2015 – Issue 2

Journal of the Economics and Business Educators New South Wales Economics and Business Educators NSW Board of Directors

PRESIDENT: Joe Alvaro, (Marist College North Shore, Board Member/NSW Councillor – Business Educators Australasia, Board Member/ Secretary – Professional Teachers’ Council NSW) VICE PRESIDENTS: Cheryl Brennan (Illawarra Christian School, Board Member – Professional Teachers’ Council NSW) Kate Dally (Birrong Girls High School) TREASURER: Glenn Walker (Knox Grammar School) COMPANY SECRETARY: Vacant DIRECTORS: Andrew Athavle (William Carey Christian School) Greg Hannelly (St Edward’s College) Bronwyn Hession (Board of Studies, Teaching and Educational Standards NSW) Kate Keeley (The University of Sydney) Mai Ni Pham (Young High School) Anna Tsoutsa (Auburn Girls High School) Nicholas Ward (Ryde Secondary College)

EDITOR: Matthew Bookallil DESKTOP PUBLISHING: Jill Sillar, Professional Teachers’ Council NSW PUBLISHED BY: Economics & Business Educators NSW ABN 29 002 677 750 ISSN 1488-3696 3B Smalls Road, Ryde NSW 2112 Telephone: (02) 9886 7786 Fax: (02) 9886 7673 Email: [email protected] Website: www.ebe.nsw.edu.au

“THE EBE JOURNAL” / “ECONOMICS” is indexed APAIS: Australian Public Affairs Information Service produced by the National Library of Australia in both online and CD-ROM format. Access to APAIS is now available via database subscription from: RMIT Publishing / INFORMIT – PO Box 12058 A’Beckett Street, Melbourne 8006; Tel. (03) 9925 8100; http://www.rmitpublishing.com.au; Email: [email protected]. The phone for APAIS information is (02) 625 1650; the phone for printed APAIS is (02) 625 1560. Information about APAIS is also available via the National Library website at: http//www.nla.gov.au/apais/index.html The ISSN assigned to The EBE Journal is 1834-1780. The views expressed in these articles are not necessarily those of the editor or the association. All articles published are done so in good faith and without prejudice. All contributions are received in good faith by the editors as original contributions of authors, and to the knowledge of the editor there has been no breach of copyright by the publication of any articles, diagrams or figures in the Journal. If due to the failure of an author to correctly inform that his/her work is not an original work and there is a breach of copyright, the editors, having no prior knowledge, cannot accept responsibility. Any books recommended by any authors of articles and internet sites in the Journal are not the recommendation of the Economics & Business Educators NSW.

2 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 1 The Journal

JOURNAL OF THE ECONOMICS AND BUSINESS EDUCATORS NEW SOUTH WALES 2015 – Issue 2

A call for articles Contents

There is always a need for articles President’s Report 5 for The EBE Journal. EBE NSW News 8 Articles are invited from teachers in schools and academics in Economics and Business News Bites universities. Compiled by Joe Alvaro 21 Contributing to the journal is one way to demonstrate the Australian Legal News Bites professional teaching standards Compiled by Joe Alvaro 23 at any of the four career stages – Graduate, Proficient, Highly CommBank – Teaching Awards 2015 Accomplished or Lead. It is also Bronwyn Hession, Director EBE NSW 24 an effective way to engage in professional dialogue and sharing Improving extended response writing in Stage Five with other teachers. Commerce using ALARM. Written by Nick Ward All sources are acknowledged and (Ryde Secondary College) and reviewed by: copies of published articles can be Max Woods (Freshwater Senior Campus) 26 attached to your C.V. Protection and its Impact on the Australian ALL ARTICLES AND/OR ENQUIRIES Automobile Industry by Duc Nguyen and Tony Stokes, SHOULD BE DIRECTED TO: Australian Catholic University 31 The Editor Economics and Business ASX Schools Sharemarket Game 2 2015 Educators NSW Amanda Mior, ASX Sharemarket Game Coordinator 38 3B Smalls Road Ryde NSW 2112 Phone: (02) 9886 7786 Barry Collier Diversifies! Fax: (02) 9886 7673 Song of the Headmaster: Then & Now Email: [email protected] (with apologies to C J Dennis) 39 Articles may be emailed with text double spaced and proof read. An Overview of the State of the Australian Economy Please ensure that all tables, in 2015 by Dr Anthony Stokes and Dr Sarah Wright 41 diagrams and figures included with your paper are of a suitable quality The importance of enterprise skills to prepare for reproduction. students for the new work order Georgie Swan, Foundation for Young Australians 47

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 3 Maximise student performance by teaching students how to deliver quality self and peer feedback by Matthew Bookallil, Director – EBE 2015 52

Commerce Assessment Task – Personal Finance Topic and Investing Topic by the Commerce Department, Knox Grammar School 56

How many students studied HSC Economics, HSC Business Studies and HSC Legal Studies in 2015? by Joe Alvaro, Marist College North Shore 63

Report on EBE NSW Field Trip for Teachers – CHOICE Lab and Testing Facility Guided Tour – 23 September 2015 by Christopher Sassine, Northern Beaches Christian School 65

President’s Report to the 2015 Economics and Business Educators NSW Annual General Meeting (7 December 2015) 66

Economics and Business Educators NSW Financial Statements for the Year Ended 30 June 2015 74

4 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 President’s Report by Joe Alvaro, Marist College North Shore Welcome to Issue 2 (2015) of The EBE Journal – Journal of the Economics and Business Educators NSW. I hope you will be able to engage in some professional reading and some professional growth through the journal. Thank you to Matthew Bookallil for all his work on this edition of the journal through his role as Editor.

2015 EBE NSW Annual General EBE NSW Board from rural and remote areas Meeting of NSW. Farewell and thank you to Matthew Bookallil from Knox Grammar School who has As a result of the elections held as part of the served on the EBE Board of Directors over the EBE NSW Annual General Meeting on last year. We have a diverse Board for 2015/2016 1 December 2015, the Board of Directors for consisting of outstanding educators in the areas 2015/2016 are: of Economics, Business Studies, Legal Studies President: Mr Joe Alvaro and Commerce from government and non- (Marist College North Shore) government schools, a teacher educator and an educator from the Board of Studies, Teaching Vice President: Ms Cheryl Brennan and Educational Standards NSW, to keep the (Illawarra Christian School) association moving forward for another year. Vice President: Ms Kate Dally There are some vacancies on the Board. If you (Birrong Girls High School) are interested please contact EBE NSW. The Board of Directors meet twice during each Treasurer: Mr Glenn Walker school term. If you have any questions and/or (Knox Grammar School) suggestions that you would like the Board to Director: Mr Andrew Athavle consider, please email [email protected] (William Carey Christian School) Director: Mr Greg Hannelly 2015 EBE NSW CPA Plan Your (St Edward’s College) Own Enterprise Competition Director: Ms Bronwyn Hession NSW Awards Ceremony (Board of Studies, Teaching and EBE NSW recognized the Plan Your Own Educational Standards NSW) Enterprise ( PYOE) NSW winners at the annual NSW awards ceremony on 7 October 2015 at Director: Ms Kate Keeley the Sydney office of CPA Australia together (The University of Sydney) with Ms Julie Chessman, Senior Relationship Director: Ms Mai Ni Pham Manager, NSW, CPA Australia. At the ceremony, (Young High School) prizes and certificates were awarded to the Director: Ms Anna Tsoutsa NSW student winners and their schools. Parents (Auburn Girls High School) were in attendance as well to celebrate the success of their child, as well as teachers. The Director: Mr Nicholas Ward 2015 CPA PYOE national awards ceremony was (Ryde Secondary College) held on 14 October 2015 in Melbourne. Thank The President’s Report to the 2015 EBE NSW you to EBE NSW Director, Nicholas Ward, for AGM and the EBE NSW Financial Statements taking on the role of PYOE NSW Coordinator for the year ended 30 June 2015 have been this year and for all his time and effort in included in this edition of the journal. ensuring the competition in NSW was a success. Congratulations to all the winners. Full details Welcome to our new Board members, Greg about this year’s competition can be found in Hannelly and Mai Ni Pham, who come to the this edition of the journal.

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Commonwealth Bank 2015 the outstanding achievements of organisations Teaching Awards Ceremony and individuals working to improve Australians’ financial literacy. On 30 September 2015 I represented EBE NSW at the Commonwealth Bank 2015 Teaching I commend the Highly Commended Award Awards Ceremony at Doltone House, Jones Bay for a small financial literacy program which Wharf, Pyrmont Point NSW. The Commonwealth was received by Horizon Credit Union. Their Bank Teaching Awards recognise and reward program, “Two Bob Billabong and Savings teachers from schools across Australia who Squad”, delivered nineteen fully produced, are making an outstanding contribution to live theatre performances in 10 schools along developing the essential financial literacy skills the South Coast of NSW reaching close to of their students. This year more than 230 4,000 children. The 25-minute performance, applications from teachers of Kindergarten to called “Showdown at Two Bob Billabong”, was Year 12 students from all over Australia were delivered live into schools by two professional received. There were 15 awards presented – actors using comedy and an exciting adventure $10,000 each for 15 schools to invest in their story to teach students all about money, the financial learning programs. Plus an extra $2,000 uses of money, why we should save and how we as a personal reward for each winning teacher. can save. There were also four additional awards this year to the 15 Teaching Award winners – one overall 2015 Board of Studies, Teaching national winner and then three additional and Educational Standards NSW awards: Innovation Award, Technology Award HSC Business Studies, Economics and a Speciality Award. I was impressed with and Legal Studies Examinations the quality of the financial learning programs EBE NSW is interested to hear from members which were celebrated at the ceremony about what they thought about the 2015 Board and it was pleasing to see teachers who are of Studies, Teaching and Educational Standards passionate about providing consumer and NSW HSC Business Studies, Economics and financial literacy learning opportunities for their Legal Studies Examinations. Any problems? students. Congratulations to all the winners. Strengths? Please email feedback to admin@ In particular I would like to congratulate the ebe.nsw.edu.au. following teachers who were the winners from NSW: Mr Grant Dennis, Alesco Senior College Well done to all our members who were HSC – Newcastle, Ms Jenny Rolfe, Wagga Wagga markers this year. It is always a challenging Christian School – Wagga Wagga and Ms Terrie activity to engage in on top of all the other Franklin, Mercy Catholic College – Chatswood. demands during Term 4. However, I believe Full details about all the winners are available HSC marking is one of the most valuable and at https://www.teachingawards.com.au/. There effective professional development activities is also an article in this edition of the journal that teachers can participate in. I encourage which features two of the NSW winners. any teachers who have not experienced HSC marking to apply to become an HSC Marker 2015 Financial Literacy Australia in 2016. Awards EBE NSW will be providing HSC examination On 19 November 2015 I represented EBE NSW review workshops at our 2016 Annual at the Financial Literacy Australia Awards Conference. This analysis will enable teachers to Presentation at the Establishment Ballroom reflect on the 2015 HSC Examinations and use (George St, Sydney). These awards celebrate them to improve student learning outcomes and examination technique for their students.

6 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 President’s report

2016 Business Educators Contributions to “The EBE Journal” Australasia Biennial Conference: All members are invited to submit an article for “Thinking, Teaching, Doing” Business publication in “The EBE Journal” (please email us The 2016 Business Educators Australasia National at [email protected]. au). Further information Conference will be held in Hobart, Tasmania about submitting an article can be found in this on Thursday 29 and Friday 30 September 2016. edition of the journal on page 3. Contributing The conference will provide a forum for the to the journal is one way to demonstrate the teaching and learning of business and economics Australian Professional Standards for Teachers education and associated studies for colleagues at any of the four career stages – Graduate, across Australia. A particular emphasis will be on Proficient, Highly Accomplished or Lead. It is the development of the Australian Curriculum. also an effective way to engage in professional As EBE NSW is an affiliate member of Business dialogue and sharing with other teachers. Thank Educators Australasia, EBE NSW members can you to everyone who has contributed to this attend the conference at a discounted rate. edition of the journal. There are also favourable student-teacher rates available. EBE NSW Helpdesk Currently the Conference Planning Committee is As always EBE NSW Directors are available to calling for expressions of interest for papers and members for advice and assistance (helpdesk@ workshops. More details can be found on the ebe.nsw.edu.au) in relation to the teaching home page of the Business Educators Australasia and learning of Business Studies, Commerce, website at www.bea.asn.au which will take you to Economics and Legal Studies. the conference website. It has been a privilege to meet and work with EBE NSW is offering one of its members a our members this year as we strive to provide professional development grant to attend the quality Economics, Business Studies, Legal Studies 2016 Business Educators Australasia Biennial and Commerce lessons to the students of NSW. Conference. The grant will pay for all flights, The strength and sustainability of our profession accommodation at the conference venue (Wrest is directly related to the quality of our teachers. Point Hotel) and the conference registration fees. That is why the quality of our teachers through I encourage members to apply for this grant. professional development remains one of the More details on the EBE NSW website. highest priorities of EBE NSW. So it was pleasing to see many members participate enthusiastically in 2016 EBE NSW Membership our many professional development courses this Renewal Forms year. Please do not forget to renew your membership I would like to thank the EBE Board of Directors for 2016 so as to continue to gain all the benefits who generously offer their time and expertise of being a member of EBE NSW which represents as we work around our three Strategic Pillars and supports teachers of Economics, Business in the Strategic Plan 2015–2017 of EBE NSW Studies, Legal Studies and Commerce in NSW – “professional growth”, “networking” and and overseas in Australian International Schools. “advocacy”. This work will continue in 2016. I am EBE NSW provides the following membership very grateful for the support of our office staff at categories: Individual, Individual (with Remote Ryde and thank Annette Davies, Sue Gilbertson Rebate), School/Library, Business/Corporate and and Alan Hearle for all their work this year. Concessional. The Concessional membership All good wishes for a happy Christmas and an category is offered at a very low rate for student- enjoyable end of year holiday. teachers, casual teachers and retired teachers Joe Alvaro who are most welcome as members of EBE NSW. President – Economics and Business Educators NSW

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EBE PD Event - “Simulation as a Teaching Method in Business Studies” – 6th August 2015

EBE Professional Development concepts such as marketing, finance and skills Event – “Simulation as a such as leadership, communication, team work Teaching Method in Business and decision making .” Studies” – 6 August 2015 “The simulation programs look like they would be highly valuable in teaching students Business Economics and Business Educators NSW, in Studies content (and the skills associated with association with S P Jain School of Global business) in an engaging manner.” Management, enabled Business Studies teachers an opportunity to explore simulation EBE thanks the SP Jain School of Global as a teaching method in Business Studies Management for their participation in this PD during the “Simulation as a Teaching Method course. If you are interested in using simulation in Business Studies” PD course on 6th August to teach some aspects of the Business Studies 2015. A typical business makes hundreds of syllabus, SP Jain School of Global Management decisions on a daily basis. Participants in this are able to offer excursions and incursions for course looked at how the teaching method your students. Please contact EBE for more of simulation can give students the skills details. Visit www.spjain.edu.au for more and experience they need to make the right information about the SP Jain School of Global decisions. Through the Harvard Leadership Management. Simulation participants learnt about how teams make complex decisions when critical information is distributed unevenly among members and when members have partially conflicting goals. The teaching method of simulation uses sophisticated computer software to simulate the real world and enables participants to practice in a safe environment and learn from the mistakes made. Some positive feedback was received from participants about this NSW Board of Studies, Teaching and Educational Standards (NSW BOSTES) accredited course: “I really enjoyed the simulation. It was enjoyable.” EBE PD Event - “Simulation as a Teaching Method in Business “Could be incorporated into teaching business Studies” – 6th August 2015

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EBE PD Event – “Simulation as a Teaching Method in Business EBE PD Event – “Simulation as a Teaching Method in Business Studies” – 6th August 2015 Studies” – 6th August 2015

EBE Professional Development and learning strategies designed to engage Event – “Teaching the HSC students, current developments in their Course (Year 12) in Business subject area and assessment procedures and Studies, Economics or Legal techniques. Teachers also received some Studies for the first time?” held teaching and learning resources to take back on 17 August 2015 to their classroom. Some feedback received from participants included: The above NSW Board of Studies, Teaching “I got what I came for. Every area of teaching and Educational Standards (NSW BOSTES) business was covered. Thank you so much for endorsed EBE NSW PD event was an the session.” outstanding success with Year 12 Business Studies, Economics and Legal Studies “Gave me a good foundation introduction to teachers coming together to hear from teaching Business Studies at the HSC level.” experienced subject experts and learn from each other. EBE Director Andrew Athavle “Very helpful thank you – Cheryl was very presented the Economics session, EBE Vice professional and had great examples to share. I – President Cheryl Brennan presented the got a lot out of the HOT questions/resources”. Business Studies session and EBE President “Learned some great new strategies and am Joe Alvaro presented the Legal Studies taking back to school some solid resources.” session. Participants were teachers beginning to teach the current NSW BOSTES HSC “Very helpful session from Andrew! Best PD I’ve Business Studies, Economics or Legal Studies ever done.” courses. The event was also open to teachers “Really (x10) good. In 2–3 hours you helped a who wanted a refresher course. Participants whole day’s worth.” were able to hear about effective teaching

EBE NSW Director, Andrew Athavle, presents the Economics session EBE NSW Vice – President , Cheryl Brennan, presents the Business at the EBE PD event “Teaching the HSC Course (Year 12) in Business Studies session at the EBE PD event “Teaching the HSC Course (Year Studies, Economics or Legal Studies for the first time?” held on 17 12) in Business Studies, Economics or Legal Studies for the first time?” August 2015 held on 17 August 2015

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 9 EBE NSW News

“Really happy with the sample assessment tasks and programs.” “Great resources – Joe knows his stuff – great mix of resources and practical activities. Outstanding resources. Well done again.” “Thanks for all the fantastic resources and ideas – feel a bit overwhelmed at the moment but I’m sure when I digest it all it will be great!” EBE NSW President , Joe Alvaro, presents the Legal Studies session at the EBE PD event “Teaching the HSC Course (Year 12) in Business “Very good. Lots of helpful resources and Studies, Economics or Legal Studies for the first time?” held on 17 August 2015 teaching ideas. Excursion ideas were valuable.” “Fantastic resources linked to syllabus!” EBE members can access material from the Economics session of this course from the members section of the EBE website. EBE NSW thanks the following supporter of this Conference participants network with each other at the EBE PD event event: “Teaching the HSC Course (Year 12) in Business Studies, Economics or • Bookminders Australia Legal Studies for the first time?” held on 17 August 2015

EBE NSW Professional Development Event – Current Economic Events and Monetary Policy – 1 September 2015 A group of Economics teachers attended the Reserve Bank of Australia (Martin Place, Sydney) to participate in the EBE PD event, “Current Economic Events and Monetary Policy” on 1 September 2015. This event was held in association with the Reserve EBE PD Event – Current Economic Events and Monetary Bank of Australia. The presenter was Merylin Policy held on 1 September 2015 Coombs who is Deputy Head in the Economic “Positive reinforcement of my classroom Analysis Department of the RBA. Participants practice.” gained an update on current economic events and increased their understanding of “Very good to have updated charts outlined. Q monetary policy. The course was an excellent and A session was good.” opportunity for Economics teachers to gain “Very informative and provided great graphs. valuable up to date information to share with Speaker very knowledgeable.” their 2015 HSC Economics students. Some “High quality information.” feedback received from participants about this NSW Board of Studies, Teaching and EBE members can access material from this Educational Standards (NSW BOSTES) course from the members section of the EBE accredited course included: website.

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2015 EBE NSW CPA Plan Your Own Enterprise Competition NSW Awards Ceremony – 7 October 2015 EBE NSW recognised the Plan Your Own Enterprise ( PYOE) NSW winners at our annual NSW awards ceremony on 7 October 2015 at the Sydney office of CPA Australia together with Ms Julie Chessman, Senior Relationship Manager, NSW, CPA Australia. At the ceremony, prizes and certificates were awarded to the NSW student winners and their schools. Parents Jennifer Xu (far left) and Vanshika Virmani (third from left) - winners of were in attendance as well to celebrate the the 2015 NSW PYOE Competition (Division 2) accepting their awards success of their child, as well as teachers. at the 2015 EBE NSW CPA Plan Your Own Enterprise Competition Congratulations to the following winners and NSW Awards Ceremony (7 October 2015) with Joe Alvaro - EBE NSW President (second from left ) and Julie Chessman – CPA Australia their teachers from NSW: (fourth from left)

Eureka Café Srishti Jain Hurlstone Agricultural High School, Teacher: Ms Elizabeth Johnson

Forever I do Tanisha Lafitani Loreto Normanhurst, Teacher: Mr Matt Kohlhagen

Grey Nomad Alivia O’Connell Joshua Spicer (far left) – winner of the 2015 NSW PYOE Competition Loreto Normanhurst, (Division 1) accepting his award at the 2015 EBE NSW CPA Plan Your Teacher: Mr Matt Kohlhagen Own Enterprise Competition NSW Awards Ceremony (7 October 2015) with Joe Alvaro – EBE NSW President (middle) and Julie Chessman – CPA Australia (far right). Intergenerational Solutions Division One (Individual entry) – Joshua Spicer, Joshua Spicer Rose Bay Secondary College for his business Rose Bay Secondary College, plan “Intergenerational Solutions” Teacher: Mr Philip Horrell Teacher: Mr Philip Horrell. Division Two (Group entry) – Vanshika Virmani & Jennifer Xu, Hornsby Girls High School for their business plan “Lemon Myrtle” Teacher: Ms Stephanie Boden. The 2015 PYOE NSW Competition finalists were: Division One – Delamash Shamal Deolekar Asquith Girls High School, 2015 EBE NSW CPA Plan Your Own Enterprise Competition NSW Awards Ceremony – 7 October 2015 Teacher: Mr Russell Lewis

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PYOE NSW finalists at the 2015 EBE NSW CPA Plan Your Own Enterprise Competition NSW Awards Ceremony – 7 October 2015 Mansion Mates Division Two – Adam Beverley Classic Vibes Masada College, Jinaho Huang, Dean Chen & Jimmy Yip Teacher: Mrs Robyn Grana Sydney Boys High School, Teacher: Mr Tom Dolan Mattana-ty Business Plan Emmanuelle Mattana Elk Blu Business Plan Sydney Girls High School, Kevin Zhang, Lucas Wong, Eddy Xiong & Teacher: Mr Scott Sinclair Michael Yang Sydney Boys High School, Pink Lady Taxis Teacher: Mr Tom Dolan Charlotte Johnson Loreto Normanhurst, Lemon Myrtle Teacher: Ms Rebecca Lee Vanshika Virmani & Jennifer Xu Hornsby Girls High School, The Secret Spot Application Teacher: Ms Stephanie Boden Madelina Kalpou Inaburra School, Midlife Leverage Teacher: Mr Michael McGovern Teah Fulton, Joy Chayna & Holly Waples Illawarra Christian School, Yogalive Teacher: Cheryl Brennan Marissa Guan Sydney Girls High School, Shuffle My Schedule Teacher: Mr Scott Sinclair Madison Allan, Chrissy Burjan & Sophia Costantino MLC School, Teacher: Mrs Allison McCulloch

12 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 EBE NSW News

Thank you to all the students who entered the competition this year and the teachers who inspired and encouraged their students to enter this prestigious competition. Each student who participated received a Certificate of Participation signed by Mr Graeme Wade FCPA – President CPA Australia and Mr Tony Kuc, President Business Educators Australasia. Thank you to our EBE NSW Director, Nicholas Ward, for taking on the role of PYOE NSW Coordinator this year and for all his time and effort in ensuring the competition in NSW was a success.

2015 EBE NSW CPA Plan Your Own Enterprise Competition NSW Awards Ceremony – 7 October 2015

2015 EBE NSW CPA Plan Your Own Enterprise Competition 2015 EBE NSW CPA Plan Your Own Enterprise Competition NSW Awards Ceremony – 7 October 2015 NSW Awards Ceremony – 7 October 2015

2015 EBE NSW CPA Plan Your Own Enterprise Competition 2015 EBE NSW CPA Plan Your Own Enterprise Competition NSW Awards Ceremony – 7 October 2015 NSW Awards Ceremony – 7 October 2015

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2015 EBE NSW CPA Plan Your Own Enterprise Competition 2015 EBE NSW CPA Plan Your Own Enterprise Competition NSW Awards Ceremony – 7 October 2015 NSW Awards Ceremony – 7 October 2015

2015 CPA Plan Your Own Enterprise EBE NSW Field Trip for Teachers – Competition National Awards CHOICE Lab and Testing Facility Ceremony – 14 October 2015 Guided Tour – 23 September 2015 The NSW Division 1 winner, Joshua Spicer, A group of Business Studies and Commerce represented NSW at the national PYOE awards teachers participated in a CHOICE Lab and ceremony in Melbourne on 14 October 2015. Testing Facility Guided Tour on 23 September Whilst Joshua did not return to NSW as the 2015 at CHOICE (57 Carrington Road Marrickville national winner, he is to be congratulated for his NSW). During this experiential professional tremendous progress in the competition. development course, participants increased their The individual category at the national level understanding of how CHOICE (the public face of was won by Jonathan Nagappa of Christ Church the Australian Consumers’ Association) protects Grammar School in WA. His business idea was consumers as a non-legal mechanism and how SurfScout, a remote controlled drone service to CHOICE tests hundreds of products each year. spot sharks and keep Australia’s swimmers safe. Mr George Perry (Director Commercial and Finance) spoke to participants about the work The group category at the national level was of CHOICE and answered questions. Participants won by Harrison Wallace, Peter Mercado and were then able to tour the CHOICE labs under the Robert Jiang from The Hutchins School in guidance of Mr John Ashes, Facilities Manager Tasmania. Their business, The Tapas Truck, (Manager of Labs). Labs visited included the provides affordable Spanish food to Hobart CHOICE Kitchen Lab, CHOICE Computer Lab, residents. EBE NSW congratulates the 2016 CHOICE Small Appliances Lab, CHOICE Toy Lab, PYOE national winners. CHOICE Refrigerator Lab, CHOICE TV Lab, CHOICE Business Studies and Commerce teachers are Small Appliances Lab and the CHOICE Laundry encouraged to plan to have their students Lab. Participants also took away some resources experience the competition in 2016. The PYOE to assist them in their classrooms. competition provides the important bridge Some feedback received from participants between theory and practice, not to mention included: increased student engagement in the learning process. “Very informative presenters.” “John and George were fantastic. They were very EBE NSW thanks CPA Australia for their informative and thorough.” continuing support of this competition. Congratulations to all the winners! “Really interesting tour and information about Choice magazine. An interesting look at the testing facilities.”

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“Great to see the whole process. Well organised. School newsletter item about Thanks Joe and EBE! Thank you to George and the EBE NSW Field Trip for John. Very beneficial.” Teachers – CHOICE Lab and “Some great insights into the testing that is Testing Facility Guided Tour held carried out and the regulations that CHOICE on 23 September 2015 must comply with.” The following report by Mr Alex Abbey who Participants will be able to improve student teaches at Red Bend Catholic College (Forbes, learning outcomes in relation to the consumer NSW) and who attended the EBE NSW Field Trip rights aspect of financial literacy as a result of for Teachers – CHOICE Lab and Testing Facility attending this course. CHOICE is an important Guided Tour, held on 23 September 2015, is non-legal mechanism. Although government from the Red Bend Catholic College newsletter regulations exist, they do not cover everything. (dated 30 October 2015) Manufacturers and sellers are not always honest and do not always act in the interests Red Bend Teacher on a Choice Professional of consumers. Therefore it is critical that Development an organisation like CHOICE is monitoring by Mr Alex Abbey, HSIE Teacher activities in the commercial world and holding On Wednesday 23 September 2015, businesses accountable on behalf of consumers. Commerce, Business Studies and Economics EBE NSW thanks the staff of CHOICE for Teacher Mr Alex Abbey attended a workshop working with EBE to organise this professional organised by the Economics and Business development event, in particular Mr George Educators NSW (EBE NSW) at the premises of Perry and Mr John Ashes. If you have any the Australian Consumers Association (ACA), suggestions for EBE NSW field trips in 2016, publishers of Choice Magazine in Marrickville, please email [email protected] Sydney.

Participants at the EBE NSW Field Trip for Teachers, including Mr Abbey (second from right) – CHOICE Lab and Testing Facility Guided Tour held on 23 September 2015

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Mr Abbey is a voting member of the ACA more our teachers and students take part in and has used Choice magazine as a resource such activities, the less of a disadvantage our in his Business Studies, and especially in his students are placed at compared to our city Commerce classes, for 25 years. It wasn’t cousins due to relative isolation. surprising then that he welcomed the A tour of the iconic testing laboratories might opportunity to tour through the famous even form the basis of a future excursion for testing laboratories during the recent school our Commerce, or even Business Studies, holidays. Legal Studies or Economics students, as a way Following an informative introductory and of highlighting to our students the important Q & A session, Mr Abbey and eight Sydney- advocacy and “watchdog” role of Choice based teachers then spent several hours magazine. learning first-hand how computers, kitchen Mr Abbey would like to thank the staff of appliances, stoves and ovens, barbecues, toys, Choice magazine, as well as Mr Joe Alvaro, cots, infant high chairs, prams and strollers, President of EBE NSW, for organising and refrigerators, coffee machines, televisions, accompanying the group of teachers. It is washing machines and dishwashers are hoped that these teacher workshops continue impartially tested. into the future and EBE and Choice are to be Mr Abbey is strongly of the view that the congratulated on this initiative.

EBE NSW Professional Development Event – “Legal Update Conference” – 9 October 2014

EBE NSW held its annual Legal Update – Daniela Giorgi, Civics and Citizenship Officer – Conference at the law making institution in NSW Parliament House our state, NSW Parliament House, on 9 October Native Title and the Role of the National Native 2015. This NSW Board of Studies, Teaching and Title Tribunal – Rob Powrie, Practice Director– Educational Standards (NSW BOSTES) endorsed National Native Title Tribunal PD event enabled participants to hear from the following experts in the legal world speak on Resolving Disputes with the State: The Role of the following topics: the Commonwealth Ombudsman – Mr Rodney Lee Walsh, Senior Assistant Commonwealth Challenges to the Rule of Law in Australia Today Ombudsman – Barrister Dominique Hogan-Doran The new Bail Act – Nick Clark, Chief Executive Women’s Shelters and Access to Justice – Officer – Rule of Law Institute of Australia Annabelle Daniel, CEO – Women’s Community Shelters Using Non-Legal Mechanisms to Achieve Justice for Victims – Howard Brown, OAM, Vice- The NSW Parliament: Ideas and Resources President – Victims of Crime Assistance League for Teaching about the Democratic Process (VOCAL)

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2015 EBE NSW Legal Update Conference delegates in the NSW Legislative Council (NSW Parliament House) Participants were able to increase their understanding of the concepts and terms in the BOSTES NSW Commerce and Legal Studies syllabuses, as well as develop their teaching strategies. There were also a number of exhibitors from various organisations and opportunities to network with other teachers. Conference evaluation forms indicate that participants found this conference to be very valuable and useful: “Good linking of syllabus dot points to concrete Annabelle Daniel, CEO – Women’s Community Shelters examples.” speaking at the 2015 EBE NSW Legal Update Conference “Excellent – great to have that connection with a practising barrister.” “It was great to gain a personal tour of the “Useful to understand the role of women’s Parliament House and Legislative Assembly. shelters. Most useful information was discussion Can relate to it better.” on effectiveness of the services available and “Very detailed, relevant – and recent! In-depth statistics of women’s issues.” case examination very helpful. Q and A very helpful.” “Outstanding and comprehensive.” “Feel I know the Bail Act (new) so much better now as it was explained in close detail.” “Passionate speaker – liked the practical examples.” Some of the material from the conference is available for conference delegates on the EBE Barrister Dominique Hogan-Doran speaking at the 2015 EBE NSW website. NSW Legal Update Conference

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2015 EBE NSW Legal Update Conference delegates in the NSW Legislative Assembly (NSW Parliament House) EBE NSW thanks the following supporters of this • Bookminders Australia event: Thank you also to Wilkinson Publishing Pty Ltd • Rule of Law Institute of Australia and Slater and Gordon Lawyers who provided • HarperCollins Publishers for providing copies each conference delegate with a copy of the of “A Mother’s Story” by Rosie Batty with book – “Know Where You Stand – Divorce, Bryce Corbett for “Lucky Door Prizes” session. Separation, De Facto Relationships and the • Cambridge University Press Family Law System” by Ian Shann.

2015 EBE NSW Legal Update conference delegates participate in a role play in the NSW Legislative Assembly (NSW Parliament House)

18 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 EBE NSW News

Rob Powrie, Practice Director–National Native Title Tribunal Howard Brown, OAM, Vice -President -Victims of Crime speaking at the 2015 EBE NSW Legal Update Conference Assistance League (VOCAL) speaking at the 2015 EBE NSW Legal Update Conference

Nick Clark, Chief Executive Officer – Rule of Law Institute of Conference delegates networking at the 2015 EBE NSW Legal Australia speaking at the 2015 EBE NSW Legal Update Conference Update Conference

Conference delegates talk to resource exhibitors at the 2015 EBE NSW Legal Update Conference

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 19 EBE NSW News

EBE NSW Rural Professional HSIE Advisor 7–12 Learning Development Event – and Leadership – Secondary Teaching the HSC Course (Year Education, NSW Department 12) in Business Studies or Legal of Education attends EBE NSW Studies for the first time? Board of Directors’ meeting – – 24 October 2015 19 October 2015 EBE NSW President Joe Alvaro and EBE NSW Ms Jennifer Curtis, HSIE Advisor 7-12 – Learning Vice – President Cheryl Brennan travelled to and Leadership – Secondary Education from Wagga Wagga to conduct the “Teaching the NSW Department of Education attended the HSC Course (Year 12) in Business Studies or EBE NSW Board of Directors meeting held on 19 Legal Studies for the first time?” professional October 2015 and provided Directors with an development course at Kooringal High School. update in relation to: This NSW Board of Studies, Teaching and • Department of Education curriculum Educational Standards (NSW BOSTES) support restructuring endorsed PD event was run in association • HSC Online website with the Riverina Social Science Teachers • The “hsiensw.com” website and newsletters Association. The event was also open to • BOSTES NSW position in relation to the teachers who wanted a refresher course. Australian curriculum Participants were able to hear about effective teaching and learning strategies designed to • “International Studies” course. engage students, current developments in Thank you to Ms Curtis for attending the Board their subject area and assessment procedures meeting and updating Directors. Ms Curtis is and techniques. Teachers also received some happy to respond to queries or provide advice: teaching and learning resources to take back [email protected] to their classroom. Some feedback received from participants included: “This was great to talk to other teachers and discuss their ideas. It was great to see that you are on the right track with things or better way to do things.” Books for Review EBE NSW welcomes books for review. “Very well presented. Enjoyed receiving Please send books to: resources and will make good use of them.” EBE NSW “Continue to bring events to regional areas.” 3B Smalls Road EBE NSW thanks the following supporter of this RYDE NSW 2112 event: • The Big Issue Australia

20 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Economics and Business News Bites Compiled by Joe Alvaro, Marist College North Shore

Angus Deaton wins 2015 Nobel Prize understand those who live on less than a dollar in Economics a day. Through his research, often with the World Bank, he has been a first-hand witness to the decline of extreme poverty in recent decades. * Reference: “Angus Deaton wins 2015 Nobel prize in Economics” by Jeff Guo in The Sydney Morning Herald, 13 October 2015 http://www. smh.com.au/world/angus-deaton-wins-2015- nobel-prize-in-economics-20151012-gk7dwn. html#ixzz3qtqj3rGf (accessed on 8 November 2015)

Professor Angus Deaton appears on screen as the winner of the * Syllabus link: BOSTES NSW HSC Economics Nobel Prize for Economics at the Royal Swedish Academy of Science, Syllabus (2009) – Topic: “The Global Economy” in Stockholm. Photo: AP

Angus Deaton, a professor at Princeton, has Domino’s to expand its French won the Nobel prize in economics for his network research into how people rich and poor make Australian fast food business Domino’s has decisions about what to buy and how much to strengthened its beachhead in Europe by save. Recognising Deaton for his “analysis of buying Pizza Sprint, a chain in Western France consumption, poverty, and welfare,” the Nobel with 89 stores, for 35 million euro ($A54.87 prize committee cited his diverse contributions million).The deal gives Domino’s a total of 330 to the study of consumer spending, stores in France and 1500 across Europe. with particular attention to the world’s * Reference: “Aussie pizzas invade France”, poorest. Deaton has changed how economists The Daily Telegraph, 15 October 2015 think as well as how they conduct their research — helping bridge the divide between those * Syllabus link: BOSTES NSW HSC Business who study the choices of individuals and those Studies Syllabus (2009) – Topic: “Marketing” who study the greater economic forces that shape countries. Asked about the refugee crisis sweeping Europe, Deaton expressed sympathy for those who have been uprooted by poverty and war. “What we’re seeing now is the result of hundreds of years of unequal development in the rich world, which has left a lot of the world behind,” he said. Deaton’s efforts surveying poor households — measuring malnutrition, living standards, and whether parents discriminate between boys and girls — has helped economists better Image source: www.pontchateau-saintgildasdesbois.com

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 21 News Bites

Movement friendly workplaces More than 95% of adults are classified as being inactive according to World Health Organization guidelines. The minimum recommendation is to accumulate at least 150 minutes of moderate intensity physical activity each week. The biggest hurdle, however, is time. Work hours alone make up 60% of people’s total working hours. The modern office is an inactivity trap. Between 65% and 75% of office working hours are spent sitting. Changing the office environment can help. One strategy is standing desks. The evidence that standing for periods throughout the day is beneficial for health has now been measured in a number of different scientific studies. In Scandinavian countries 90% of office workers have desks or workstations that can be used in either a standing or sitting position. Other strategies to create “movement friendly” spaces include the placement of kitchens, toilets, meeting rooms, stairs and lifts in areas requiring greater physical activity to get to and use. * Reference: “The sedentary office” by Professor David Cameron-Smith in Choice Health Reader, Volume 21, No.7, September 2015 * Syllabus link: BOSTES NSW HSC Business Studies Syllabus (2010) – Topic: “Human Standing desks are not a recent invention – Portrait of Elijah Resources” Boardman by Ralph Earl 1789. Image source, Wikimedia Commons: https://commons.wikimedia.org/wiki/File:Earl_Ralph_Elijah_ Boardman.jpg

22 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Legal News Bites Compiled by Joe Alvaro, Marist College North Shore

Miscarriage of justice and inmates. Cigarettes, tobacco and smoking- related items such as matches, lighters and The state of New South Wales has been ordered e-cigarettes will be confiscated and treated like by the Supreme Court to pay $4 million, plus other contraband. CSNSW Commissioner Peter legal costs, for malicious prosecution of a woman who was wrongfully convicted of Severin said common areas in prison buildings soliciting to murder her husband. Roseanne are already smoke free and the ban was now Beckett spent more than 10 years in jail being extended to include inmate cells and after being found guilty of plotting to kill outdoor areas. her husband Barry Catt and perjury but her * Reference: Media release from NSW convictions were later overturned on appeal. Government (Justice – Corrective Services) – Ms Beckett, from Wollongong, was released “NSW prisons smoke free” – 9 August 2015 from jail in 2001, when new evidence came to * Syllabus link: BOSTES NSW HSC Legal Studies light in the case. Syllabus (2009) – Topic: “Crime” * Reference: http://www.abc.net.au/news/2015- 11-10/nsw-government-ordered-to-pay-$4m- Arnott’s pays $51,000 for alleged over-beckett/6926520 (accessed on 13 December 2015) misleading claims about the saturated fat content of Shapes * Syllabus link: BOSTES NSW HSC Legal Studies Syllabus (2009) – Topic: “Crime” Arnott’s Biscuits Ltd (Arnott’s) has paid penalties totalling $51,000 following the issue of five infringement notices by the Australian Competition and Consumer Commission relating to representations made by Arnott’s about its Shapes Light & Crispy product. Arnott’s also provided a court enforceable undertaking to the ACCC. Arnott’s represented on the packs of four varieties of Shapes Light & Crispy and a multipack between October 2014 and July 2015 that Shapes Light & Crispy contained “75% less saturated fat” than Arnott’s’ original Shapes biscuits, when in fact Image source: https://commons.wikimedia.org/wiki/ it contained approximately 60 per cent less File:Papierosa_1_ubt_0069.jpeg saturated fat than original Shapes. NSW prisons now smoke free * Reference: Media release from the Australian Smoking is now banned in all NSW correctional Competition and Consumer Commission – centres, reducing the harmful effects of tobacco “Arnott’s pays $51,000 for alleged misleading smoke on hard-working prison staff. Corrective claims about the saturated fat content of Services NSW (CSNSW) has been planning the Shapes” – 23 November 2015 transition to the new, healthier policy for more * Syllabus link: BOSTES NSW HSC Legal Studies than 12 months, with the involvement of staff Syllabus (2009) – Topic: “Consumers”

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 23 CommBank Teaching Awards 2015 Bronwyn Hession, Director – EBE NSW

It seems that there are still very few opportunities to encourage and recognise outstanding teachers. Innovative practices, quality pedagogies, inventive use of technologies, as well as passion, commitment, diligence, and impeccable professionalism are required of all members of the teaching profession, but their practice is seldom recognised and celebrated by the community as a whole.

The Commonwealth Bank has for some years a range of positions including store manager now provided an opportunity for teachers to and marketing manager. Clearly this experience enhance their capabilities in developing and enabled him to envisage a very special learning delivering engaging evidence based programs opportunity for his students. Practical application in schools that are designed to strengthen of financial knowledge and skills to real world students’ financial literacy. The Commonwealth situations was upmost in his mind. Bank Teaching Awards provide grants for Grant launched a café at Alesco to help his teachers to develop and deliver an evidence- students develop literacy skills in a practical based financial education program to develop and interactive environment. His students students’ understanding of how to effectively work collaboratively to run the café and learn manage money. The programs are required to and apply practical money and business encompass the application of knowledge and management skills that set them up for life. They skills to real world situations. learn about customer service, commercial and The awards are open to all teachers in business decision-making and how to deal with Australian schools, K–12. the public. Grant said these experiences help build each student’s confidence. Many of Grant’s The application process is rigorous and the students are considered to be ‘at risk’, perhaps competition is strong. The judging panel includes of not completing school or finishing their education experts from schools, curriculum studies. So engagement of every student and the authorities as well as Commonwealth Bank relevance of their learning for life after school is senior staff. A clear marking rubric based on the very important. application criteria guided the panel’s decisions. Grant’s program complements the curriculum In 2015, fifteen outstanding award recipients for Retail, Hospitality and Business Studies. were recognised and celebrated at an awards Assessment of students’ competencies in these celebration in Sydney. Some insights into two areas reinforces the need for every student to be of these recipients and their award winning involved and to achieve. As a result of his award, programs are provided below. Grant hopes to expand the café program in 2016. GRANT DENNIS, The possibility of a mobile coffee cart is currently ALESCO SENIOR COLLEGE, the subject of a feasibility study by Grant and his students. NEWCASTLE In addition to receiving a grant award, Grant won Grant is a teacher of Mathematics the ‘Speciality Award’ category which recognises and Retail at the college. Prior quality programs that focus on meeting the to becoming a teacher, Grant worked in the needs of a particular group of students through retail industry for twenty two years, operating relevant and engaging ‘specialty’ activities. several franchises during that time and holding

24 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Commbank awards

Well done Grant and the students at Alesco students and Year 6 students from the feeder Senior College, Newcastle. A thoroughly well school nearby. This involved collaboration deserved award. and support from the Commonwealth Bank’s education team and focused on financial literacy TERRIE FRANKLIN, and money management knowledge and skills MERCY CATHOLIC development. Terrie’s extensive teaching career in teaching Economics, Business Studies and COLLEGE, CHATSWOOD. Commerce has enabled her to build particular This grant application had two expertise in utilising effective pedagogies to components. Terrie’s vision is strengthen students’ financial literacy. to use her grant to establish a ‘Finance Hub’ Terrie believes that the mentoring of her for young women that will foster Australia’s Commerce students by successful female next generation of female business leaders. business leaders will add considerable value to The hub will enable connections between the outcomes of the program. She hopes that established and successful women in business the experiences supported by the grant will act and Commerce students – ‘a mentoring as catalysts to change the habits of students in relationship’. A unique feature of Terrie’s relation to money management – encouraging plan was also to connect her secondary students to take more responsibility for their own Commerce students with a K–6 feeder school learning and to be more financially aware and in Chatswood. Terrie’s students will utilise financially literate. innovative technologies to design, create and present a multimedia storybook on financial Terrie was delighted to receive an additional literacy for students at Our Lady of Dolours award, the Technology Award, for her Storybook Catholic Primary School. initiative. Terrie told EBE NSW that she learnt about the award opportunity at the 2014 EBE Terrie’s approach to the 2015 CommBank grant NSW Annual Conference. We commend Terrie for application was to build on a 2014 ‘Storybook her initiative and look forward to updates about project’ that involved Year 9 Commerce her innovative Finance Hub.

EBE NSW Helpdesk

Need help teaching a syllabus dot point or information about teaching and learning resources? EBE NSW Directors are available for advice and assistance to members in relation to the teaching and learning of Business Studies, Commerce, Economics and Legal Studies. Email: [email protected]

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 25 Improving extended response writing in Stage Five Commerce using ALARM Written by: Nick Ward (Ryde Secondary College) Reviewed by: Max Woods (Freshwater Senior Campus) A Learning and Response Matrix (ALARM) is a learning tool for students to consolidate their knowledge, and respond to not only extended response questions but also all the various levels of questions. ALARM has improved students’ comprehension of concepts and enhanced the quality of their extended responses.

The ALARM framework was developed by the relationship between the components of Max Woods, a dedicated ESL teacher from the concept? Freshwater Senior Campus. Its success at his • Critically Analyse – What are the positives school has seen it being introduced into a and negatives of each component/feature or number of subjects, within a range of secondary the concept? schools in New South Wales. There is an active • Evaluate – Make a judgment of each Edmodo group for ALARM with over 786 component/feature or of the concept. members. How effective is it at achieving it? This discussion will look at the use of ALARM Below is an example of the use of ALARM with with year ten Commerce. It was used as part the concept of a Modern Awards. of Core Part 2.2 Employment Issues, with one of the main concepts of the topic – types of Name and Define employment contracts. A modern award is a contract, which has the The first part of ALARM is the learning where minimum employment standards. the students are taught a concept, for example Describe Modern Awards. With this concept, students The contract sets out the minimum wage, hours allocate it under a gradation of learning skills. of work, allowances, leave, superannuation, • Name and Define – What is the textbook and redundancy entitlements for employees definition of the concept and the areas in each industry or occupation. There are 123 under consideration (the components)? Modern Awards in Australia, with one for most • Describe – What are the features/ occupations and industries. characteristics of each of the components Explain Significance and what are the features/characteristics of All Modern Awards are created and modified by the concept? the Fair Work Commission, as set out in the Fair • Explain Significance – What is the purpose/ Work Act 2009. They are designed to provide a intention of each component? What is its fair minimum safety net, by taking into account cause, and effect of the concept? relative living standards, and the needs of • Analyse/Discuss – What are the positives the low paid. It is also designed to promote and negatives of the concept and what is social inclusion through increased workforce

26 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Stage 5 Commerce

participation and provide remuneration for colleagues. This may result in poor work ethic employees working overtime, unsocial, and/or and poor quality output. irregular hours. Evaluate Analyse/Discuss A Modern Award is advantageous for people An advantage of a Modern Award is that it sets who struggle to negotiate because they are not a minimum wage and conditions, it covers disadvantaged through individual bargaining all employees performing a similar job, and it with an employer. If they did individually protects employees from exploitation. However, bargain, they would most likely experience it is inflexible, as it may not suit all employees. It difficulty, and it would only benefit those who prevents recognition of individual initiative as could represent themselves best, rather than all employees receive the same pay. those who can do the better job. Critically Analyse The above example shows how a concept of A Modern Award ensures that all people are a Modern Award can be expanded through treated consistently, regardless of their ability ALARM. This information can also be put into an to negotiate with their employer. However, ALARM table, such as the one below. Note, this with all employees on the same pay, there is no is a simplified matrix. There are further examples incentive for them to perform better than their with prompting headings on the Edmodo ALARM group.

Critically Name and Explain Analyse/ Describe Analyse Evaluate Define Significance Discuss +’s And/Or –’s Modern Award Enterprise Agreement Common Law Contract

This scaffold allows students to start with the sections of the matrix. That is, students can get lower order conceptual learning skills of naming this information from the textbook/s. Students and defining, then describing the characteristics can be told that they are not learning up to and then providing an explanation of a Modern and including the discuss part, rather they are Award. They may then learn to discuss how a just regurgitating information. Once students Modern Award works to achieve its objective. start to critically analyse and evaluate, students Once these levels of content are achieved the are thinking for themselves. They are making students then learn to discuss the positives their own judgments, based on the previous and/or negatives of a Modern Award. From components. This is emphasised to the students, this discussion, students are enabled to learn that you cannot make a judgment if you don’t how to evaluate – that is, make a judgment of critically analyse, and you cannot critically the effectiveness of a Modern Award. This is analyse if you do not analyse/discuss, and you the first part of ALARM, the consolidation of cannot discuss if you do not explain, you cannot the learning. This may be done in class and/or explain if you do not describe, and you cannot revision for various levels of questions including describe if you do not know what it is. extended responses. The second part of ALARM is the responding, As Max Woods notes, the content is taught in the that is turning the scaffold into, in this case, an name and define, describe, explain and analyse extended response. When students are given a

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 27 Stage 5 Commerce

question on a concept, for example a Modern standards. The contract sets out the Award, students use what they have learned to minimum wage, hours of work, allowances, justify their responses. One of the functions of leave, superannuation, and redundancy the verb in a question is to distinguish the level entitlements for employees in each industry of information to either be learned or to provide or occupation. There are 123 Modern in a response. For example: Awards in Australia, with one for most occupations and industries. All Modern Define a Modern Award Awards are created and modified by the Fair Students learn and provide the name and Work Commission, as set out in the Fair Work define section. Act 2009. They are designed to provide a fair Describe a Modern Award minimum safety net, by taking into account Students learn and provide the name and relative living standards, and the needs of define section, and then features/characteristics the low paid. It is also designed to promote in the describe section. They may also provide social inclusion through increased workforce examples at this stage. participation and provide remuneration for employees working overtime, unsocial, and/ Explain a Modern Award or irregular hours. Students learn and provide the name and define, describe and then the purpose/function/ The advantage of a Modern award is role in the explain section. that it establishes a minimum wage and working conditions. It covers all employees Analyse/Discuss a Modern Award performing a similar job, and it protects Students learn and provide the name and employees from exploitation. However, it is define, describe, explain and explain how it inflexible as they may not suit all employees. works in the discuss section. Additionally, they prevent recognition of Critically Analyse a Modern Award individual initiative as all employees receive the same pay. Students learn and provide the name and define, describe, explain, discuss and explain Furthermore, with all employees on the how it is positive and/or negative in the critically same pay, there is no incentive for them to analyse section. perform better than their colleagues. This may result in poor work ethic and lower Evaluate a Modern Award quality of output. However, it does ensure Students learn and provide the name and that all people are treated consistently, define, describe, explain, discuss, critically regardless of their ability to negotiate with analyse and explain to what extent it is effective their employer. in the evaluate section. A Modern Award is advantageous for Note: If the question is ‘evaluate’, it is best to people who cannot negotiate because they put the evaluation first as a topic sentence or are not disadvantaged through individual introduction and last as a conclusion or link to bargaining with an employer. If they did the question, so the reader clearly knows the individually bargain, they would most likely premise and its justification. experience difficulty, and this situation A sample response to “evaluate a Modern would only benefit those who could Award” could be: represent themselves best, rather than those who can do the better job. A Modern Award is advantageous for employees, who struggle to negotiate, If the question was “discuss a Modern because they are not disadvantaged Award”, students would leave out the last through individual bargaining with an paragraph. That is the beauty of ALARM, its employer. A Modern Award is a contract, flexibility can be used for different levels of which has the minimum employment questions.

28 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Stage 5 Commerce

An effective method for students to check they 3. Next students were given the question have enough information for each part of the “assess the three types of employment matrix is for students to highlight the different contracts in Australia to determine the most sections in different colours. For example, name appropriate contract for a worker (cleaner) and define in blue, describe in yellow, explain who has limited English speaking skills.” in pink, etc. This visual representation allows Students were instructed to construct a high students to see what parts of their responses quality response, even if it took all lesson. are strong, and which sections need additional 4. Then students were given the model matrix information. below. The introduction (paragraph one), The way ALARM was introduced to year ten and the Modern Award (paragraph two) had Commerce was: already been prefilled. All students had to do was complete the matrix for enterprise 1. First, students were taught the different agreement (paragraph three) and common types of employment contracts - Modern law contract (paragraph four). Then they Awards, enterprise agreements, common were to write a conclusion into the white law contracts in a previous lesson. cells. 2. Then students were taught what ALARM was 5. Once the matrix was filled, students put the – not all students understood this initially. information into an extended response. This The class went through the concept of was done for homework. higher order thinking, and the general mark value of verbs – that is a definition is usually 6. In the next lesson, students swapped their two marks, an explain four marks while an extended response with the person next to evaluate perhaps ten marks. The class had them. They highlighted the different parts in a discussion of why there were different different colours. For example, the name and levels of mark allocations for different verbs. define in blue, the describe in yellow, the A good activity is to get students to put the explain in green, etc. verbs in order of complexity. This generates The simple matrix looks like this: an interesting discussion.

Paragraph 1: Introduction Name and Explain Analyse/ Critically Describe Evaluate Define Significance Discuss Analyse Paragraph Modern Award

Paragraph Enterprise Agreement

Paragraph Common Law Contract

Paragraph 5: Conclusion

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 29 Stage 5 Commerce

If you are going to trial ALARM, the strong ALARM is an effective structured tool for advice is to first have a sample response. For students to consolidate their learning and example, with the question of “assess the three respond to extended response questions. types of employment contracts in Australia At Ryde Secondary College it had already to determine the most appropriate contract been successfully implemented into other for a worker (cleaner) who has limited English teachers’ classes. When it was trialed with year speaking skills”, the Modern Award was ten Commerce, there was an improvement in prefilled. This model allowed students to see the quality of students’ responses. The benefit what was exactly required in each section. If this of ALARM is that it is a highly structured is not done, students will get confused about way to respond to a question – which the the whole matrix. students prefer. It is also a great study tool, and when students respond to a question they ALARM can also be used as a tool for online understand the process logically and ask: ‘have collaboration. In Option 11 – Running a I done the name and define?, have I done the Business, students learn about the appropriate describe?, have I done the explain?, etc’ – some structures for businesses − sole trader, students do a small checklist on the side of the partnership, private company, and incorporated response. association. To teach this, students were given the following scenario question: One of the major advantages of ALARM is when it is implemented throughout the school. Felix is a qualified electrician. He starts his At Ryde, it is currently being employed in year own part-time business, doing jobs on ten PDHPE, PASS and Geography, and stage customer premises and at his workshop. His six Legal Studies and Economics. This common expected turnover is $40,000 per year and language across the curriculum ensures he currently works alone. Evaluate the most students grasp the language and the levels of appropriate business structure for Felix. learning and responding skills. Students in groups completed the ALARM template on a shared Google Doc. Students References were allocated a business structure (e.g. ALARM YouTube Channel – sole trader), and just completed the ALARM https://www.youtube.com/channel/UCc6n- template row for that legal structure. Once 6CYip76qIUQdsqyIeA students had completed their ‘row’ on the ALARM template, they then converted this into ALARM Website – http://alarm.strikingly.com/ an extended response paragraph on another ALARM Edmodo Group – Google Doc. At the end of the lesson, students email [email protected] had completed an ALARM template, evaluating for the current group code the various business structures and completed an extended response. This modeled students’ Information about Modern Awards was responses to others, allowed collaboration and sourced from the Australian Fair Work integrated ICT into the classroom. Commission.

30 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Protection and its Impact on the Australian Automobile Industry Duc Nguyen and Tony Stokes, Australian Catholic University

This paper will identify the key arguments for protection, the main types of protection in use around the world and will analyze the effects of lowering protectionist policies in the Australian automobile industry.

Protection, in the context of international trade, that domestic industries should be supported can be considered the governmental practice while in their infant stages to allow it to develop of safeguarding domestic industries against to an extent that enables it to be competitive foreign competition. This is achieved through nationally then international, through the policies that give an advantage or promotes gradual reduction of protectionist measures. consumption of domestically produced goods To illustrate this argument, consider Figure over foreign competitors (Kessler 2010, p.243). 1 whereby non-Organisation for Economic Nations have protectionist mechanisms in place Cooperation and Development (OECD) for various self-interest or state driven rationality countries set high tariffs in the early stages of such as; saving domestic jobs, taxation revenue, their industrial development to compete with competing against cheap foreign labor, reducing the already established industries of OECD trade deficits, self-interest political reasons countries. For example, China and Thailand and to penalize lax environmental standards set their tariff rates at 24% respectively in 1996 (Pugel 2012, p. 198). The main argument for to foster their domestic car manufacturing protection is that it is good for the nation as industries and applying this argument, they it facilitates in the country’s efforts to address gradually reduce the percentage of tariff to 16% market shortcomings, distortions, and failures and 17% respectively in 1999, in effect forcing and achieve objectives other than economic the domestic industries to mature and become efficiency (Pugel 2012, p. 199). However, there more efficient to compete internationally. are further ‘strategic’ arguments for protection Figure 1: Tariff reductions non-OECD of certain domestic industries, which vary countries depending upon the interest base group that advocates for protectionist measures of governmental policies, therefore, this paper will focus on the three main types of protectionist measures commonly used throughout the world. The first main argument for protection is the infant industry argument. Advocates for this type of protection claim that new industries within the domestic market should be protected or provided with assistance, usually in the form of Source: Michael Emmery, Industry policy in Australia Research Paper tax breaks or subsidies or tariffs or a combination 3, 1999-2000, Economics, Commerce and Industrial Relations Group of all, to foster the industry it in its ‘infant’ stages 21 September 1999. due to the economies of scale already achieved Header image source: http://resources1.news.com.au/ by existing foreign competitors. They reason images/2013/04/09/1226615/441677-holden-worker.jpg

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 31 Economic policy

The second main argument is the prevention Productivity Commission’s report presented in of dumping or counteracting dumping. This Table 1. The data presented demonstrates the argument calls for the protection of domestic Australian Government’s response to dumping industries that are adversely exposed or activities of various regions, principally affected by dumping practices of foreign firms China. Between June 1999 and June 2012, and competitors. Dumping is the practice of the Australian Government has applied anti- a foreign firm selling products to a market at dumping measures against China ranging from below normal market value, due to overstock 3 measures totaling 13% on imports to a peak of or excess capacity. This practice is aimed at 8 measures totaling 31% and 7 measures of 29% eliminating excess stock or driving out domestic on imports in 2012 (Review into Anti-Dumping competition by selling at below cost price to Arrangements 2012, p. 29). For example, eliminate competition and/or gain market share in 2009 a case was lodged to the Australian (Kessler 2010, p.243). government claiming that Chinese companies were dumping Capral Aluminium in Australia. Proponents of this argument advocate for This case was proven and the Australian retaliation by imposing tariffs or taxes or authorities took action, increasing tariffs on importation quotas or a combination of these these companies from 7% to 57% percent, as on foreign goods linked to such practices. They the potential to destroy local industries was point out that these practices have the ability deemed a high possibility (Greenwood 2015). to potentially destroy domestic industries by selling goods below cost. Consider the Table 1: Australian government responses to dumping by various nations

Source: 1989–2009 PC Inquiry Report; 2010–2012 Customs and Border Protection

The third main argument for protectionist was banned from tendering for contracts for measures around the world is the notion the construction of the National Broadband of national security and interests. This Network due to national security concerns argument denotes that national security and (Maley 2012). Supporters of this argument, important interest sectors such as military, claim that a domestic industry needs to be telecommunication, steel, transportation, protected to ensure sufficient production and agriculture and petroleum should be protected supply for the nation ensuring that it does not in the national interest (Cowan 2013, p.36). become reliant on other countries for security or Proponents of this argument question the national interest matters that may compromise premises of allowing foreign companies to national security or safety (Cowan 2013, p.37). manufacture or provide military products To illustrate these protectionist measures or other security sensitive products such as consider Figure 2 and Figure 3. Figure 2 telecommunication networks. For example, the outlines the combined assistance by industry Chinese telecommunication company Huawei groupings for 2011–12 which total $7.9 billion

32 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Economic policy

in gross tariff output assistance in key areas of Trade policy refers to the government’s power ‘national interests’ and Figure 3 emphasizes and the ability to construct trade policies the Australian Governments budgetary outlay which in effect set the rules for all imported assistance to the service sector, totaling 41% goods within the domestic market. However, in 2011–12, including electricity, gas, and these ‘sets of rules’ generally take the form of transportation (National Commission of Audit, tariffs with the principal objective of making 2013). the imported goods less competitive. Consider Figure 4, whereby Lloyd (2008) outlines the As demonstrated through the three main similarities of the Australian’s tariff rate to protectionist measures, different agents with that of the United States, with both countries different interests have varying assertive respectively increasing or decreasing tariffs in approaches when it comes to the protection accordance with global economic influences. of particular industries. As such this paper This fluctuation can also be seen as a direct will, therefore, draw upon two distinct types approach to protect domestic industries as it is of protection to illustrate the main type of generally argued on the notion of rebalancing protection used throughout the world, in artificial comparative advantages foreign firms the engagement of trade. The first type of obtain by factors relating to production. protection is through trade policies or tariffs and the second is the establishment of trade Figure 4: Australian and US tariff rates barriers or Non-Tariff Barriers (NTB). 1903 –2004 Figure 2: Combined assistance for industry groups based on ‘national interest’

Source: Lloyd, Peter. “100 Years of Tariff Protection in Australia.” Australian Economic Review 48, no. 2 (July 1, 2008)

Source: National Commission of Audit, 2013 The second category of protectionist methods Figure 3: Australian government used in the world is known as Non-tariff barriers budgetary outlay assistance to trade (NTBs) or sometimes called ‘Non- Tariff Measures (NTMs)’. NTBs include import quotas, importation licenses, product standard requirements, and government procurement policies. Import quotas are the restriction on the quantity of goods permitted into the country which effectively limits the amount of foreign goods as opposed to a tariff whereby the quantity is not restricted. Importation licenses require the importer to apply for and receive approval to import goods. It is a form of bureaucratic cost and costs associated are; inventory cost, opportunity cost and procedural cost in obtaining the license which may or Source: National Commission of Audit, 2013

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may not be approved. Product standards or Figure 5: Reductions in effective rates of quarantine and quality controls are considered protection 1990-2001 to be the discrimination of products based on certain aspects that differentiate it from domestic products which unfavorably affects it more so than domestic products. Government procurement policies are the laws in place that favor domestic goods over foreign firm’s goods or service (Pugel, 2012. P. 167). Given the various effects of tariffs and NTBs on various industries, this paper will now conclude with an analysis of the reduction of protectionist measures on the Australian Source: Productivity Commission, Trade and Assistance Review, 1997 Automotive Industry (AAI). The AAI has long p.98. been protected within the Australian economy, Figure 6 Reductions in Tariffs 1990-2015 specifically with regards to the manufacturing of passenger motor vehicles (PMV) (Lloyd 2008, p.99 see also; Chand 1999, p.28). Over the span of 70 years, from 1940s till now, the AAI has been protected by tariffs and non-tariff barriers (NTB) including subsidies, investment grants, co-investments, bailouts, import quotas, ad hoc grants and government legislation such as the Automotive Transformative Scheme Act 2009 (National Commission of Audit, 2013, see also; Skentzos 2008 & Davison 2013). However, within the later periods of the Source: Review into Anti-Dumping Arrangements 2012, p. 32 20th century, 1970s to 2001, Australia To fully understand the effects of reductions in moved towards systematically reducing its protectionist measures on the AAI, mainly tariffs protectionist measures. This was the result and importation quotas, consider Figure 7. of the political decisions of the Labour government, Hawke-Keating governments, Figure 7: Motor vehicle production in who were instrumental in the reduction of Australia and the TWI Australia’s trade barriers and protectionist measures, transcending Australia towards trade liberalisation (Leigh 2002, p.487). To demonstrate the reduction in protectionist measures in relation to the AAI, consider Figure 5 whereby the reduction of government assistance, tariffs and NTBs, resulted in the decline of production of PMV’s from 50% in 1990 to 20% in 2001 (Emmery, 1999). Additionally, effective rates of assistance to the manufacturing industries have also been progressively reduced from 35% to 5% in 2000- 01 (Figure 6), with NTBs also largely eliminated Source: DDISR (2009); Department of industry (2013c); DITR (2003); (Leigh 2002, p.488 see also; Emmery 1999). RBA (2013).

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Figure 7 demonstrates the steady decline of Figure 8: Domestically produced and motor vehicle production in Australia from a imported passenger motor vehicles in peak of 400,000 plus units in 2003 to above Australia 200,000 units in 2011. The production of domestic vehicles, for domestic and export market saw a steady decline as a direct result of the reduction in protectionist measures, as more foreign firms were exporting to Australia due to the reduction in tariffs. Furthermore, as a result of increase imports from foreign firms, the Australia market quickly became one of the most saturated and fragmented markets for the automotive industry (Productivity Commission 2014, p.22). Additionally, as seen in Figure 7, the Australian Dollar also played a Source: Key Automotive Statistics 2012, p.7 major role in the production and exportation The effects on the AAI in recent years resulting of domestically produced vehicles. As the from reduction in protectionist measures can Australian Dollar rose (TWI), the production of be wide ranging with different proponents for vehicles for local and international markets fell protectionist measures arguing on different dramatically. The rise of the Australian Dollar aspects of the Australian economy. For meant that the AAI was less competitive in example, the Rudd-Gillard Labour government terms of price which translated into increased claimed Australia will lose valuable skill bases imports and fewer exports. and capabilities in the manufacturing sectors (Davison 2012). Additionally, the Australian Other contributing factors to the decline of Motor Industry Federation (AMIF) (2011) the AAI include the Free Trade Agreement claims that without government assistance the (FTA) with automotive manufacturing potential loss of inherent design, engineering countries like Thailand and Japan which capability, vehicle retailing and service and increased the competitiveness of foreign repair centers will result in mass job losses with imports, as factors relating to production overall negative implications on the society and were more efficient than those of Australia. economy (AMIF 2011). Other claims go further For example, by 2013 the AAI produced and argue that without decisive intervention a total of 118,510 vehicles, a massive fall and protection or assistance for the AAI in production as compared to the peak in Australia’s future in research and development 2003 of 400,000 plus units. In addition, the (R&D) will also be hindered by the potential Free Trade Agreement between Thailand loss of important segments of the nation’s and Australia has seen the number of cars technological base (Toner, 2013). imported from our Asia-Pacific Thailand more Given the wild ranging implications on the than double to 160,000 per annum, while new AAI, this paper will conclude by reviewing the vehicle exports from Australia to Thailand direct impacts on job losses and components are almost negligible. This is represented in manufacturing in Australia. The National Figure 8, outlining the difference in domestic Australia Bank (NAB) (2014), Table 2, identified production of PMV and the increase in at risk jobs in the AAI to be at 45,000, due imports of PMV (Davison 2013). to reduction in protectionism and non- intervention, with components manufacturing

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at 37,000 with over 3000 businesses directly while the higher value of the dollar was a affected and at risk of closure (NAB 2014). deterrent in recent years, the AAI was never Though these claims by various interest sustainable without government protection groups may contain merit, it is also critical and assistance. Therefore, the concluding result to consider that during the period of 1997 of the reduction in protectionist measures for to 2012, an estimated $30 billion AUD of the AAI is the closure of the three remaining assistance has been provided to the AAI Australian based automotive manufacturing (Productivity Commission Inquiry Report plants, Holden, Ford and Toyota by 2017 2014). It is then reasonable to conclude, that (Commonwealth Parliament, 2014).

Table 2: Motor vehicle industry Australia characteristics

References Allen Consulting Group. The Strategic Role of the Australian Government, National Commission of Australian Automotive Manufacturing Industry, 2013. Audit; jurisdiction=Commonwealth of Australia; http://www.acilallen.com.au/projects/1/economic- “National Commission of Audit.” Accessed analysis/108/strategic-role-of-the-australian- March 17, 2015. http://www.ncoa.gov.au/report/ automotive-manufacturing-industry. appendix-vol-2/10-1-industry-assistance.html. AM, Mar 24 2012 at 12:01 AM Updated Mar 24 Australian Motor Industry Federation. An Industry 2012 at 2:42. “Labor’s Great Car Industry Betrayal.” At Crossroads, July 6, 2011. http://www.amif.com. Financial Review. Accessed March 15, 2015. http:// au/Portals/0/PC%20Review.pdf. afr.com/business/manufacturing/labors-great-car- Australian Productivity Commission. Australia’s industry-betrayal-20120323-j39xr. Automotive Manufacturing Industry - Productivity Australian Government. Review into Anti-Dumping Commission Public Inquiry. Productivity Arrangements, November 2012. http://www. Commission Inquiry Report, March 31, 2014. http:// adcommission.gov.au/reference-material/ www.pc.gov.au/inquiries/completed/automotive. documents/Brumby-Anti-Dumping-Review-Final- Chand, Satish. “Trade Liberalization and Report.pdf. Productivity Growth: Time-Series Evidence Australian Government, Department of Industry. from Australian Manufacturing.” Economic Key Automotive Statistics, 2012. http://www. Record 75, no. 1 (March 1, 1999): 28–36. industry.gov.au/industry/IndustrySectors/ doi:10.1111/j.1475-4932.1999.tb02431.x. automotive/Statistics/Documents/ Commonwealth Parliament; Parliament House, KeyAutomotiveStatistics2012.pdf. Canberra. “Automotive Industry Package; Budget Review 2014 –15.” Text, May 2014. http://www. aph.gov.au/About_Parliament/Parliamentary_

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Departments/Parliamentary_Library/pubs/rp/ http://onfourwheels.blogspot.com.au/2013/02/ BudgetReview201415/Automotive#_ftn2. protectionism-and-australian-automotive.html. Commonwealth Parliament; Parliament House, Kessler, Jeffrey. “Contingent Protectionism Canberra. “Industry Policy in Australia.” Text. in International Trade.” Stanford Journal of Accessed March 15, 2015. http://www.aph.gov.au/ International Law, 2010. Academic OneFile. About_Parliament/Parliamentary_Departments/ Leigh, Andrew. “Trade Liberalisation and the Parliamentary_Library/pubs/rp/rp9900/2000RP03. Australian Labor Party.” Australian Journal of Cowan, Simon. “The Spectre of Protectionism Still Politics and History 48, no. 4 (2002): 487–508. Haunts Australia’s Economy.” A Journal of Public Lloyd, Peter. “100 Years of Tariff Protection in Policy and Ideas 28, no. 4 (Summer /2013 2012): Australia.” Australian Economic History Review 48, 34–38. no. 2 (July 1, 2008): 99–145. doi:10.1111/j.1467- Davison, Remy. “Australia’s Choice: Pay for a Car 8446.2008.00233.x. Industry, or Live with the Consequences.” Maley, Paul. “Probe in UK Led to Huawei NBN The Conversation, July 18, 2012. http:// Ban.” TheAustralian, March 29, 2012. http:// theconversation.com/australias-choice-pay-for-a- www.theaustralian.com.au/business/in-depth/ car-industry-or-live-with-the-consequences-8305. probe-in-uk-led-to-huawei-nbn-ban/story- Davison, Remy. “FactCheck: Do Other Countries e6frgaif-1226312911964. Subsidise Their Car Industry More than We Do?” National Australia Bank. Motor Vehicle Headwinds: The Conversation, July 26, 2013. http:// Macroeconomic, Industry & Markets Research, theconversation.com/factcheck-do-other- February 11, 2014. http://business.nab.com.au/ countries-subsidise-their-car-industry-more-than- wp-content/uploads/2014/02/motor-vehicle- we-do-16308. closures-11-02-2014.pdf. Emmery, Michael. Australian Manufacturing: A Brief Skentzos, George. “Rudd Announces $6bn Bailout History of Industry Policy and Trade Liberalisation. Plan | CarAdvice.” CarAdvice.com.au, November 10, Industry Policy in Australia. Economics, Commerce 2008. http://www.caradvice.com.au/18775/rudd- and Industrial Relations Group, October 19, 1999. announces-6bn-bailout-plan-headstart-for-2010- http://www.aph.gov.au/About_Parliament/ tariff-reduction/. Parliamentary_Departments/Parliamentary_ Spinks, Jez. “End of Australian-Made Cars : What Library/pubs/rp/rp9900/2000RP07. Happened and What It Means | CarAdvice.” Greenwood, Ross. “Dumped Goods Are a Killer for CarAdvice.com.au, February 11, 2014. http://www. Industry.” News.com.au, March 10, 2015. http:// caradvice.com.au/269528/end-of-australian-made- www.news.com.au/finance/small-business/ cars-what-happened-and-what-it-means/. dumped-goods-are-a-killer-for-industry/story- Toner, Phillip. “What Do We Lose If the Car Industry fn9evb64-1227255475808. Is Allowed to Fail?” Text. ABC News, August 14, Haas, D. C. “On Four Wheels: Protectionism and 2013. http://www.abc.net.au/news/2013-08-14/ the Australian Automotive Industry 1896 to 2012 toner---car-manufacturing-in-australia/4886462. – a Timeline.” On Four Wheels, February 26, 2013.

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 37 ASX Schools Sharemarket Game 2 2015 Amanda Mior, ASX Sharemarket Game Coordinator

The ASX Schools Sharemarket Game 2 finished on 28 October 2015. This was quite a challenging game with the market experiencing some significant falls only to turn around and recover towards the end.

At the end of the Game, the average portfolio value was $50,731 and 62% of syndicates finished in profit. The Game brings real life share market conditions into the classroom. Students receive a virtual $50,000 and over a 10 week period they can buy and sell shares in 200 listed companies using live market prices. Students can form syndicates to improve their teamwork skills and teachers can monitor and play alongside their students. Game 2 National 1st place was Drouin James Ruse Agricultural High School, Year 9 students Harrison Secondary College, Year 10 students, Trey Lin, Jeremy Wong and Sunny Guan. Dekker, Zac Trewin and Luke Stow who finished thought it was best to sit and watch and not make with a portfolio value of $64,829. Before starting, trades unless we really needed to.” the students spent some time researching stocks, “Before investing in any of the companies, NSW/ACT 1st place and national 3rd place was we researched how well the share prices were James Ruse Agricultural High School, Year 9 going and looked for trends. We studied the charts students Harrison Lin, Jeremy Wong and Sunny for each company and tried to predict whether Guan. Their final portfolio value was $63,991. the prices were about to rise or fall.” They also These students reacted a little differently when focussed on stocks that they were familiar with, “…We chose companies we were familiar with the market fell, they said, “Both these stocks (BSL so we could have a better insight into what their – Bluescope and REG – Regis) went up just when core business was and how well they were coming the ASX 200 near-crashed, not once, but twice. We along with sales.” The students bought and held sold BSL after it dropped quite heavily; it profited for most of the Game…making the decision us around $2,500. Because of the sudden drop when the market fell to hold, “…Not long after from Bluescope, we sold Regis within a week. Regis the Game began the sharemarket fell and shares profited us around $1,700….” in many companies lost value. In this situation we The students chose to take the profit they had in order to protect their portfolio. The Game is a great learning experience for students, as it brings the world of investment into their classroom. It encourages students to keep up with what is happening globally and in the economy. Registrations for Game 1 2016 open on 11 February and the Game runs from 10 March to 18 May. To sign up for an email reminder to get your students involved visit: https://game.asx. Drouin Secondary College, Year 10 students, Trey Dekker, Zac com.au/game/info/school/about-the-game Trewin and Luke Stow

38 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Barry Collier Diversifies!

Barry has kindly granted permission for EBE NSW to publish one of his 2015 works, Song of the Headmaster: Then & Now (with apologies to C J Dennis).

The poem uses the language and follows the style of the popular early Song of the Headmaster: 20th century Australian poet, CJ Dennis. 2015 Then & Now (with marks the centenary of his best known work, The Songs of a Sentimental Bloke. apologies to C J Dennis) Barry is well known to Economics and Legal Barry Collier Studies teachers in NSW. As a NSW Department I of Education Curriculum Consultant in 1987–88, Now look ‘ere at me little School: Mr Collier was instrumental in developing the ain’t she a flamin’ beaut? first Legal Studies Syllabus courses for HSC set among tall trees ‘n’ hills students in NSW. During this time, he also wiv the odd snake an’ bandicoot. served as President of the inaugural Legal Education Teachers’ Association (‘LETA’). An’ take a squiz at me population Barry’s contribution to Economics education out in me playground where encompassed every aspect of teaching and you’ll spot kids from ‘cross our nation - learning, including the development and an’ spot a ginger nut, ‘ere an’ there. implementation of the NSW HSC Economics Curriculum, the role of Chief Examiner for the An’ ‘ere’s our bonzer ‘quipment HSC Economics Examinations, and authorship (some lurkin’ kid sez: “yer jokin’ - of eleven Economics textbooks and workbooks anyfin’ any good ‘round ‘ere for HSC candidates. Mr Collier’s textbooks are gets knocked off or gets broken!”) still regarded by many teachers as the only text resources that were authentically accessible to She’s a model fer all schools - students (and teachers) from all schools and backgrounds. Mr Collier’s capacity to blend new kids got nuffin’ to fear- economic theory and its application to the real we ain’t got any rules: economy through his writing is regarded as ain’t no problems ‘ere! unique. (Jist don’t cha smoke in public, Barry’s superb writing skills we now see an’ fix yeh tie, yeh little grub: extend to other literary genres, as evidenced keep up th’ image of me School by this piece which he so graciously agreed to share. Economists would classify this as down at me Bowlin’ Club!) ‘diversification’. Thank you Barry. EBE members II will undoubtedly enjoy your work. Division ov our labour - Bronwyn Hession I learnt in Economics 1 - Director, EBE NSW in Committees we all favour: that’s th’ way t’ get things done!

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 39 Song of the Headmaster: Then & Now

I got Committees fer our festivals, Th’ names as they git read out loud an’ ‘ow the dosh we raise gits spent; (But then ev’ry kid gets a prize!) there’s Committees fer our charities IV an’ fer me School’s environment.

But now I’m so much older, An’ if we gittin’ short on funds, I gotta get things off me chest; I’ll give th’ P&C me balance sheet, gotta sit an’ chew things over, I’ll explain in detail all me sums an’ do what I think is best. an’ the bills we jist can’t meet. Chalk ‘n’ blackboard have both gone, (But we gotta ‘ave our silver spoons, kids each got their own computer; an’ our crested butter knives, seems like education’s long moved on: an’ presents fer our visit’rs, now they call me a trouble-shooter! an’ flowers fer their wives.) An’ kids are whingin’ more these days III cranky their internet goes too slow: Now early each December, now it’s me who’s runnin’ BBQs much t’ me great delight, to get me School more dough. comes the event we all remember: it’s our Presentation Night! When I talk now to me teachers, they just sneer and give me lip- The ‘all is decked in greenery, an’ none ov ‘em gives me credit there’s polish on the floors; fer bein’ the captain ov the ship. so impressive is the scenery, some is turned away at th’ doors. An’ now at me School assemblies, I ‘ave to yell an’ scream an’ shout, An’ I arrive all dignified but none ov the kids take notice: wiv me special guest; me old microphone’s always out! th’ solemnity is signified by me academic dress! Respect fer me’s now all put on, headmasterin’ jist ain’t the same: An’ speeches? Well, we ‘ave a few- if kids do somethin’ wrong at ‘ome includin’ one from me- I’m the coot their mums all blame. th’ choir sings a song or two (but never quite in key.) Been boss ‘round ‘ere fer o’ so long, but now feel I can’t even inspire I’m up on stage, an’ lookin’ proud, a choko vine up over a lavat’ry wall: Sittin’ there tryin’ t’ memorise time fer me to up, and to retire!

40 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 An Overview of the State of the Australian Economy in 2015 Dr Anthony Stokes and Dr Sarah Wright HSC Enrichment Talk in Economics Australian Catholic University, Strathfield

The Australian economy had grown steadily from 1993 to the middle of 2008, recording one of the highest average rates of growth among OECD nations.

Australia had an average growth in Real GDP late in 2008, and then returned to a path of close to 4 percent per annum (Figure 1). This of expansion during the first half of 2009. economic growth contributed to a decline in The ABS’s most recent seasonally adjusted Australia’s unemployment rate to reach a 30 estimate of Real GDP was that it grew by year low. However, this relatively high and 2.3 percent in the year to March 2015. This continuous level of growth was dampened as a is lower than the government would like, result of the Global Financial Crisis. The growth in terms of creating enough demand, to rate has remained low in recent years due to reduce the level of unemployment. It is also the sovereign debt issues in Europe and low important to note that an indicator of the levels of business and consumer confidence in strength of demand in Australia is the level of Australia. Let’s look at the overall state of the Gross National Expenditure which increased Australian economy. by only 1.5 percent in the 12 months to March 2015. So despite RBA cuts in interest rates, Figure 1: Australia’s GDP domestic growth is currently at a relatively low level. The Australian Bureau of Statistics (March, 2015) reports that economic growth (in seasonally adjusted volume terms) over the past four quarters was driven by increases in Exports (8.1 percentage points), Household Consumption Expenditure (2.6 percentage points), and Government Consumption Expenditure (1.7 percentage points). Offsetting the growth during the past four quarters was a fall in Private Investment (2.2 Australia’s Economic Growth percentage points) (despite an increase in Performance dwelling construction by 15.2 percentage points), Government Capital Expenditure While several major countries have had their (declining 9.1 percentage points) and imports most serious recession in the post-War period, increasing 3.3 percentage points. The impact Australia was able to avoid recession. We had of these changes on GDP is reflected in a relatively sharp but very brief downturn in Figure 2. aggregate demand and economic activity

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 41 Australian Economy in 2015

Figure 2: Contributions to Australia’s be seen in Figure 4, this has led to a decline in Economic Growth Rate, 12 Months to business confidence. Lower levels of consumer March 2015 confidence are also reflected in excess capacity in businesses as demand remains low. While there were signs of improvement at the end of 2013, consumer and business confidence have declined since the 2014-15 Budget was brought down. However, there has not been sufficient time to show the impact of the business tax concessions from the 2015-16 Budget in the data.

Figure 4: NAB Business Survey

Source: ABS, 5206.0 From the March quarter 2014 to March quarter 2015, mining (0.5 percentage points), financial and insurance services (0.5 percentage points), information media and telecommunications (0.3 percentage points) and health care and social assistance (0.3 percentage points) industries were the largest contributors to total trend growth. Professional, scientific and technical services (–0.4 percentage points) and Construction (–0.2 percentage points) were the largest detractors in trend terms. Australia’s External Balance The rise in the value of the Australian dollar in Figure 3: Contribution to Growth by recent years has led to a loss of international Industries, 12 Months to March 2015 competitiveness. This has tended to impact mostly on manufacturing which has declined most since 2007 (Figure 5). Service industries have improved in recent times due to the decline in the value of the Australian dollar.

Figure 5: Composition of Australia’s Exports

Source: ABS, 5206.0 The main factor impacting on Australia’s future growth is the global economy. While there has been some improvements, especially in regards to the sovereign debt problems in Europe and spending and revenue issues in the USA. There has been a slowing of economic growth in China and a change in China’s priorities away from capital works and infrastructure. As can Source: RBA

42 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Australian Economy in 2015

Steady growth in India and China has led Figure 7: Australia’s Net Foreign Liabilities to an increased demand for Australia’s as a Percentage of GDP natural resources and rising mineral prices leading to an increase in the overall share of exports as a percentage of GDP and an overall improvement in the Current Account Deficit in 2014(Figure 6). Since then the lower levels of demand from these areas and lower commodity prices has led to a trade deficit in 2015. The Current Account Deficit has been below its long term average of 4.5 percent of GDP for most of the last six years and has fluctuated around 3 percent in the last year. Australia’s Net Foreign Debt has risen to $955 billion and its share, as a percentage of GDP, has risen to 61.3 percent, compared to 55.5 Employment in Australia percent a year earlier (Figure 7). This is at least The high rate of economic growth in Australia partly due to the lower value of the Australian in recent years led to increased employment dollar in the period but also lower levels of and a subsequent decline in the unemployment equity investment in Australia. rate to 5.1 percent in the middle of 2012 (Figure Figure 6: Australia’s Current Account 8). As the growth rate slowed, due to increased Balance as a Percentage of GDP uncertainty in the global economy, the unemployment rate rose to 6.2 percent in April 2015. Generally a level of economic growth of around 2-3 percent is required to reduce the level of unemployment in Australia. This is determined by considering the level of labour productivity in the workforce and the increase in the number of workers joining the workforce. Figure 8: Australia’s Unemployment Rate

Australia’s relatively high dollar has been driven by a 50 year high Terms of Trade and relatively higher interest rate differentials. While the terms of trade recorded a substantial rise in 2011, it has generally declined since the second half of 2012 due to global instability. Fluctuations in the Terms of Trade and commodity prices are usually reflected Source: ABS and RBA, 2015 with comparable changes in the value of the The participation rate rose considerably after Australian dollar. 2005 (Figure 9). This was partly caused by

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higher growth rates, and as a result more job Global Financial Crisis the opposite occurred opportunities, but also as a result of industrial and full-time jobs were replaced by part-time relations policy changes, such as WorkChoices, jobs. However, from 2010 to 2012 full-time that created increased labour market flexibility positions began to rise again although this and more part-time and casual employment growth was slow. Since 2012 there has been opportunities. Since 2010 the participation more growth in part-time jobs than full-time rate has fallen as global and domestic growth jobs. In April 2015 full-time employment fell has slowed. The greater demand for labour 19,000 and part-time employment rose 32,000. and increased labour market flexibility has also led to an increase in the participation Figure 10: Full-time and Part-time rate up till 2010, although it appears that a Employment Figures for Australia. participation rate of around 66 percent could be a constraining factor for the workforce in the current economic conditions. In April 2015 the participation rate stood at 64.8 percent. At the same time, the employment to working age population has also declined, showing that a smaller percentage of the working age population are being employed. Figure 9: Australia’s Employment and Participation Rates

Source: ABS, 2015

Where has the jobs growth been? Another important consequence of changes in global and domestic demand and the value of the Australian dollar is the change in the level of employment in Australia’s industries. Source: ABS and RBA, 2015 While the mining industry had the greatest The Growth of Part-time percentage increase in employment in the last decade, it is still a very capital intensive industry Employment and only employs 2.4 percent of Australia’s Over the last 30 years part-time employment workforce. The largest increase in employment has increased at a greater rate than full- in the last four years has been in household time employment (Figure 10). As a result services and business services (Figure 11). The the proportion of part-time employed industry that shed the most jobs in the last 4 persons has risen over the period, increasing years was manufacturing, although there is from 17 percent in 1983-84 to 31 percent some sign of improvement as a result of the in 2015. Between 2003 and 2008 full-time lower Australian dollar. Since 2013 employment employment grew at a faster rate than part- in the mining industry has fallen, suggesting time employment. This was a reflection of the that the mining boom is over for now. tightening of the labour market. During the

44 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Australian Economy in 2015

Figure 11: Employment Growth by The Reserve Bank does not consider that Industry 2011-2015 inflationary pressures are a problem at this time as the underlying inflation rate is at the bottom of the 2-3 percent target range. This contributed to their decision to lower the cash rate to 2.0 percent in May 2015. An additional challenge to maintaining a low inflation rate is restraining wage increases. According to the ABS (2015) the Wage Price Index (WPI) only increased 2.3 percent from March 2014 to March 2015. The WPI for the public sector increased 2.5 percent compared to 2.2 percent for the private sector (ABS cat no. 6345.0). While private sector wages have Source: ABS and RBA, 2015 tended to rise more than public sector wages, as governments attempted to wind back their Inflationary Trends spending to achieve fiscal consolidation, these Inflation has been relatively low in the year up findings suggest that since the GFC wages have till March 2015 and remained below the RBA’s continued to rise more slowly for the private 2-3 percent inflation target during that period sector. (Figure 12). In March 2015 inflation was estimated The year-ended pace of wage growth was at 1.3 percent per annum. Contributing most about 1.3 percentage point below its long-run to the inflation figures during the past twelve average and the slowest pace in the 18-year months were rises in housing costs (+2.7 history of this series. The RBA considers that percent), education (+5.4 percent), health the decline in wage growth over the past (+4.4 percent) and alcohol and tobacco (+5.2 three years was consistent with the increase percent) (ABS, 2015). Despite the lower value of in the unemployment rate over the same the Australian dollar there were three areas of period. Business surveys and liaison suggested decline in consumer prices. They were Transport that wage pressures were likely to remain (-6.2), Communication (-4.5) and Clothing and constrained over the year ahead. Footwear (-0.7). The main factor that drove down the price of the transport index and lowered Figure 13: Private and Public Sector Wage the overall level of inflation in the 12 months to Growth in Australia March 2015 was falling world petrol prices. Figure 12: Australia’s Consumer Price Index

Source: ABS and RBA, 2015

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 45 Australian Economy in 2015

What are the Challenges Facing demand in the coming year. Budget estimates the Australian Economy? predict an increase in unemployment to 6.5 percent, despite an expected economic growth The RBA (2015) considers that rate of 2.75 percent. This combined scenario the global economy is expanding at a looks unlikely, if the growth target is reached moderate pace, but some key commodity then unemployment is likely to be lower than prices are much lower than a year ago. This predicted. trend appears largely to reflect increased supply, including from Australia. Australia’s Reference List terms of trade are falling nonetheless. In Australian Bureau of Statistics (various), Australian Australia, the available information suggests National Accounts, Cat.No. 5602.0. Canberra. the economy has continued to grow, Australian Bureau of Statistics (various), Employee but at a rate somewhat below its longer- Earnings and Hours, Cat.No. 6306.0. Canberra. term average. Household spending has Australian Bureau of Statistics (various), The Labour improved, including a large rise in dwelling Force, Cat.No. 6203.0. Canberra. construction, and exports are rising. But a Reserve Bank of Australia (various), Reserve Bank key drag on private demand is weakness Bulletin, Canberra. in business capital expenditure in both the International Monetary Fund (2015), World mining and non-mining sectors and this Economic Outlook, available at http://www.imf.org/ is likely to persist over the coming year. Stokes, A. (2013), On the Road to Recovery: Are Public spending is also scheduled to be we there yet? Sydney. Greenacre Educational subdued. Overall, the economy is likely to Publications. be operating with a degree of spare capacity Stokes, A. and S. Wright (2014), The Changing for some time yet. With very slow growth in Nature of the Labour Market in Australia in 2014, labour costs, inflation is forecast to remain Sydney. Greenacre Educational Publications. consistent with the target over the next one Wright, S. (2013), Time to Measure the Impact of to two years, even with a lower exchange the Fair Work Act, Sydney. Greenacre Educational rate (Statement by Glenn Stevens, Governor: Publications. Monetary Policy Decision, June 2015). Websites While interest rates are likely to remain around Australian Bureau of Statistics. the 2.0 percent cash rate in the near future, http://www.abs.gov.au the 2015-16 Federal Budget may also add Greenacre Educational Publications. some stimulus to the small business sector and http://homepages.ihug.com.au/~gep/ the policy mix is likely to increase aggregate Reserve Bank of Australia. http://www.rba.gov.au/

46 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 The importance of enterprise skills to prepare students for the new work order Georgie Swan, Foundation for Young Australians

The world is changing rapidly. Australia’s economy is being impacted by global competition, digital disruption and an ageing population/ shrinking workforce (FYA 2015c). We are also being impacted by global challenges related to inequality, geopolitical instability, sustainability of resources and climate change (FYA 2015c).

While the challenges are significant, the Foundation for Young Australians (FYA) sees an The average young person will have opportunity to sure up our nation’s future by 17 different jobs across five different investing in the next generation, backing young industries throughtout their lifetime people to lead economic and social change. (McCrindle 2015) “If we equip our young people with the right set of skills, a thirst for innovation, and the Preparing young people for the future ability to collaborate, we can ensure they of work will take our nation’s economy in a positive direction and build the kind of lives and society To make the most of a world that is more for themselves we would all hope for our complex, globally competitive and precarious, children.” Jan Owen, CEO, Foundation for Young young people will need skills that help them to Australians. be enterprising (FYA 2015c). These are different skills than technical skills considered important The world of work is changing for a particular field of work. Enterprise skills are generic skills (see Figure 1) such as A fifteen year old today will enter a workforce communication, project management, financial that has been transformed: and digital literacy, the ability to critically asses • 40% of jobs are at risk of automation – with information and be creative and innovative. 70% expected to be entry-level jobs Enterprise skills are transferable across different • 90% of jobs will require digital literacy jobs and have found to be a more powerful predictor of long-term job success and • 11% of service jobs could be provided from performance than technical knowledge (FYA overseas 2015c). • Increased likelihood of working in non- Young people need to learn enterprise skills standard working arrangements such as self- (see Figure 1) now to prepare them for the employment. Thirty per cent of Australian economy of the future, so they can become job workers are already participating in flexible creators, not just job seekers, and navigate more working arrangements (FYA 2015a). complex careers (FYA 2015b).

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 47 Enterprise Skills

Figure 1: Enterprise skills

This generation of young people will [need to] promote innovation and entrepreneurialism and grow our economy to maintain our standard of living. (Phillip Lowe, Deputy Governor of the Reserve Bank of Australia, 2014)

Enterprising skills in Australian schools today FYA recently released Report Card 2015: How Australian baseline proficient. Australia is nd young people are faring in the transition from ranked 2 in international rankings. school to work. This report shows despite • Problem solving: 35% of all and 62% staying longer in education, young people are of Indigenous 15 year olds did not meet not developing the enterprise skills they need Australian baseline proficiency. Australia is for future work. Over a third are not proficient ranked 11th in International rankings. in science, maths, technology, financial literacy and problem solving (FYA 2015b). In many of • Digital literacy: 35% of all, and 64% of these areas Australia is dropping down the Indigenous Year 10 students did not meet international rankings (FYA 2015b). In 2012 Australian baseline proficiency. Between PISA (Programme for International Student 2005 and 2011 digital literacy improved by 4 Assessment) data, showed many Australian percentage points (FYA 2015b) (See Figure 2 students were not proficient in key core skills for all core skill results). including: There is a growing body of evidence that shows • Financial literacy: 30% of all and 50% enterprise education taught in schools has of Indigenous 15 year olds did not meet an impact on student outcomes. Much of the evidence comes from Europe and the United

48 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Enterprise Skills

Kingdom where enterprise education is more al 2011; FFE-YE 2012; GEM 2013; Young mainstream and has been subject to evaluation Enterprise 2013) and reviews (for example the UK Department • Improves school outcomes (McLarty 2010; for Education review of its Enterprise Education FFE-YE 2012) funding initiative in schools (McLarty et al 2010). The existing literature has shown enterprise • Provides a greater understanding of their education: contribution to society (FFE-YE 2012) • Improves enterprise skills (McLarty et al • Greater community engagement between 2000; Ofsted 2011) schools and their local communities (Pharoah 2013; Young Enterprise 2014) • Increases desirability of and aspiration for entrepreneurship as a career (Peterman & • Initiative and leadership in other domains Kennedy 2003; Nakkula et al 2004; Lewis such as sports and arts activities (Nakkula et 2005; McLarty et al 2010; Steenkamp et al 2004).

Figure 2: 2012 PISA data

…cognitive and non-cognitive entrepreneurial skills are developed during different stages in life, where the skills learned in one period in life (e.g. at primary school) augment the benefits of investement in these competencies in subsequent periods (e.g. at high school or university). Early investements in skills may thus be partially effective in the long run (Huber et al 2012, 21).

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 49 Enterprise Skills

Social entrepreneurship as a career pathway Enterprise skills equip young people in all types (Fatoki & Chindoga 2011; Yitshaki et al 2008; of work in the future, for some it will help them Harding & Cowling 2006) to become entrepreneurs and create their own 2. An inability to generate finance, especially business. Over the past few decades, some have for young people who have less savings/ been using the disciplines of the business world equity to generate loans (the largest to set up ventures to tackle intractable social challenge reported) (Hoogendoorn et al problems (FYA 2015c). Some social purpose 2011; Villeneuve-Smith 2011; Clemensson & ventures are for-profit and some are not-for- Christensen 2010; Yitshaki et al 2008; Fatoki profit. Social ventures go beyond the traditional & Chindoga 2011; Schwab Foundation 2009; business model of contributing to society Fritsch et al 2006) and the environment through their corporate responsibility programs; they have a purpose 3. A lack of business skills (Villeneuve-Smith of social or environmental change as their core 2011; Fatoki & Chindoga 2011; Hofer & business. All are important not just because Delaney 2010/11) of the issues they try to resolve but because 4. A lack of human resource mobilisation collectively they are changing the way business, and people management competencies governments and the community operate. (Hoogendoorn et al 2011; Schwab Figure 3: Types of social enterprises Foundation 2009) 5. A lack of networks and engagement with stakeholders, including networks that generate legitimacy and awareness with customers (Fatoki & Chindoga 2011; Hoogendoorn et al 2011; Villeneuve-Smith 2011; Yitshaki et al 2008; Fritsch 2006) Young people need an immersive learning Source: Mitchell et al 2008 in Senate Economics References Committee 2011 model that is engaging. A model that develops enterprise skills and builds knowledge with Social entrepreneurship is growing rapidly confidence, and a willingness to try new things. in Australia (Addis et al 2013; Productivity It is imperative to Australia’s future. Creating Commission 2010). The development of the the pipeline of entrepreneurs needed to grow social entrepreneur market is dependent on markets, develop social purpose business the presence of entrepreneurs willing to take as a pathway and change the way business, risks and demonstrate the potential of social government and communities work. This needs business (FYA 2015d). A report published by to happen in an environment that is interesting, FYA, The New Work Order, found the barriers to practical and involves engagement with their entrepreneurship are decreasing due to the rise peers. of technology and more efficient regulatory regimes/start procedures (FYA 2015a). Young $20 Boss – an enterprise skill building people globally are becoming more confident challenge run in schools about their capacity to create their own jobs (FYA 2015a). However, research has identified $20 Boss is a challenge run in school that loans that entrepreneurs need support early on in their high school students $20 of start-up capital to ventures to overcome five significant challenges: create their own business. Students undertake short workshops in class to learn finance and 1. A lack of confidence and fear of failure, which business skills, develop a business concept and is more common in young entrepreneurs then have the opportunity to run a business for

50 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Enterprise Skills

a month to create a profit, as well as exploring for themselves, all the while considering the social purpose through their business. At the social impact. Inspired by the Tenner program end of the month participants pay back the in the UK, $20 Boss is designed to provide high $20 with a $1 legacy donation (to support the school students with the opportunity to learn sustainability of the initiative) and they have and live the realities of the business world and the choice to donate any profit to the school or unleash the potential of the next generation of a charity of their choice, or retain a proportion entrepreneurs.

ALL SAINTS ANGLICAN SCHOOL, QLD Example 2015 Winner – Enterprising School Award, Queensland

Number of students: 49, Year 12 students Number of enterprises developed: 7 social enterprises Types of enterprises: Trivia night, a macho nacho Mexican lunch, a car boot sale and a high tea, all enterprises were designed to raise awareness of Opportunity International Australia (OIA). Total funds raised in 4 weeks: $3,500.00. All profits went to OIA who provides microfinance loans to entrepreneurs in developing countries to start their own small business.

To be involved in 2016 please visit 20boss.fya.org.au and register today!

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 51 Maximise student performance by teaching students how to deliver quality self and peer feedback Matthew Bookallil, Knox Grammar School Introduction Whilst known and practised for decades, a • Focused solely on the response (i.e. the spotlight has been shone on the feedback written task). process by the exhaustive work of John Hattie. More specifically, his meta-analysis of • Specific, useful and accurate (includes thousands of research papers concluded that comments, not only marks). Examples help. quality feedback is unsurprisingly critical to • Delivering specific suggestions on how to improving learning outcomes. Further, self improve the process (i.e. the steps to improve and peer feedback, if taught well, can be both the response). efficient and ‘value adding’. The information • Aimed at closing the gap between actual and scaffolds that follow attempt to provide and desired performance (hence, is mainly a framework to teach students how to deliver focused on areas for development). quality feedback, particularly for Economics and Business Studies students. • Is meaningful to the recipient and acted Quality Feedback is: upon i.e. is put into practise on the next writing task soon after (otherwise becomes • Not about the person i.e. is not about self or ‘dangling data’). peer as a character.

HSC Business Studies feedback example (scaffold provided, not the sample response): How are the key functions of finance and operations interdependent? (source in original question).

PEER Feedback Suggestions Teacher Feed-Forward Little evidence of reasons or Underline BOS word before you For next time: process (i.e. how). More a broad start writing. Include cause-effect • Plan your response to B description. No links made links. i.e. step by step link between ensure you don’t miss between finance and operations. finance and operations (using an anything. example). E.g. As a result of ….. • Use more relevant First 3 sentences do not add Do not repeat the question. Get business terminology. value. The rest is relevant. You go to the point sooner. Plan your A over the lines. You do not use the response so that you are more • Integrate the source source (big mistake). concise. Use source in answer. throughout your response. E.g. Miller’s Makeover Pty The response reads well and is Mix shorter sentences (with Ltd will need to consider. F clear. The 4th and 6th sentences are terminology at the start of the too long. sentence), with longer sentences. N.B This question becomes more concise as the quality Not enough relevant business Planning might help (on of student feedback increases terms and too much informal left). Decrease lard factor by (may need to be more specific language used e.g. “go under” brainstorming relevant terms and and thorough for some T (instead of “bankrupt”). ticking them off as you include students). them in your answer. Used: Efficiency, expenses. Should include: Bankrupt, profitability, strategic. Mostly sound. However, you are Quickly read over your response to not correct when you argue that check whether it makes sense. A increased output will reduce expenses.

52 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Economics & Business Studies

Business Studies Short-Response Feedback Loop (Self-Peer-Teacher)

Teacher Feed - SELF Feedback Suggestions Forward

B

A Use of Source?

F

T Used: Should include:

A

PEER Feedback Suggestions

B

A Use of source?

F

T Used: Should include:

A

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 53 Economics & Business Studies

BAFTA Short-Response Technique (Qualities desired by HSC Markers): BOS word (or Non-BOS word): How well has the student responded to the directive term? Answer the question: Has the student included relevant information (e.g. syllabus concepts and use of source)? Flow: Is the response easy to read? Do the ideas flow logically from one to the next? Is the response clear? Terminology: Has the student used relevant business terminology (e.g. syllabus terms)? What is the lard (‘fat’) factor? Accuracy: Is the answer correct? Is he/she completely off track with the answer? (use specific examples).

Preliminary Economics Feedback Example: Why is consumer sovereignty important to a market economy? (4 marks)

PEER Feedback Suggestions Teacher Feed-Forward

You defined consumer Underline BOS word before you For next time: sovereignty, but did not link start writing. Include reasons for • Use a blue or black pen. B reasons why C.S. is important to importance to market economy a market economy. e.g. influence on ‘what is • Plan your response (left produced’? hand side). • Use conjunctions to show Clear and accurate response. Do not repeat the question. causal links. You do not ATQ (Answer The Get to the point sooner. Question). Plan your response so that you • Should you define C.S A Too much on C.S theory (with respond to the question asked. and/or market economy? little reference to market • ATQ at all costs!! economy). ‘Vomited’ the definition. Frist 3 sentences are irrelevant Start with a brief topic sentence and do not add value. and/or listing of 2 or 3 key reasons. H After that, you define C.S Use firstly, secondly and finally to flag your response (or use numbers) Clear and accurate definition/ Planning might help (on left or description. top).

Terminology Used: Consumer Decrease lard factor by sovereignty. ‘brainstorming’ key reasons and terms and tick them off as you write. T&R Should include: Key production decisions, price mechanism and/or price signals

Add conjunctions e.g. ‘thereby, consequently, moreover’ to make relationships clearer.

54 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Economics & Business Studies

BAHT Short-Response Technique (Qualities desired by HSC Markers): BOS word (or Non-BOS word): How well has the student responded to the directive term? Answer the question, clearly and logically: Has the student included relevant information within the lines provided? Does the response read well? Is it logical? Hammer down the answer: Has the student got straight to the point? Has he/she flagged? (answer at the front, underlined). Has he/she hidden the answer? What is the lard factor? (remove unnecessary words). Terminology and relationships: Has the student used relevant economic terminology and concepts? Has he/she used causal links?

Conclusion Experience and research has shown me that students can deliver outstanding feedback, at times better than that provided by teachers! Importantly, this may mean that you have 20 ‘markers’ invested in the learning process, rather than 1 exhausted teacher. Yet this process can take time. Students who ‘internalise the demands’ of the task will assist both the feedback giver and receiver in the long- run (let alone the teacher!). Moreover, students enjoy the process and improve their knowledge, understanding and writing. This formative process invariably leads to deeper understanding and improved academic outcomes.

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 55 Commerce Assessment Task – Personal Finance Topic and Investing Topic Commerce Department, Knox Grammar School

Knox Grammar School Year 9 Commerce

Assessment Task 3 Due Date Weighting

Personal Finance & Investing Term 3, Week 9 (Thursday) 20%

Submission Instructions

You will write an in-class extended response during your timetabled Commerce lesson on: • Thursday, 10 September 2015 Period 4: 9COM11 (Cowell), 9COM12 (Waterhouse), 9COM13 (Tyler), 9COM14 (Gliddon) • Thursday, 10 September 2015 • Period 6: 9COM21 (Walker), 9COM22 (Tyler), 9COM23 (Gliddon) Unforeseen illness or misadventure on the day – the student must complete the illness/ misadventure application for extension on the first day back at school. He must sit for the task on his return to school and he will be informed of the result of his application when it has been processed. Known absence prior to the due date – the student must apply for determination/extension, as soon as possible before the original due date of the task. If it has been granted, the task can be submitted on the new due date without penalty. Please consult the Knox Grammar School Year 9 Assessment Policy Document 2015 for further information.

Outcomes Assessed

5.1 applies consumer, financial, business, legal and employment concepts and terminology in a variety of contexts 5.4 analyses key factors affecting commercial and legal decisions 5.5 evaluates options for solving commercial and legal problems and issues 5.6 monitors and modifies the implementation of plans designed to solve commercial and legal problems and issues 5.7 researches and assesses commercial and legal information using a variety of sources 5.8 explains commercial and legal information using a variety of forms 5.9 works independently and collaboratively to meet individual and collective goals within specified timelines

56 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Commerce Assessment Task

Task Rubric

Students will be assessed on their ability to: • Demonstrate knowledge and understanding of course concepts relevant to the question. • Clearly and accurately write a sustained, logical and cohesive response in the form of an extended response. • Demonstrate sophisticated use of appropriate commercial and financial terminology & concepts. • Provide reasons in favour of three (3) investment options. • Provide an inquiry into the risk and return associated with three (3) investment options, including a risk and return diagram

Context This assessment task takes place in Core Topic 1.2: Personal Finance and Option Topic 1: Investing. The assessment builds on students’ skills in researching, working independently and communicating information through the use of an in-class extended response. This assessment task is marked out of 20 and is weighted 20% of students’ final grade.

Important Notes

The In-class business report will be written closed book, i.e. you cannot bring in or refer to any notes or materials when writing your report.

Task

You are a financial and investment consultant and have been approached by three people to develop an investment plan for them. Each person has recorded a brief video to assist you in your planning. These videos will be shown to you in class. You will need to conduct research on the THREE scenarios shown (listed below) in preparation to write an investment plan in class. Your response will be in the format of an extended response, addressing the following questions: • Recommend THREE (3) investment options available for this scenario that will assist your client in achieving their financial goals. For example, income protection insurance, term deposit, shares, managed funds, property, superannuation, life insurance, debentures. • Examine the risk and return associated with these THREE (3) investment options (include a risk and return diagram to plot the risk and return applicable with the selected options). You must prepare an investment plan for all three scenarios. On the day of the assessment task, ONE scenario from the list below will be selected at random. Scenario 1: Young professional woman living a high-income lifestyle Scenario 2: Married couple in their early 30s with a baby Scenario 3: Elderly man in his mid-50s planning for retirement

Your extended response should follow the scaffold below. You will not receive this scaffold on the day of the task.

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 57 Economics & Business Studies

Extended Response Scaffold

Introduction • Answer the questions (Recommend and Examine) • Outline what will be explored in your response • Identify the investment options that will be explored Body Use the TEEL method to write your paragraphs: TOPIC – Topic sentence EXPAND – Supporting sentences; explore your topic sentence in depth EXAMPLE – incorporate your research to support what you are saying LINK – link the content back to what the question is asking

Conclusion • No new material • A short paragraph summing up your response

BOS Directive Terms Recommend: provide reasons in favour Examine: inquire into

In order to undertake the task, you need to: • Revise the BOS Directive Terms. • Revise the terminology and content learned through class and homework tasks on ‘Personal Finance’ and ‘Investing’. • Undertake research for investment options suitable for each scenario. • Write an extended response for each scenario. • Practice writing your responses under timed exam conditions.

58 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Economics & Business Studies

Marking Guidelines

• Clearly and accurately presents a sustained, logical and cohesive response in the form of an extended response. • Sustained and sophisticated use of appropriate commercial and financial terminology & concepts. 17 – 20 • Provides extensive reasons in favour of three (3) investment options. • Provides an extensive inquiry into the risk and return associated with three (3) investment options, including a risk and return diagram.

• Presents a logical and cohesive response in form of an extended response. • Sustained use of appropriate commercial and financial terminology & concepts. • Provides detailed reasons in favour of three (3) investment options. 13 – 16 • Provides a detailed inquiry into the risk and return associated with three (3) investment options, including a risk and return diagram.

• Presents a mostly coherent response in the form of an extended response. • Satisfactory use of relevant commercial and financial terminology. • Provides satisfactory reasons in favour of three (3) investment options. 9 – 12 • Provides a satisfactory inquiry into the risk and return associated with three (3) investment options.

• Presents a response with basic structure. • May use some relevant commercial or financial terminology. • Provides limited reasons in favour/provides characteristics and features of 5 – 8 investment options. • Provides a limited inquiry into the risk and return for the recommended investment options.

• Uses basic terminology and structure. • Sketches in general terms one or more investment option. 1 – 4 • Basic inquiry into the risk and return for one or more investment option.

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 59 Economics & Business Studies

Notes on Scenario 1 Young professional woman living a high-income lifestyle

______

60 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Economics & Business Studies

Notes on Scenario 2 Married couple in their early 30s with a baby

______

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 61 Economics & Business Studies

Notes on Scenario 3 Elderly man in his mid-50s planning for retirement

______

62 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 How many students studied HSC Economics, HSC Business Studies and HSC Legal Studies in 2015? Joe Alvaro, Marist College North Shore

The Board of Studies, Teaching and Educational Standards NSW “ 2015 Guide to the HSC for Media” (available on the BOSTES NSW website) revealed the following total numbers with regards to the 2015 HSC:

Male Female Total • 118 HSC written exams totalling around 300 hours were scheduled for 12 October to 4 Total Candidature* 37594 38867 76461 November. Higher School Certificate 33021 34994 68015 • More than 300 students sat for their HSC

exams at Australian schools overseas. * The total candidature refers to the number of students who completed one or more Higher • 85 exam committees and 300 committee School Certificate courses. Candidates awarded members were involved in developing the the HSC have completed all of the requirements written exams. for the Higher School Certificate. Candidates may have completed courses over a number of years • Each exam was reviewed at least six times before achieving the award of Higher School before more than 700,000 exam papers were Certificate. printed. Other general facts for 2015 included: • More than 5500 markers marked the HSC exams from 10 marking centres and homes • HSC Music, Dance and Drama practical across NSW. exams were scheduled for August and September. • Around 45% of HSC markers marked online with 64 courses (an increase of 13%) fully or • 51 HSC oral language exams were scheduled partially marked online. from 30 July to 5 September. With regards to HSC Busines Studies, HSC

HSC marking in the pig pavillion of the Sydney Showgrounds, Homebush, 2011. Picture: Craig Greenhill. Image Source: http://www.heraldsun.com.au/news/breaking-news/hsc-markers-kept-like-pigs-in-a-pen/story-e6frf7jx-1226196296164

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 63 HSC students

Legal Studies and HSC Economics we see that popular with female students and Economics enrolments increased for HSC Business Studies is more popular with male students. and HSC Legal Studies but continued to decrease The number of students studying HSC for HSC Economics. Economics continues to be concerning and HSC Business Studies was the fourth most EBE NSW would like to see more students popular subject in NSW in 2015 with 16 905 learning the important subject matter in (males = 53% and females = 47%) students, after the Economics syllabus. Professor John English, Mathematics and Biology, an increase Lodewijks wrote an excellent article for The from 16 287 students in 2014. It is pleasing to see Australian on 8 July 2013 titled “The case for a high number of students leaving school having economics”. There is a link to this article on developed knowledge, understanding, skills and the EBE NSW website (click on “Resources”, values related to the business world which will then “Presentations and other items”). enable students to participate effectively in the EBE NSW also contributed to an article in dynamic business environment as entrepreneurs, “Business Spectator” in 2012 titled “Retuning employers, employees, consumers and investors. Australia’s Economic Debate” which focused on the number of students choosing to study HSC Legal Studies was the tenth most popular Economics. This article was reprinted in “The subject in NSW in 2015 with 10 504 students EBE Journal – Journal of the Economics and (males = 40% and females = 60%), an increase Business Educators NSW” (Issue 2, 2012) from 10 322 students in 2014. which is available in the members section of HSC Economics had 5160 (males = 65% and the EBE NSW website. females = 35%) students enrolled in 2015, a How can we increase the number of students decrease from 5213 students in 2014. studying Economics, in particular female While there is no major difference between the students? Please email EBE NSW (admin@ebe. number of males and females studying HSC nsw.edu.au) if you have any ideas. Business Studies, HSC Legal Studies is more

Needing practice HSC examination papers for your students? • Economics • Business Studies • Legal Studies Give your students that extra examination practice! Our examinations are written by EBE NSW directors. Order form available at – www.ebe.nsw.edu.au

64 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Report on EBE NSW Field Trip for Teachers CHOICE Lab and Testing Facility Guided Tour – 23 September 2015 Christopher Sassine, Northern Beaches Christian School

The ever growing interest in consumer rights government funding, which is critical in and advocacy aided by popular TV programs maintaining their brand reputation as an such as The Checkout and Gruen makes independent reviewer. They have diversified Australia’s leading consumer advocacy group their expert reviews beyond whitegoods, and Choice a prime case study and academic now release two additional magazines Choice excursion for students studying Business Computer Magazine and Choice Health Reader Studies and Commerce. and also provide services such as Choice Help, assisting members with their consumer rights During the 2015 Term 3 school holidays on to refunds, replacements, and Choice Shopper, 23 September 2015 a group of NSW teachers finding and negotiating the best prices for (including myself) completed an Economics purchases by members. and Business Educators NSW professional development course (“Field Trip to CHOICE Lab Its operations facility is surprisingly small, and Testing Facility“) which consisted of a visit involving only 12 full time product testers who to the Choice testing facility in Marrickville, test over 2600 items per year. The operations NSW (57 Carrington Road Marrickville NSW). facility tests that products meet set safety Director of Commercial and Finance, George standards as regulated by government and that Perry, provided a brief history of the company product claims are also substantiated. Beyond including its basic business model. This was the legalities of testing, Choice bases its tests followed by a tour of the testing labs by Mr John on consumer behaviour, therefore they test Ashes, the Facilities Manager, which included products under everyday conditions to ensure the asking of many questions. the reviews are relevant to how consumers use products. Choice as a case study is relevant to the Operations and Marketing topics within the Choice also plays a strong role in consumer Business Studies syllabus and in providing a real advocacy. They were integral in the drafting world context to supplement the Consumer of the Trade Practices Act, Australia’s first Choice and Running a Business topics within the national consumer protection law; and almost Commerce curriculum. 40 years later they were campaigning for the introduction of the Australian Consumer Law, Choice is primarily a publishing house that which guarantees the consumer rights we all releases content to attract readership. Its enjoy today. business model is funded primarily by its paid subscribers to their printed magazine Choice are able to conduct group tours and online content. Choice does not accept throughout its labs and offer a presentation on any advertising, free product samples or its business model.

The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 65 President's Report to the 2015 Economics and Business Educators NSW Annual General Meeting (7 December 2015)

It is my pleasure to present the Economics and Business Educators NSW (EBE NSW) President’s Report for 2015. Since the last EBE Annual General Meeting (AGM) on 1 December 2014, it has been a productive and exciting year for EBE NSW as we have sought to serve our members and their students and support them in the classroom as they have taught the Board of Studies, Teaching and Educational Standards NSW (BOSTES NSW) Economics, Business Studies, Legal Studies and Commerce courses, providing them with high quality educational services.

EBE NSW began implementing its Strategic EBE NSW membership numbers continue to Plan ( 2015 – 2017) in 2015 ( at the end of be strong and we are experiencing a growth in this report is a copy of the strategic plan). The members as shown in the table below – “EBE strategic plan is built around three strategic NSW Membership Figures 2012 – 2015”. Our pillars: members are made up of teachers in both 1. Professional growth government and non – government schools in NSW, Australian international schools 2. Networking overseas, student teachers and members 3. Advocacy in the “business/corporate” category. An We have made some good progress in relation organization like Economics and Business to the goals in the strategic plan as will be seen Educators NSW is a community of support in this report. for all educators involved in the courses it represents, especially for educators in isolated Educational change continues to provide areas. Our total membership stands at 436 as at us with both opportunities and challenges, 22 October 2015 (this figure includes individual including reduced funding for government memberships, school/library memberships and curriculum authorities which has resulted in business/corporate memberships). While our a reduction of support services from these membership figures remain healthy overall, authorities for teachers of Economics, Business there is potential to increase these numbers Studies, Commerce and Legal Studies, and engage those teachers in schools who are continuing developments with regards to the not members. In addition, our student teacher Australian Professional Teaching Standards members could be increased. I envisage more and continued implementation of the NSW teachers will apply to be members of EBE NSW Government’s Great Teaching, Inspired Learning in the future as they are seek ways to address Blueprint for Action policy. EBE NSW continues the Australian Professional Standards for to play an important role in helping its members Teachers. manage this change.

66 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 President’s AGM report

EBE NSW Membership Figures 2012 – 2015 Mr Darren Taylor, Inspector HSIE, Curriculum and Assessment Standards from BOSTES NSW 2015 2014 2013 2012 and Ms Jennifer Curtis, HSIE Advisor 7–12 – (as at 22 October 2015) Learning and Leadership – Secondary Education from the NSW Department of Education. We are 436 402 369 349 grateful to Club Burwood RSL for allowing us to use their meeting rooms for our Board meetings I wish to thank our members for their support of at no cost. the association and participation in our activities this year. In all our activities our top priority is I would like to thank all the Board members for meeting and exceeding the expectations of our all their work and willingness to give to and members. share with the teaching profession and assist teachers to improve student learning outcomes. EBE NSW would be unable to achieve its vision It is not always easy juggling the demands of and goals without the knowledge, skills and a full time job and carrying out the important time of the educators who are members of the and useful work we do for EBE NSW on a pro EBE NSW Board of Directors. Twelve educators bono basis, and I would like to acknowledge the made up the Board of Directors during the last contributions of all Board members. I also add year: a vote of thanks to Board members who carried • Mr Joe Alvaro out the added responsibilities as an Executive • Mr Andrew Athavle Board member. Thank you to Cheryl Brennan • Mr Matthew Bookallil and Kate Dally and as Vice – Presidents and • Ms Joean Borg Bronwyn Hession who performed the roles of both Treasurer and Company Secretary. • Ms Cheryl Brennan • Ms Kate Dally The strength and sustainability of the teaching profession is directly related to the quality • Ms Bronwyn Hession of our teachers. This is why designing and • Ms Kate Keeley conducting professional development courses • Ms Anna Tsoutsa is our core activity. EBE NSW continues to • Mr Nicholas Ward provide members with access to effective, • Dr Sarah Wright syllabus friendly, classroom focused and cost friendly professional development courses We had a diverse Board this year with educators to assist teachers in providing meaningful from government, Catholic, Christian and and engaging learning experiences in the independent schools, as well as the Board of classroom. We are especially committed to Studies, Teaching and Educational Standards supporting beginning teachers as they face NSW (BOSTES NSW) and universities. EBE NSW the challenging and demanding early years of Vice-President, Cheryl Brennan and myself sit teaching. It has been a year of strong member on the Professional Teachers’ Council NSW involvement with regards to our professional (the coordination and consultancy body for development courses. We have implemented professional teacher associations in NSW) Board a busy professional development program this of Directors. This diversity has enabled EBE to year carefully prepared to meet the professional better serve the interests of all members and learning needs of teachers: remain strategically focused as it carried out its 1. “Teaching the Preliminary Course ( Year 11) in activities and faced the educational challenges Business Studies for the first time?” – of this year. Full Board meetings have been held 27 February 2015 regularly and Board members have also been able to communicate regularly online. Guest 2. “Teaching the Preliminary Course ( Year 11) speakers at our meetings this year included in Economics and Legal Studies for the First Time?” – 11 March 2015

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3. “Revamping and Resourcing Commerce” – throughout the year, enabling members to 1 April 2015 benefit directly from the expertise of EBE NSW Board members and teachers in the 4. “2015 EBE NSW Annual Conference” – 15 classroom during these courses. I also thank all May 2015 (Two EBE NSW professional our other presenters this year. All our courses development travel grants for members are evaluated by attendees and we use this from a remote area of NSW were provided information to learn about what is working well for this conference) and what needs improving. Overall evaluations 5. “Simulation as a Teaching Method in Business this year indicated that the content of our Studies” – 6 August 2015 (conducted in professional development courses are meeting association with SP Jain School of Global the professional learning needs of teachers and Management) student teachers attending. 6. “Teaching the HSC Course (Year 12) in EBE NSW (through the Professional Teachers’ Business Studies, Economics or Legal Council NSW) is a BOSTES NSW endorsed Studies for the first time?” – 17 August 2015 provider of professional development for the 7. “Current Economic Events and Monetary maintenance of accreditation at Proficient, Policy” – 1 September 2015 (conducted Highly Accomplished and Lead levels, and in association with the Reserve Bank of a number of our members use professional Australia) development hours from our courses to meet their accreditation requirements with BOSTES 8. “CHOICE Lab and Testing Facility Guided NSW . Courses that are endorsed are advertised Tour” – 23 September 2015 on the BOSTES NSW website which enables 9. “Legal Update Conference” – 9 October 2015 us to benefit from this additional method of promotion. A number of our courses this year 10. “EBE NSW Rural Professional Development were BOSTES NSW endorsed, thanks to the work Course: Teaching the HSC Course (Year of EBE NSW Director Bronwyn Hession and I 12) in Business Studies or Legal Studies thank her for her expertise in this area. for the first time? – 24 October 2015 (held in Wagga Wagga, in association with the Further professional development was available Riverina Social Science Teachers Association) to members through the EBE NSW Helpdesk ([email protected]) enabling them to We are developing a connection with SP Jain access Board members for advice and assistance School of Global Management, an Australian in relation to the teaching and learning of business school with campuses in Sydney, Economics, Business Studies, Legal Studies and Mumbai, Singapore and Dubai, which has a Commerce this year. focus on global intelligence. With the help of a bursary provided by SP Jain School of EBE continued the selling of the following EBE Global Management, I travelled to Singapore NSW publications this year which are designed in February 2015, together with two other to enhance teaching and learning programs in EBE NSW members, to represent schools in schools: Sydney at the 2015 SP Jain School of Global • The EBE Book of Economics Questions for Management Counsellors and Educators HSC Students Conference at the Singapore campus. EBE NSW is looking forward to developing further • The Yellow Book of Business Terms connections with SP Jain School of Global • Annual EBE Trial HSC Examinations (Business Management in the future. Studies, Economics and Legal Studies). The Thank you to all the EBE NSW Board members EBE Trial HSC Examinations give EBE Board who designed and conducted presentations members another opportunity to share their at various professional development courses expertise and experience with members.

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The examinations are a major annual publication their business plan “Lemon Myrtle” (Teacher: project. I thank my fellow EBE NSW Board Ms Stephanie Boden). members for their commitment to this work Although our NSW winners were not successful and enabling teachers to access high quality at this year’s Australasian judging and awards assessment material. ceremony, they are to be commended on “The EBE Journal – Journal of the Economics their excellent business plans. The individual and Business Educators NSW” continues to category at the national level was won by be provided in an electronic format which is Jonathan Nagappa of Christ Church Grammar accessible by members on the EBE website. School in Western Australia. His business idea Past issues of the journal are also available on was SurfScout, a remote controlled drone the website which enables members to access service to spot sharks and keep Australia’s professional reading and resources which are swimmers safe. The group category at the available in the journals. I would like to thank our national level was won by Harrison Wallace, Journal Editor Matthew Bookallil for all his work Peter Mercado and Robert Jiang from The on “The EBE Journal” and all the contributors Hutchins School in Tasmania. Their business, to the journal this year. EBE NSW has a long The Tapas Truck, provides affordable Spanish history of providing a journal to members and food to Hobart residents. I congratulate the we are committed to continuing this EBE NSW 2016 PYOE national winners. membership benefit into the future. The journal CPA Australia sponsors the PYOE Competition is especially important for our members in and I acknowledge its support of students remote areas. and teachers through this competition. This We continued to run the CPA Australia Plan competition is an excellent way for EBE to Your Own Enterprise Competition in NSW interact directly with students of the courses we this year in association with Business Educators represent and their parents. Australasia, which enables students in NSW Another way we interacted directly with and around Australia to develop their business students this year was through our HSC planning skills. I would like to thank our PYOE student seminars at the 2015 HSC and Careers NSW Coordinator, Nicholas Ward, for all his Expo at Royal Hall of Industries, Moore Park and work in coordinating the competition in NSW at the Western Sydney Careers Expo at Sydney this year, including the coordinaton of the NSW Olympic Park. I presented seminars for both shortlisting process. Thank you to the EBE NSW Business Studies and Legal Studies students Board members and teachers who were on the at these events, focusing on examination shortlisting panel this year. preparation strategies. EBE NSW provided these We were able to recognize the PYOE NSW seminars free of charge. winners at our annual NSW awards ceremony The EBE NSW website continues to be a major on 7 October 2015 at the Sydney office of CPA source of up to date information in relation to Australia. At the ceremony prizes and certificates the vision and goals of EBE NSW. We outsource were awarded to the NSW student winners the upkeep of the technical side and design and their teachers. I congratulate the following of the website to our webmaster, Rob Berry, winners and their teachers from NSW: while maintaining oversight of the content • -Division 1 (Individual entry) – Joshua Spicer, that appears on the website. We thank Rob Rose Bay Secondary College for his business for his assistance with the website and for his plan, “Intergenerational Solutions” ( Teacher: knowledge and skills in this area. Mr Philip Horrell). As can be seen in the following graphs the EBE • Division 2 (Group entry) – Vanshika Virmani website attracts many visitors. & Jennifer Xu, Hornsby Girls High School for

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EBE NSWWebsite website Statistics statistics as atas 25at 25 November/11/2015 2015

Most commonly visited pages 701 Home page The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 2 News 3 Resources 4 Professional development 5 Publications President’s AGM report

EBE NSW Website – Most commonly visited I wish to thank our three office staff members, pages as at 25 November 2015 Annette Davies, Sue Gilbertson and Alan 1. Home page Hearle, for their knowledge, skills and support this year. They have shared the vision of EBE 2. News NSW and have made significant contributions 3. Resources to all our projects. We are grateful to the NSW 4. Professional development Department of Education for providing us with 5. Publications cost friendly office space at their Ryde premises. We have also continued to produce regular I acknowledge the continued support provided e-newsletters which are emailed to members to EBE NSW by Business Educators Australasia, (and made available on the EBE NSW website), as our umbrella national subject association and enabling members to receive all the latest news in particular thank the Immediate Past President with regards to EBE NSW and the teaching of BEA, Bronwyn Hession, for her leadership of and learning of Economics, Business Studies, the organization until the BEA AGM in June, Commerce and Legal Studies directly into their 2015 which saw Bronwyn retire as BEA President email inbox. and BEA Councillor for EBE NSW. Bronwyn served as President of BEA for three years and Improving the quality of the courses we led the organisation during a period which saw represent and responding to curriculum significant developments with regards to the change remains an ongoing feature of our ACARA Australian Curriculum: Economics and work. EBE NSW is well placed to improve Business and ACARA Australian Curriculum: the quality of our courses and respond to Civics and Citizenship. Her knowledge, skills curriculum developments as we have members and experience were invaluable during these who are teachers in schools, active in the curriculum developments. Before her term as classroom, committed to their students and President, Bronwyn served on the BEA Board as passionate about the curriculum. BEA Councillor for EBE NSW. I thank Bronwyn I represented EBE NSW at the 15th Annual for all her effort and time, representing NSW Meeting of Human Society and its Economics, Business Studies, Legal Studies Environment (HSIE) Professional Teachers’ and Commerce teachers at the national level. I Associations, Tertiary Educators and HSIE congratulate Mr Tony Kuc who is the new BEA Advisors from NSW Department of Education President. I am now the BEA Councillor for on 30 November 2015. HSIE professional NSW and I look forward to representing EBE teaching associations and tertiary educators members in this role. Our connections to BEA in the area of HSIE came together to discuss are important to teachers and students in NSW the Australian Curriculum, learn from each because this is the channel through which we other and discuss ways HSIE professional increasingly have input in matters relating to teaching associations could support HSIE the Australian curriculum and other critical pre-service teachers. Tertiary educators and national matters which impact on us here in professional teachers’ associations such as NSW. EBE are an essential link between teachers, EBE NSW is in a healthy financial position schools and the curriculum. EBE recognizes and acknowledges the ongoing support of the importance of connecting with the future CPA Australia. We are also grateful to our office teachers of the courses we support who are staff for their careful attention to the financial studying at university and promoting the matters of the organization. This healthy importance to them of becoming a member of financial position will allow EBE NSW to look at EBE. This year we continued to offer a student new ways to return more value to members. teacher membership category which is heavily More information about the financial position discounted and student membership discounts of the association can be found in the “EBE NSW to our professional development courses. Financial Statements For The Year Ended 2015.”

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EBE NSW is highly respected and recognised. • We need to continue to pay attention Despite this and our many achievements we to governance issues and update our cannot afford to be complacent as we look constitution. to the future. Funding by the government • We must ensure the EBE NSW office for many significant projects in the area of operates effectively and efficiently based education continues to decrease, educational on the values in the EBE NSW Strategic Plan change continues to increase and teacher (2015–2017) – “excellence”, “integrity” and associations like EBE NSW are being called upon “members first”, as it supports the Board to do more and more with limited resources. members as they carry out their work. Many challenges and opportunities await us in the future: • We must be on a path of continuous improvement, maintain high standards in • We need to continue to pay attention to all we do and continue to encourage and developments in the area of education develop excellence in the teaching and which impact on our members at the learning of Economics, Business Studies, Federal and NSW Government levels and Legal Studies and Commerce, which making our views known when appropriate. we know contain critical and powerful • We need to continue to monitor the knowledge and skills that we want young development of the Australian Curriculum: people to leave school with and build on Economics and Business and Australian throughout their lives. Curriculum: Civics and Citizenship as EBE NSW has been an active association over BOSTES NSW considers its response to these curriculum developments. the past year, representing and supporting teachers and students of the BOSTES NSW • We need to ensure that our professional Economics, Business Studies, Legal Studies and development courses are responsive to Commerce courses. The teaching and learning emerging teaching and learning strategies of these courses would continue without and technologies. EBE NSW but I would argue the quality of the • Exciting opportunities await us as the NSW lessons in classrooms and teacher capacity and Government “Great Teaching, Inspired confidence with regards to these courses would Learning – A Blueprint for Action” policy suffer if EBE NSW did not exist. Our association continues to be implemented, including has made a very significant contribution to 16.4 ( “the profession will be supported education this year and has played a significant to inform and provide registered teacher part in furthering the teaching profession and professional learning”) and as all teachers assisting teachers to improve student learning begin to move to the Australian Professional outcomes. Standards for Teachers making accreditation I again thank all the EBE NSW Board members integral to teachers’ progression and and the EBE NSW office staff for their efforts this remuneration. This all has potential to build year and for assisting me in my role as President. our capacity to provide professional learning I also thank all the EBE NSW members for their opportunities to a wider audience. support of EBE NSW. I look forward to working • We need to continue to maintain the together again as we begin a new year. financial stability of our association and Joe Alvaro invest our finances more wisely so as to generate greater returns and to consider Economics and Business Educators NSW further ways we can use funds to add more President value to membership of EBE. 7 December 2015

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our vision Inspire teachers to be passionate and dynamic Economics, Business, Legal and Commerce educators. our values EXCELLENCE – We strive to achieve high standards in all we do. INTEGRITY – We act in good faith and do the right thing. MEMBERS FIRST – Our top priority is meeting and exceeding the expectations of our members. recognition EBE NSW was the winner of the 2014 Australian Securities and Investments Commission (ASIC) MoneySmart Week Highly Commended Award (Education Category).

S illar P tratEGic S our datioNS N fou our

Strategy 3.1 – Promote the teaching of Economics, Business Studies, Legal Studies and Commerce in schools. Strategy 3.2 – Monitor and discuss current curriculum trends in Economics, Business Studies, Legal Studies and Commerce. Strategy 3.3 – Inform government policy with regards to the teaching and learning of Economics, Business Studies, Legal Studies and Commerce education in schools. Strategy 3.4 – Act as a change agent for quality teaching and learning in Economics, Business Studies, Legal Studies and Commerce. Goal 3 – act as a voice Goal 3 – act as a voice significanceof matters on to Economics, Business, legal and commerce educators. StratEGic Pillar 3 – advocacy – 3 Pillar StratEGic

Strategy 2.3 – Establish relationships with key stakeholders. Goal 2 – Build a supportive network for Economics, Business, legal and commerce educators. Strategy 2.1 – Facilitate connections between classroom teachers. Strategy 2.2 – Provide a forum for teachers to access subject experts.

orkiNG NEtW – 2 Pillar StratEGic Best practice governance embedded within all aspects of the organisational structure. – – A well developed and effective team of Board members staff. – Sustainable finances achieved through clearly defined goals. ility

Design and conduct professional development activities. Strategy 1.2 – Source, develop and provide resources for classroom teachers. Strategy 1.3 – Support teachers to engage with the Australian Professional Standards for Teachers. Goal 1 – develop teacher capacity in Economics, Business, legal and commerce education. Strategy 1.1 –

th W ro G al N ESSio Prof – 1 Pillar ic Economics and Business EducatorsNSW Strategic 2017 Plan 2015 – StratEG caPaB caPacity ErNaNcE Gov ErNaNcE about us Economics and Business Educators (EBE) NSW is an active professional teachers association, representing and supporting teachers of the Board Studies, Teaching and Educational Standards NSW Economics, Business Studies, Legal Studies and Commerce courses. It was established in 1968 and operates as a company limited by guarantee. EBE NSW is governed by a Board of Directors who are all educators. It is a member of the Professional Teachers’ Council NSW (the coordination and consultancy body for professional teachers associations in NSW) and also an affiliate member of the national subject association, Business Educators Australasia.

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92 The EBE Journal – Journal of the Economics and Business Educators NSW 2015 – Issue 2 Economics & Business Educators NSW 3B Smalls Road, Ryde NSW 2112 Phone: (02) 9886 7786 • Fax: (02) 9886 7673 Email: [email protected] • Website: www.ebe.nsw.edu.au