade surplus expanding to 65.6 percent year-on-year. Analysts believe imports will pick up shortly as the government cut tariffs on certain consumer items Read More 8. FROM TES AUSTRALIA Planning writing Use this simple guide to explain to your students the benefits of planning their writing. Writing: Six thinking hats Pupils follow these steps to assist them in writing reports with at least six paragraphs, using De Bono's strategy. Research guidelines Help students to structure their extended research essays with this detailed workbook, which will guide them through the process Writing and presenting Allow learners to construct and communicate thoughts and ideas coherently with this writing book. 9. FROM CEE USA Check out some of the most popular lessons on CEE's free online resource, EconEdLink. We Are Consumers and Producers Goods and Services Supply and Demand, Lessons from Toy Fads You'll find more lessons, interactive tools and other teaching resources on EconEdLink! MEMBERS WELCOME AUSTRALIA’S NOTIFICATION ON PREFERENTIAL TREATMENT FOR SERVICES FROM LDCS At the WTO Services Council meeting on 3 June 2015, members welcomed a notification by Australia on how it intends to support the growth of services trade in least-developed countries (LDCs) by providing their services exports with preferential treatment. > News item: > https://www.wto.org/english/news_e/news15_e/serv_03jun15_e.htm 10. FROM GAPMINDER Dollar Street Sneak Peek Imagine everyone in the whole world lived along the same long street, the poorest to the left and the richest to the right. And everyone else lived somewhere in-between. This is Dollar Street - a new visual teaching framework for understanding how everyone lives. By using photos as data, comparing documentary images of homes on different income levels from different countries, cultural stereotypes simply fall apart. With 30,000 images collected so far, Gapminder’s Product Manager, Anna Rosling Rönnlund, gives you a sneak peak of this soon-to-be-launched project in her TED Talk: Using photos as data to understand how people live. Davos experts beaten by chimps! The experts at the World Economic Forum in Davos were beaten by the chimps, when Hans Rosling asked them about the changing world. — What percent of one-year-old children in the world are vaccinated against measles? — Correct answer: 8 out of 10 children. But only 23% of the crowd got it right. Like many other audiences, they answered worse than random. They were beaten by the chimps, who pick the right answer 33% of the time, by pure chance. — How can “World Experts” be so terribly wrong about the success of global primary health care? — Correct answer: misconceptions are everywhere! The video is here: Sustainable Development: Demystifying the Facts with audio in English, Chinese, French, German, Japanese & Spanish! 11. FROM AUSTRALIAN BANKERS ASSOCIATION Sydney, 1 June 2015: While low interest rates may be fuelling increased household borrowing, the value of household assets is high and consumers are increasing their mortgage buffers and reducing the interest paid on their credit cards, the Australian Bankers’ Association said today. A new ABA report released today shows that consumers increase their credit card use at peak periods such as Christmas but repay strongly in January. Over December 2014 to January 2015 consumers spent $50 billion but repaid $52.3 billion. The report on household finances in Australia looks at the value of total borrowings by households in relation to income and assets as well as the use of credit cards and available personal credit. ABA Executive Director – Industry Policy, Tony Pearson, said: “The trends that we are seeing across a range of household financial measures show that households are equipped to cope with increased borrowings. They are building resilience into their finances by increasing mortgage buffers and reducing the amount of interest paid on their credit card balance. “As might be expected in a low interest rate environment, households are increasing their borrowings for housing. But the growth rate is much slower today than it was prior to the global financial crisis. “Households continue to save and are managing their finances well. While households are now increasing their borrowings faster than income, this increase in borrowings is being more than matched by an increase in the value of household assets. Every dollar of household debt is matched by almost $6 of assets,” he said. Other key figures from the report include: The value of housing related borrowings is $1.5 trillion, an increase of 7.3% on last year. Total borrowings by households other than for housing is $142 billion, with credit card borrowings making up $51 billion and other forms of personal loans $91 billion. Household debt as a proportion of household assets is at the lowest level in almost seven years. The average household is more than two years ahead on their mortgage repayments. The household savings ratio is high at 9% of household disposable income. The balance accruing interest for credit card customers has been in decline for the past three years. Households are using less of their available personal credit facilities with this figure falling since 2005. A copy of the report is available on the ABA website. 12. FROM TES AUSTRALIA Environment ethics Discuss ethical and philosophical questions about the environment with this set of presentations. 13. FROM MANNKAL FOUNDATION How to lose your job - get a minimum wage rise! A political economist in California wants the minimum wage to be raised from $7.75 to $15 and has made a video to support his case. He should have made a trip to Seattle to see how people celebrated its new minimum wage - until they lost their jobs. To watch the video and read why minimum wages hurt low skilled workers click here. Breheny: Australia should become a Tax Haven Simon Breheny from the IPA discusses why Australia should cut taxes to increase corporate investment in Australia. More > > > 14. ACCC’S TERTIARY EDUCATION PROGRAM Launched in November 2013, the program is an interactive resource for educators teaching their students about Australian competition and consumer laws. It is free, available online, and consists of 12 modules on a range of topics. Areas covered include misleading sales and advertising practices, social media, pricing laws, business scams, cartels, misuse of market power, product safety and consumer rights. The content is both educational and practical. Modules include examples, case references and suggested further reading, and at the end of most modules students can do a short assessment quiz to test their understanding of the topic. Students will be able to utilise the content both as consumers and as current or future business decision-makers. The modules can be incorporated into a wide variety of educational and professional development courses including business, marketing and advertising, management, journalism, media studies, communications, entrepreneurship or similar. In addition to being delivered by an educator, the modules can be completed by students in their own time in self-study mode. The program has been accessed by more than 10,000 users and used to by educators in at least 13 Australian universities to date, and the feedback received has been very positive. Educators are able to subscribe to the ACCC’s Tertiary Information Network to receive a free instruction manual, which contains a PowerPoint presentation, a larger suite of quiz questions and answers, and discussion questions and answers for each module of the online program. No prior knowledge of Australia’s competition and consumer protection laws is needed to teach these modules effectively and the course materials can be used as they are or adapted as needed. The online education program for tertiary students and registration information for the educators’ resources, as well as ACCC’s free online small business and franchising pre-entry programs can be found at www.ccaeducationprograms.org. WEBSITES 1. http://www.pbs.org/wgbh/commandingheights/hi/index.html The Battle for the World Economy 2. Global Edge: http://globaledge.msu.edu/global-insights 3. From NAB: Australia & the World on two pages – June 2015 NAB forecast on the Global economy is for more of the same this year with global growth staying around 3¼% in 2015, followed by a modest upturn in 2016 (largely driven by the US). And in Australia, we see the RBA keeping interest rates on hold, with the next move to up – but not till late 2016.> Read More 4. From NAB Global & Australian Forecasts – June 2015 There was no evidence of an acceleration in the pace of global growth in early 2015. Weak GDP results in the US, UK and Canada outweighed a pick-up in Japan and the Euro-zone and similarly mixed trends among the big emerging economies saw China slowing, India picking up and Brazil still very weak.> Read More 5. NAB Monthly Business Survey – May 2015 he recent Federal Budget and interest rate cut appears to have had a positive impact on business confidence – which moved up significantly in May – from +3 to +7 index points. This is the highest level of confidence since August 2014 and has helped to turn the trend more positive.> Read More Doug Cave QETA Secretary/Treasurer [email protected] http://www.qeta.com.au If you wish to unsubscribe from this newsletter, send an email to [email protected] with the word “unsubscribe” in the subject line. If you know of others who would like to subscribe, have them send an email to [email protected] with “subscribe” in the subject line. To subscribe, they or their school must be a member of QETA.