Expert reviewed • 22 November 2024 • 7 minute read
In the HSC Economics exam, short-answer and essay questions require you to use current and relevant examples and statistics. HSC markers do not like to see statistics that are not relevant to the current time. For example, mentioning the GFC in any of your essays or questions is generally frowned upon. This is because the event occurred almost two decades ago and has little relevance to the current economy.
This does not mean that older statistics are not to be used. It only means that if you are to use them, you must show how they relate to the current economic climate. For example, if you are talking about an economy's inflation, show how it has changed over time. In this instance, it is acceptable to use older statistics in comparison to current ones.
This brings us to the reason why you should read current economic articles. Not only will these articles allow you to grasp current economic situations and events, but also allow you to obtain current and accurate statistics and examples which you can use in your exam responses. Two great sources for reading about the economy are the RBA monthly minutes and the Australian Financial Review.
The RBA Monthly Minutes are articles published two weeks after meetings held by the Reserve Bank Board. The Reserve Bank Board meets eight times each year, following the release of key economic data on inflation and economic activity. At these meetings, the members of the RBA board discuss key factors of monetary policy. For example, the overnight cash rate is set at these meetings. The data from these meetings, specifically inflation and interest rates, can be accessed and used to support arguments in your essays on the RBA's website. RBA Monetary Policy Minutes
In addition to the RBA's Monetary Policy Minutes, the RBA's website contains numerous amounts of statistics, information, examples, and policies in the current domestic and global economy. On their website, you can learn about current macroeconomic policies and their stances in Australia. Additionally, you can determine current statistics which can be used in your essays, such as the cash rate target and inflation. All this information can be found on their website: RBA Website
The Financial Review is a business newsroom which discusses current economic news in the domestic Australian economy. Not only does this newsroom have various journalists writing about current economic activity, but they also have statistics and advice which you can implement in your essays. This is a paid service; however, you can still read some articles to gain an understanding of any current economic activity. See if any of their articles interest you on their website. Australian Financial Review