2013 – Issue 2

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

PRESIDENT: Mr Joe Alvaro, Marist College North Shore

VICE PRESIDENTS: Ms Kate Dally, Birrong Girls High School Mr Stuart Jones, Inaburra School

TREASURER: Ms Bronwyn Hession, Board of Studies NSW and Business Educators Australasia Inc. (President)

COMPANY SECRETARY: Ms Pauline Sheppard, Australian Islamic College

DIRECTORS: Mr Andrew Athavle, William Carey Christian School Ms Cheryl Brennan, Illawarra Christian School Professor John Lodewijks, University of Western Sydney Ms Rhonda Thompson, Catholic Education Office – Southern Region

EDITORS: Ms Kate Dally, Birrong Girls High School Professor John Lodewijks, University of Western Sydney

DESKTOP PUBLISHING: Ms 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. The Journal

JOURNAL OF THE ECONOMICS AND BUSINESS EDUCATORS NEW SOUTH WALES 2013 – Issue 2

Contents A call for articles President’s Report – Joe Alvaro, Marist College North Shore 5

There is always a need for articles EBE NSW News 8 for “The EBE Journal”. Educators (teachers in schools, Economics and Business News Bites – academics in universities etc.) Compiled by Joe Alvaro, Marist College North Shore 19 are welcome to submit articles, including teaching and learning Legal News Bites – activities and assessment tasks. Compiled by Joe Alvaro, Marist College North Shore 23 Contributing to the journal is one way to demonstrate professional International School Teacher Profile – competence, accomplishment Rowan Peterson, Norfolk Island Central School 26 or leadership for the purposes of accreditation with the NSW Institute of Teachers. Growth, Happiness and the Environment – Professor John Lodewijks, University of Western Sydney 29 It is also an effective way to engage in professional dialogue and sharing with other teachers. Media Release: Commonwealth Bank Foundation celebrates outstanding teachers 33 All sources are acknowledged and copies of published articles can be attached to your C.V. Q&A with 2013 Commonwealth Bank Foundation Teaching Award winner, Nadine Saul 34 All articles and/or enquires should be directed to: Q&A with 2013 Commonwealth Bank Foundation The Editors Teaching Award winner, Rebecca Rounsley 36 Economics and Business Educators NSW Business Management Decision-making Exercise – 3B Smalls Road RYDE NSW 2112 Louie Traikovski, Minaret College, Telephone: 02 9886 7786 Springvale Campus, Victoria 37 Fax: 02 9886 7673 Email: E [email protected] Does demand for cigarettes create supply, or does supply Articles may be emailed with text create demand? And what should we do about it? – double spaced and proof read. Professor Suzan Burton, University of Western Sydney 38 Please ensure that all tables, diagrams and figures included Commerce Group Assessment Task for “Global Links” – with your paper are of a suitable Joe Alvaro, Marist College North Shore 42 quality for reproduction. Human Resources Business Studies Activity – Kate Dally, Birrong Girls High School 48

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 3 Hots Shots Cold Cases (Profile on Mark Tedeschi – Crown Prosecuter, photographer and author) – Caroline Baum 49

The Australian government’s Direct Action policy for meeting carbon emission reduction targets – Dr Neil Perry, Research Lecturer in Corporate Social Responsibility and Sustainability, School of Business, University of Western Sydney 51

ASX Schools Sharemarket Game 2, 2013 winners: girls take top spots – Amanda Mior, ASX Schools Sharemarket Game Coordinator 57

Krugman on the GFC and Austerity – Professor John Lodewijks, University of Western Sydney 58

CPA Australia Plan Your Own Enterprise Competition 2012 National Division 1 Winner – Trip to Shanghai – Matthew Bennett, The Canberra College, ACT. 61

Are we moving towards a cashless society – or simply less cash? – Steve Worthington, Associate at Australian Centre for Financial Studies 66

Will your next phone be Fair Trade? – Robbie Fordyce and Luke van Ryn, The University of Melbourne 69

President’s Report to the 2013 Economics and Business Educators NSW Annual General Meeting (21 October 2013) 71

Economics and Business Educators NSW Financial Statements for the year ended 30 June 2013 80

EBE NSW Professional Development Event – “Teaching the Preliminary course (Year 11) in Business Studies, Economics or Legal Studies for the first time?” – 24 February 2014 99

4 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 President’s Report by Joe Alvaro, Marist College North Shore

Welcome to the second and final edition of “The EBE Journal” for 2013. I hope the content provides you with useful professional reading and contributes to your professional development.

2013 EBE NSW Annual General Annette Davies and Alan Hearle, for all their Meeting work in enabling the association to have adequate financial resources to carry out The EBE NSW AGM was held on 21 its vision and goals for the current financial October 2013. The Board of Directors year. The Board meets twice every school for 2013/2014 are listed at the front of term . Please email EBE NSW if you have any the journal. We welcomed a new Board questions or suggestions that you would member at the Board of Directors like the Board to consider at these meetings. Ordinary Meeting on 2 December 2013, with Cheryl Brennan’s nomination to EBE NSW Professional become a Director accepted unanimously Development Events by the Board. Cheryl teaches at Illawarra Christian School and was the recipient of In this edition of “The EBE Journal” we have the Premier’s Macquarie Capital Economics reports on the following successful NSW and Business Studies Teacher Scholarship Institute of Teachers endorsed PD events in 2012 (for more information visit her we have held this year: website at www.hscbusinessresources. • “Legal Update Conference” on 2 August com.au/coffeecasestudies). We currently 2013 have a diverse Board with educators from • “Teaching Year 12 HSC Business Studies, government, Catholic, Christian and Muslim Commerce and Legal Studies for the schools, as well as the Board of Studies first time in Term 4, 2013/2014?” on 19 NSW and the tertiary sector. One of our August 2013. directors, Bronwyn Hession, is also President • “ EBE NSW Industry Visit for Teachers of Business Educators Australasia Inc., our – Fairfax Printers Plant Tour” on 27 umbrella national subject association. I September 2013. also sit on the Board of the Professional Teachers’ Council NSW. This diversity and We are currently preparing our 2014 events these connections will enable the Board to calendar and this will be communicated better serve the interests of all members to members very soon. Our first PD event as we move forward. In this edition of “The for next year will focus on our foundation EBE Journal” you will be able to read the preliminary senior courses – “Teaching the “President’s Report to the 2013 EBE NSW Preliminary course ( Year 11) in Business AGM” and the “Financial Statements for the Studies, Economics or Legal Studies for the Year Ended 30th June 2013”. The association first time?” . It will be held on 24 February remains in a healthy financial position 2013. For more information see the course and I thank the Board and staff members, flyer in this edition of “The EBE Journal”.

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 5 President’s report

National Conference 2014 in Perth 2013 Commonwealth Bank The Business Educators Australasia ( of which Foundation Teaching Awards EBE NSW is a member) will hold its Biennial EBE NSW congratulates all the winners of Conference in Perth, Western Australia next the 2013 Commonwealth Bank Foundation year on 2 and 3 October 2014. This is an Teaching Awards and their efforts in opportunity to connect with colleagues from developing the financial literacy skills of all over Australia and New Zealand to discuss their students. We have interviewed two of the teaching of our subjects and plan a trip the NSW winners in this edition of “The EBE to a wonderful part of Australia. Journal”. 2013 CPA Plan Your Own Australian Curriculum, Enterprise Competition Assessment and Reporting EBE NSW congratulates all the NSW and Authority (ACARA) Australian national winners of the 2013 CPA PYOE Curriculum: Years 5 –10 Competition. EBE NSW conducted a NSW Economics and Business and awards ceremony on 10 October 2013 for Australian Curriculum: Years 3 the PYOE NSW winners, their parents and –10 Civics and Citizenship their teachers. More information can be Both the final ACARA Australian Curriculum: found in “EBE NSW News” in this edition of Years 5 -10 Economics and Business and “The EBE Journal”. Also in this edition we ACARA Australian Curriculum: Years 3 include Matthew Bennett’s (2012 CPA PYOE -10 Civics and Citizenship are due to be Competition national division 1 winner) endorsed by the education ministers from report on his trip to Shanghai in China as each state and territory in December 2013. a result of winning the competition. If you However at the time of writing this has missed Mathew’s winning business plan, not yet occurred. EBE NSW will continue “Plug n’ Play” you can read it in “The EBE to monitor developments in this area. If Journal” (Issue 2, 2012) together with the you missed the submissions to ACARA judges comments ( see the members section from EBE NSW on both the draft Australian of the EBE NSW website for past editions of Curriculum: Economics and Business and “The EBE Journal”). Details about the 2014 the draft Australian Curriculum: Civics and PYOE Competition will be communicated to Citizenship, see the “The EBE Journal” (Issue members very soon. 1, 2013) which is available on the members section of the EBE website. You can also 2013 ASX Sharemarket Game 2 listen and watch the two webinars EBE EBE NSW congratulates Philippa Nolan from NSW conducted based on the Australian PLC Sydney who was the national winner Curriculum: Economics and Business on the in the 2013 ASX Sharmarket Game 2. For EBE NSW website. more information see the article about this competition in this edition of “The EBE EBE NSW International Teacher Journal”. Be sure to register your students for Profile the 2014 competition which begins on 13 In this edition of the journal we include March 2014. Teachers may want to use this another profile on an Australian teacher article with their students next year. who has gone out of their comfort zone to teach in a school outside of Australia.

6 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 President’s report

Thankyou to EBE NSW member, Ms Rowan Contributing to the journal is one way to Peterson, from Norfolk Island Central demonstrate professional competence, School, who was interviewed for this edition accomplishment or leadership for the of the journal. purposes of accreditation with the NSW Institute of Teachers. It is also an effective 2013 Board of Studies NSW HSC way to engage in professional dialogue and Business Studies, Economics and sharing with other teachers. Legal Studies Examinations EBE NSW welcomes feedback from EBE NSW Helpdesk members about the 2013 Board of Studies As always EBE NSW Directors are available to NSW HSC Business Studies, Economics and members for advice and assistance Legal Studies examinations. What did you ([email protected]) in relation think? Any problems? Strengths? Please to the teaching and learning of Business email feedback to [email protected] Studies, Commerce, Economics and Legal Studies. Contributions to “The EBE All good wishes for a happy Christmas and a Journal” restful break. All members are invited to submit an article for publication in “The EBE Journal” (please Joe Alvaro email us at [email protected]). Further President – Economics and Business information about submitting an article Educators NSW can be found in this edition of the journal.

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 7 EBE NSW News

“Legal Update Conference” held on 2 August 2013

The above NSW Institute of Teachers’ endorsed EBE NSW PD event enabled teachers to update their knowledge in relation to the legal issues in the Legal Studies and Commerce syllabuses by hearing from experts in the legal world. Speakers included: Legal Update Conference – NSW Senior Crown Prosecutor Mark young offenders with real – life examples.” Tedeschi AM QC (Read the article “Hot • “Excellent posters for classroom display.” Shots Cold Cases” in this edition of “The EBE Journal” for a profile on Mark • “I will definitely use this site for teaching Commerce. Political involvement.” Tedeschi) • “Great ideas for teaching, resources, and – Children’s Magistrate Elizabeth Ellis excursions relevant to making information – Parliament of NSW Education Officer, more accessible to students.” Daniela Giorgi • “Excellent resources and ideas presented for Commerce. I particularly like the – NSW Attorney General and Minister for practical activities.” Justice, The Hon. Greg Smith, SC MP • “Excellent presenter – complex issues – Rule of Law Institute CEO, Kate Burns explained well and with sophistication. Great case notes. V. applicable to Prelim. + – Manager of Offender Services yr.12 HRs units.” and Programs at the South Coast • “I had no knowledge in this area, this Correctional Centre, Jean Dally presentation was great! Food for thought – – Business Manager at the South Coast re effectiveness of prisons!” Correctional Centre, David Ward • “Great! Interesting! Love the “inside information” which I didn’t know about Some feedback about this conference which Australian gaols. Most info online is secret was received by participants included: and private.” • “Fascinating presentation provided lots of • “I found the whole day a great learning food for thought as a unit of presentation in experience, of valuable assistance to Legal Legal Studies.” Studies teaching.” • “Very nice presentation. Great to get an • “Thankyou for the free resources + insider practical perspective + to put a handouts. Good variation of topics human face on the Children’s Court.” presented today.” • “Elizabeth was captivating and full of • “Great choice of presenters – thank great cases to share. I value her stories + you very much! PowerPoints worked information, I really enjoyed this session. well. Handouts were useful and can be The info. was fantastic.” photocopied for students.” • “Fantastic this strengthened my • “Timing was great. Choice of papers/ understanding further.” presenters was “spot on”. A good mix of • “Very relevant to the syllabus. Very helpful background information and curriculum in understanding some of the key issues in relevant resources.”

8 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 EBE NSW News

Teaching Year 12 HSC Business Studies, Economics or Legal Studies for the first time? “Teaching Year 12 HSC Business teachers beginning to teach the current Studies, Economics or Legal Board of Studies NSW HSC Business Studies, Studies for the first time ?” held Economics and Legal Studies courses. on 19 August 2013 The event was also open to teachers who wanted a refresher course. Participants The above NSW Institute of Teachers’ were able to hear about effective teaching endorsed EBE NSW PD event was an and learning strategies designed to engage outstanding success with Year 12 Business students, current developments in their Studies, Economics and Legal Studies subject area and assessment procedures teachers coming together to hear from and techniques, and receive some teaching experienced subject experts and learn and learning resources to take back to from each other. EBE NSW Director Andrew their classroom. Some feedback received Athavle presented the Business Studies included: session, EBE NSW Vice – President Kate Dally • “Presenter was excellent, knew his stuff. presented the Economics session and EBE Great resources. Made me feel more able to NSW President Joe Alvaro presented the teach this subject & calmer about it as well.” Legal Studies session. Participants were

EBE NSW Director Andrew Athavle presenting at the “Teaching Year 12 HSC Business Studies, Economics or Legal Studies for the first time?” PD event held on 19 August 2013

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 9 EBE NSW News

• “Excellent – I’ve learnt heaps & feel a lot more confident.” • “It was great to hear how it is done from someone who does this everyday and obviously knows how to teach Business Studies really well. All of the examples, suggestions and common classroom practices were relevant, useful and thought provoking. I’m very glad I attended today.” • “The presenter shared a range of strategies and advice. Very extensive and useful.” • “The presenter was wonderful. He had so much knowledge that he had a lot of suggestions and resources to help us EBE NSW Vice President Kate Dally presenting at the prepare. His advice was quite helpful.” “Teaching Year 12 HSC Business Studies, Economics or Legal Studies for the first time?” PD event held on 19 • “Very practical useful tips!!” • “It is useful picking up new ideas on • “Excellent discussion of syllabus teaching my subject. Also good to get expectations, teaching activities + resources on assessment tasks. Useful to be resources.” able to ask questions.” • “Resources + ideas are fantastic. I feel • “Very good exposure, especially learning ready to tackle the HSC course. Many from HSC exam markers.” thanks.” • “Good chance to network with other • “Excellent, relevant, interesting. Thankyou educators from other schools. Good range for the resources.” of resources.” • “Passionate, enthusiastic presenter. One of the best PD’s I have ever attended. Slightly longer timeframe would have been good.” • “Fabulous course.” • “Great resources – very generous. Great ideas.” • “Clear and specific links between topics in syllabus + materials distributed. Resources + websites great way to create varied T + L strategies and keep kids motivated. • Good model of note taking ( young offender notes summary). Very generous with assessments/notes etc. • “Great resources that will be really useful for teaching HSC Legal Studies. Very EBE NSW President Joe Alvaro presenting at the “Teaching helpful tips on how to engage students & Year 12 HSC Business Studies, Economics or Legal Studies help them to achieve.” Thanks!” for the first time?” PD event held on 19 August 2013

10 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 EBE NSW News

EBE NSW Industry Visit to Fairfax Printers Plant at Chullora, NSW on 27 September 2013. A group of Business Studies and Commerce teachers participated in an EBE NSW industry visit to Fairfax Printers Plant at Chullora, NSW on 27 September 2103. Led by an expert tour guide, teachers were able to experience first-hand the production processes necessary to publish Fairfax’s flagship newspaper, The Sydney Morning Herald as well as The Australian Financial Review and The Sun-Herald during this NSW Institute of Teachers endorsed professional development course. Fairfax’s plant is one of the few production sites which opens its doors to the public and teachers were able to increase their understanding of a lot of the content in the Business Studies EBE NSW Industry Visit to Fairfax Printers Plant and Commerce syllabuses, enabling them ideas based on this experiential professional to return to their classrooms with lesson development course. In addition, with major changes occurring at Fairfax at present, a substantial amount of knowledge was gained on the role of business in a changing business environment. EBE NSW expresses its thanks and appreciation to the Media News Team at Fairfax for working with EBE NSW on this PD course. In particular, we thank our two excellent tour guides, Ms Cindy Christopher and Mr Dave Overett, for sharing their solid knowledge of the print industry and their passion for Fairfax’s plant. EBE NSW Industry Visit to Fairfax Printers Plant Some positive feedback was received about this PD course from participants, including: • “Excellent presentation by guides – touched on many aspects of the syllabus with relevant information. Great example of operations and management and change. Very good visually and we were permitted to take photographs which is great for use in the classroom.” • “I thoroughly enjoyed the tour.” EBE NSW Industry Visit to Fairfax Printers Plant

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 11 EBE NSW News

• “Fantastic day. Great to offer this to teachers. Well timed before HSC starts up again.” • “Good to get some knowledge about managing change in industry. Well run – great to see the plant.” • “This gave me excellent knowledge for examples and a case study for teaching Business and Commerce.”

If you have suggestions for future EBE NSW industry visits, please email – [email protected].

EBE NSW Industry Visit to Fairfax Printers Plant EBE NSW Industry Visit to Fairfax Printers Plant

EBE NSW Industry Visit to Fairfax Printers Plant EBE NSW Industry Visit to Fairfax Printers Plant

12 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 EBE NSW News

2013 CPA Plan Your Own Enterprise Competition NSW Awards Ceremony – Held on Thursday 10 October 2013 EBE NSW recognised the 2013 PYOE NSW winners at our NSW awards ceremony on 10 October 2013 at the Catholic Education Office – Southern Region Office at Revesby Heights, NSW, together with their teachers and parents. Our special guest was Michelle Cook, Senior Relationship Manager, CPA Australia. Congratulations to the following From left to right: Ella Bricknell (2013 PYOE NSW Competition Division 1 winners and their schools from NSW: winner), Michelle Cook (CPA Australia), Joe Alvaro (EBE NSW President), Mark Swainson (Ella’s Business Studies teacher) • Division 1 (Individual entry) – Ella Bricknell, Pacific Hills Christian Educators Australasia to all teachers who School, NSW for her business plan, entered their students in the competition. “Captured Memories”. Students can use these certificates for their job portfolios. Please contact admin@ebe. • Division 2 (Group entry) – nsw.edu.au if any certificates have not been Keertana Avalur, Shevon Lau, Dana Royle received. from MLC School Burwood, NSW for their business plan, “Pasithea”. Thankyou to EBE NSW Director and PYOE NSW Competition Coordinator, Prizes and certificates were awarded to Rhonda Thompson, for all her work with these student winners and their schools. the competition this year, including the EBE NSW has posted out the CPA Australia coordination of the NSW shortlisting and 2013 Plan Your Own Enterprise Competition judging processes. EBE is grateful to Cheryl Certificates of Participation from Mr John Brennan (EBE NSW Member), Kate Dally, Cahill, President CPA Australia and (EBE NSW Vice-President), Stuart Jones (EBE Ms Bronwyn Hession, President Business NSW Vice-President), Anthony Matis (CPA

From left to right: Allison McCulloch (MLC School teacher), 2013 PYOE 2013 PYOE NSW Awards Ceremony NSW Competition Division 2 winners, Michelle Cook (CPA Australia), Joe Alvaro (EBE NSW President)

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 13 EBE NSW News

2013 CPA PYOE NSW Awards Ceremony

2013 CPA PYOE NSW Awards Ceremony Australia) and Michael Hanrahan (Principal at Hanrahans Accounting Services) for their involvement in these processes. As usual, the administration work from the EBE NSW office staff, Annette Davies and Alan Hearle was invaluable. CPA Australia sponsors the PYOE Competition and EBE acknowledges 2013 CPA PYOE NSW Awards Ceremony its support of students and teachers through this competition. Thankyou to all teachers who submitted their students’ entries for this year’s CPA PYOE Competition. The dates for next year’s competition will be communicated to members very soon. Members are encouraged to incorporate the competition into their Business Studies and Commerce teaching and learning programs. 2013 CPA PYOE NSW Awards Ceremony

2013 CPA PYOE NSW Awards Ceremony 2013 CPA PYOE NSW Awards Ceremony

14 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 EBE NSW News

2013 CPA Plan Your Own Enterprise Competition Australasian Awards Ceremony – Held on 16 October 2013

EBE NSW was delighted to discover that at the Australasian judging and awards ceremony in Melbourne on 16 October 2013, Ella Bricknell, our NSW Division 1 winner, also ended up being the national winner of the competition. EBE NSW congratulates Ella on this significant achievement and her national award. Congratulations also to Jack Lowrie and Will Campbell from The Hutchins School, Tasmania who were the national Division 2 winners for their business 2013 CPA PYOE Competition National Awards Ceremony – from left to right: Anthony Matis (CPA Australia), Bronwyn Hession (Business plan, “Kart Park”. Educators Australasia President), Ella Bricknell (2013 PYOE Competition National Division 1 winner), Robert Thomason (CPA Australia)

2013 CPA PYOE Competition National Awards Ceremony

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 15 EBE NSW News

Newspaper article - “Hills News” 5 Nov. 2013

16 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 EBE NSW News

EBE NSW recognised at 2013 Professional Teachers’ Council NSW Presentation Evening

EBE NSW was awarded a Certificate of Appreciation at the 2013 Professional Teachers’ Council NSW ( PTC NSW) Presentation Evening on 26 November 2013. Presented to the association by Board of Studies NSW President, Tom Alegounarias, the award was “in recognition of the association’s voluntary contribution during 2013 to quality education, the students of NSW and the teaching profession.”

The EBE NSW President, Joe EBE NSW President, Joe Alvaro (left) receives his Outstanding Professional Service Alvaro, was also recognized Award from President of the Board of Studies NSW, Tom Alegounarias (right) at the presentation evening with an Outstanding Professional Service deserves particular recognition for yielding Award. Presented to Joe Alvaro by Board of strengthened progression learning Studies NSW President Tom Alegounarias, opportunities for Economics and Business the award citation stated: education teachers in NSW. “Joe Alvaro, in recognition of his strategic Joe is motivated by the importance he leadership of Economics and Business places on professional collegiality and Educators NSW as President (2011 to shared wisdom. Under Joe’s leadership, Present), Director (2007 to present) and EBE has extended its support of all active member (1994 to present). Joe’s teachers, but particularly those new to dedication and professional expertise as an the profession. Joe is generous with both experienced and skilful practitioner, and his his time and expertise. You will find him infectious passion have led EBE NSW through stacking the dishwasher, reassuring an a time of significant change. In particular, anxious teacher and then delivering a Joe’s vision and capacity for foreign quality presentation. Leaders who are strategic partnerships and alliances with key prepared to ‘roll up their sleeves’ are a rare stakeholders including tertiary institutions breed. Joe Alvaro is one such leader”. and private and public sector organisations

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 17 EBE NSW News

How popular is HSC Business Economics in our universities. We hope this Studies, HSC Economics and project will contribute to an increase in the HSC Legal Studies in 2013? number of students studying Economics. EBE NSW Director, Professor John The Board of Studies NSW has released Lodewijks, wrote an excellent article for The its 2013 Media Guide. It shows that HSC Australian on 8 July 2013 titled “The case for Business Studies is the third most popular economics”. There is a link to this article on course in NSW (not counting compulsory the EBE NSW website (click on “News”, then HSC English), after HSC Mathematics and “Latest news”). EBE NSW also contributed HSC Biology, with 16,020 students enrolled to an article in “Business Spectator” in in this course (an increase from 2012). 2012 titled “Retuning Australia’s Economic HSC Legal Studies has also increased its Debate” which focused on the number of enrolments compared to last year, with students choosing to study Economics. This 10,023 students enrolled in this course article was reprinted in “The EBE Journal” (making it one of the top ten subjects (Issue 2, 2012) which is available in the studies in NSW). There has been a slight members section of the EBE NSW website. If increase in students studying Economics you have any ideas on how we can increase compared to last year, with 5335 enrolled in the number of students studying Economics the Economics course. please email [email protected]. The number of students studying HSC In terms of gender, 51% of students who Economics is concerning and EBE NSW completed the HSC Business Studies would like to see more students learning course were males and 49% were females. the important subject matter in the For HSC Economics 63% of students were Economics syllabus. We have begun some males, 37% were females. For the HSC Legal work on helping teachers promote the Studies course, 38% of students were male, study of Economics and this has included 62% were female. discussions with some academics who teach

18 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 News Bites Economics and Business News Bites Compiled by Joe Alvaro, Marist College North Shore

Australia’s unemployment rate at Option 2 - “Promoting and selling” 5.7% – 7 November 2013 – Board of Studies Business Studies The jobless rate in Australia is currently Preliminary Syllabus – Topic 2 – 5.7%. There has been a big fall in full-time “Business Management” jobs during October 2013 and an increase in – Board of Studies Business Studies HSC part-time positions. Youth unemployment Syllabus – Topic 2 – Marketing remains high. * Reference: * Syllabus links: The Sydney Morning Herald – “Myer loses Hugo – Board of Studies Commerce Syllabus Boss to DJs, where brand feels better suited” by – Core Part 2.2 – Employment Issues – Georgina Safe and Donna Demaio, 31 Oct. 2013. “Unemployment” – Board of Studies Economics Preliminary Crown continues to expand into Asia Syllabus – Topic 4 – Labour Markets Crown’s executive chairman, James Packer, has told a shareholder’s meeting that * Reference: “Crown’s large and ongoing investment in www.abc.net.au/news/2013-11-07/unemployment- tourism assets is testament to the fact we up/5075838 – “Australia’s unemployment rate at 5.7 have a strong belief in the incredible power per cent as job creation remains sluggish”, of the rising Chinese and Asian middle 7 November 2013 class”. Crown’s investment in its Macau joint German luxury menswear brand venture, Melco Crown, cost $US600 million. “Hugo Boss” dumps Myer It is now worth $US6.2 billion. Planned “Hugo Boss” (HB) will no longer be sold in projects include a $US400 million casino Myer stores with David Jones (DJ) remaining resort in Sri Lanka and Sydney’s $1 billion as the seller of Hugo Boss around Australia. hotel-casino. Matthew Keighran HB Australia and NZ * Syllabus links: managing director said that “based on our – Board of Studies Commerce Syllabus – trading performance to date we believe Option 4- “ Global Links” that our product and target demographic are best aligned to the David Jones brand – Board of Studies Business Studies HSC portfolio and customer base”. This is part Syllabus – Global business parts of a DJ strategy to dominate the market for syllabus. corporate suits (other brands available – Board of Studies Economics HSC include Zegna, Canali, Armani and Paul Syllabus – Topic 1 – The Global Economy Smith). * Reference: * Syllabus links: The Sydney Morning Herald – “Packer keeps the faith – Board of Studies Commerce Syllabus – with gamble on Asia”, by Colin Kruger and Peter Cai, 31 Oct. 2013

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 19 News Bites

Australia’s last refrigerator – Board of Studies Business Studies HSC manufacturing plant to close Syllabus – Topic 2 – Marketing Australia’s last refrigerator manufacturing * Reference: plant will close down after Swedish http://www.news.com.au/business/companies/ whitegoods manufacturer Electrolux decided samsung-extends-lead-over-apple/story- to close the plant in 2016. Electrolux says it fnda1bsz-1226749434608 –“Samsung extends lead can manufacturer refrigerators more cheaply over Apple” – 30 October 2013 in other countries in Asia and Eastern Europe. This will have negative impacts on the BlackBerry losing market share economy of Orange in NSW where the plant The smartphone industry is a rapidly is located. NSW MP for Orange, Andrew Gee, changing one. BlackBerry may well be said that “it comes down to the fact that our heading for the Business Cemetery as rivals market here is small and Electrolux can make Apple and Samsung take the lead. Two of greater profits in Thailand, where labour is the six phones the company offers will be $2.50 per hour compared to $25 to $30 in discontinued. In September 2013 shares in Australia”. the company were worth $US8.73 (in 2008 * Syllabus links: shares were worth $US138). – Board of Studies Commerce Syllabus – * Syllabus links: Option 4- “Global Links” – Board of Studies Commerce Syllabus – – Board of Studies Business Studies HSC Option 2 - Promoting and selling Syllabus – Topic 1 – “Operations” – Board of Studies Business Studies HSC – Board of Studies Economics HSC Syllabus Syllabus – Topic 2 – Marketing – Topic 1 – The Global Economy * Reference: * Reference: “Suitors circle BlackBerry as losses blow out” http://www.smh.com.au/business/electrolux-to- published in The Sydney Morning Herald on 23 shut-last-local-fridge-plant-20131025-2w6g7.html September 2013. – “Electrolux to shut down last local fridge plant” by Anna Patty - 25 Oct. 2013 Net profit for Telstra increases Telstra has reported that its net profit after Samsung number 1 tax increased by 12.9 per cent or $441 The worldwide smartphone market saw million to $3,865 million for the 12 months record sales in the quarter. The South to 30 June 2013. Korean Samsung company is leading with * Syllabus links: 31.4% market share. Apple’s market share has decreased to 13.1%. China’s Huawei – Board of Studies NSW Commerce moved into third place with a market share Syllabus – Option 11 – Running a of 4.8%, just ahead of fellow Chinese firm Business Lenovo (4.7% market share). South Korea’s – Board of Studies NSW Business Studies LG has 4.6% market share. HSC Syllabus – Topic 3 – Finance * Syllabus links: * Reference: – Board of Studies Commerce Syllabus – Letter to Telstra shareholders from Telstra Chairman Option 2 - Promoting and selling and Telstra CEO, dated 8 August 2013.

20 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 News Bites

Are in-store pharmacies next for also said that international suppliers do Woolworths and Coles? not approve of their brands undergoing Woolworths and Coles already own nearly “chronic discounting”. 70% of the grocery market in Australia. Some * Syllabus links: people are predicting that Woolworths and Coles could soon expand into in-store – Board of Studies Commerce Syllabus – pharmacies, unchartered territory at present. Option 2 - Promoting and selling Under Australian law, pharmacies must be – Board of Studies Business Studies HSC owned by pharmacists and supermarkets Syllabus – Topic 2 – Marketing (“price are not allowed to operate a chemist (this and quality interaction”) is not the case overseas where businesses Reference: like Walmart operate in-store chemists). * These laws will be reviewed in 2015. Coles/ “Riding the retail revolution” by Elizabeth Knight, published in The Sydney Morning Herald on 28-29 Westfarmers already has businesses in many September 2013. areas including retail (e.g. Target,Kmart, Officeworks), home improvement (Bunnings) Coca–Cola Amatil buys Fiji’s Vonu and liquor (e.g. First Choice Liquor, Pure Lager beer Liquorland, Vintage Cellars). Likewise Coca–Cola Amatil has paid $NZ5 million Woolworths has moved into areas like ($4.4 million) for the intellectual property retail (e.g. Big W), home improvement (e.g. assets, trademarks and brands of Fiji’s Masters Home Improvement) and liquor Vonu Pure Lager beer, with the aim of (e.g. Dan Murphys, BWS, Cellarmasters) exporting the beer to other countries. * Syllabus links: The product’s slogan is “pure Fijian rain – Board of Studies Commerce Syllabus – water turned into beer” and CC Amatil Option 2 - Promoting and selling hopes to use this aspect of the product to create a competitive edge for the – Board of Studies Business Studies HSC product, emphasising that it does not use Syllabus – Topic 2 – Marketing preservatives. * Reference: * Syllabus links: “Pharmacies next target of big two, say analysts” by Sarah Whyte, published in The Sydney Morning – Board of Studies Commerce Syllabus – Herald on 28-29 September 2013. Option 2 - Promoting and selling

David Jones changes its pricing – Board of Studies Business Studies HSC strategy Syllabus – Topic 2 – Marketing In an interview with The Sydney Morning * Reference: Herald, David Jones CEO Paul Zahra has “Coca – Cola backs Fiji craft beer” by Eli Greenblat, said that increasing sales by using the published in The Sydney Morning Herald on 16 discount method of pricing is something September 2013. the business cannot afford. Instead Who is exporting and importing “cutting consumers addiction to almost Australia’s wine? continuous sales events” is a goal for the business. David Jones is focusing more on South Australia’s Barossa region is a “relatively high-cost model”. Paul Zahra Australia’s top exporter of wine, sending

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 21 News Bites

$A112,558,798 worth of wine overseas a focus on human resources aiming for during 2012/2013. China is the top importer “continuous improvement”. of Australian wine, buying $A68,960,939 worth of wine from Australia during * Syllabus link: 2012/2013. – Board of Studies NSW Business Studies Syllabus – HSC Operations topic – * Syllabus links: “Operations strategies” – Board of Studies NSW Commerce References: Syllabus – Option 4 – Global Links * - “Eiji Toyoda 1913-2013 –Toyota chief steered an – Board of Studies NSW Economics HSC ailing business to global dominance” published Syllabus – Topic 1 – The Global Economy in The Sydney Morning Herald on 26 September 2013. * Reference: “Car sales on track for record year” by Sam Hall, “Wine no longer enough, buyers want the published in The Sydney Morning Herald on 4 backstory”, by Esther Han, published in The Sun- October 2013. Herald on 15 September 2013. Who is Hollywood’s highest paying actress? Eiji Toyoda dies Forbes magazine’s 2013 list of Hollywood’s Eiji Toyoda, aged 100, died on 17 September highest earning actresses has revealed that 2013. He was the first cousin of the founder Angelina Jolie earned $US33 million over of the Toyota Company. As head of the last financial year, giving her the no.1 manufacturing, president, chairman and ranking in the list. Angelina Jolie earned a senior advisor he is seen as being very reported $US 10 million from being the face influential in making Toyota a global mass of high-end fashion house Louis Vuitton. – market competitor and a top performer No.2 on the list was Jennifer Lawrence in terms of manufacturing efficiency (low ($US26 million) and No.3 was Kristen wastage, high output). He was instrumental Stewart ($US 22 million). in Toyota entering the luxury car market with the Lexus marque vehicle, to compete * Syllabus link: with Mercedes and BMW. In 2012, Toyota – Board of Studies NSW Commerce was the world’s biggest car manufacturer. Syllabus – Core Part 1.2 – Personal In Australia, Toyota was the top-selling Finance – “Earning an income” marque for September, 2013 with 17,492 – Board of Studies NSW Business Studies sales. The company’s management HSC Syllabus – Topic 2 – Marketing strategies are termed the “Toyota Way” and include just-in-time stock control and * Reference: The Sydney Morning Herald – “Who missed the cut on Hollywood’s” – 31 July 2013

22 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Legal News Bites Compiled by Joe Alvaro, Marist College North Shore

2013 Graffiti Removal Day Making false allegations for Volunteers have participated in the NSW Apprehended Personal Violence Government 2013 Graffiti Removal Day, Orders (APVOs) becomes a crime with graffiti being wiped out at more than Making false allegations in order to obtain 200 sites in NSW. Graffiti costs NSW about an APVO against a neighbour, co-worker, $100 million a year. Premier Barry O’Farrell or stranger will become a criminal offence. said that “rapid removal denies vandals “This move is designed to protect law- the notoriety they crave and helps prevent abiding citizens from false and vexatious repeat attacks in the same locations”. The APVO applications,” Attorney General Greg law requires juvenile graffiti vandals to Smith SC said. Penalties include a fine of appear before court for a graffiti offence up to $1100 or up to 12 months in prison. and give courts the power to: APVOs differ from Domestic Violence orders and can only be used when the victim is not • Extend the time graffiti offenders spend in a “domestic relationship” with the alleged on learner or provisional licenses; perpetrator. The proposed changes will • Limit the number of demerit points they amend the Crimes (Domestic and Personal are able to accrue over a specific period, Violence) Act. The amendments will also and; require magistrates to refer APVO matters • Require the cleaning up of graffiti to to mediation unless there are good reasons be a condition of any court imposed not to. Community Service Order on graffiti * Syllabus link: offenders. – Board of Studies NSW Commerce There is also a Graffiti Hotline for the public Syllabus – Core Part 2 – Law and Society, to report graffiti – 1800 707 125. Option 8 – Law in Action * Syllabus link: – Board of Studies NSW Legal Studies – Board of Studies NSW Commerce Preliminary Syllabus – Core Part 1– The Syllabus – Core Part 2 – Law and Society, Legal System Option 8 - “Law in Action” – Board of Studies NSW Legal Studies HSC – Board of Studies NSW Legal Studies Syllabus – Option – Family Preliminary Syllabus – Core Part 1– The Legal System * Reference: – Board of Studies NSW Legal Studies HSC Media Release, Greg Smith SC MP Attorney General, Minister for Justice, “Making false Syllabus – Core Part 1 – Crime allegations for APVOs becomes a crime”, 23 October 2013 * Reference: Media Release, Barry O’Farrell MP Premier of NSW and Minister for Western Sydney, “Graffiti Removal Day spruces up the state”, 20 Oct. 2013

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 23 News Bites

Better protection for sexual assault * Syllabus links: victims – Board of Studies NSW Legal Studies Victims are already given protection in Syllabus – HSC Crime topic – “Police NSW at a trial involving a person accused of powers”, “Use of warrants”. committing a sexual offence against them. At present they can give evidence via closed * Reference: circuit television or behind a screen at a Media Release from Premier of NSW, Barry O’Farrell, “Tough new search powers for police trial. But under current laws, they may not to target criminal hang outs and illegal firearm always be entitled to such protections when possession”, 15 September 2013. giving evidence at a separate trial involving the same accused person, but a different NSW Government dealing with illicit victim. The government will amend the phone use in prisons law so that sexual offence witnesses would The use of mobile phones in prisons poses be able to testify from a private location a threat to the security of prisons and also at these trials, regardless of what type of to the community as they can be used by evidence they were required to give. prisoners to plan crimes from within the * Syllabus link: prison walls. Possession of mobile phones, chargers and SIM cards in NSW prisons is – Board of Studies NSW Legal Studies HSC a criminal offence. In a nine month trial, Syllabus – Option – Crime phone jamming technology has been * Reference: installed at Lithgow Correctional Centre (a Media Release, Greg Smith SC MP Attorney maximum security prison), which will see General, Minister for Justice, “Better protection for antennas jamming the channels that would sexual assault witnesses”, 30 October 2013. normally transmit mobile phone signals. Corrective Services NSW Commissioner Increased police powers in NSW Peter Severin said “we believe this jamming Police in NSW will not need a warrant to technology is the ultimate answer because detain and search a person for guns if they even if an inmate does obtain a mobile are the subject of a firearm ban. The new phone, it will be worthless because it won’t laws will also allow police to search for guns work.” Other strategies to combat mobile without a warrant in criminal hang outs phones in prisons include random and (“disorderly houses”). There will also be an targeted searches of prison visitors and increase in the penalty from 10 to 14 years inmates, including the use of mobile phone in jail for the possession and/or supply of a sniffer dogs. firearm or pistol for a person who is subject * Syllabus link: to a firearm ban. Premier of NSW Barry O’Farrell said “Criminals who carry weapons – Board of Studies NSW Legal Studies Syllabus – HSC Crime topic – “Post-sentencing illegally need to know police will be able considerations” to stop and search for them in their cars, in their homes and in their workplace - there * Reference: won’t be any place for them to hide”. Media Release from NSW Attorney General and Minister for Justice, Greg Smith SC MP, “Jamming trial to shut down contraband prison schemes”, 24 September 2013

24 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 News Bites

Justice for adopted children Attorney General on policies and practices Laws will be introduced into NSW and promotes law reform to meet the needs Parliament which will enable NSW parents of victims. who have adopted children overseas to * Syllabus link: obtain NSW birth certificates. This will – Board of Studies NSW Legal Studies create equality (an aspect of justice), Syllabus – HSC Crime topic – “The extent giving these children the same rights to which the law balances the rights of as children adopted in NSW. Currently victims, offenders and society” (Theme children adopted from overseas have to use and Challenge). adoption documents from the country they were born in. Attorney General, Greg Smith * Reference: SC, said “this is a significant reform, as many Media Release from NSW Attorney General and overseas adoption documents contain Minister for Justice, Greg Smith SC MP, “New derogatory and stigmatising language. For Commissioner of Victims Rights Appointed” 12 June, 2013. example, many children adopted in China are given a ‘certificate of abandonment’ that Crime prevention – Tamper resistant states that their parents are ‘unknown’. No number plates child in NSW should have to carry around a certificate that reminds them that they On average, a number plate is stolen from were abandoned.” The proposed new laws one in 400 vehicles in Sydney each year. will recognise individual rights of privacy NSW Police are running a campaign which and non-discrimination, as the NSW birth will see tamper resistant number plates certificate will not state whether the child’s installed in vehicles at a range of locations. parents are biological or adoptive. Reducing number plate theft can help reduce other crimes. Attorney General and * Syllabus link: Minister for Justice Greg Smith said “stolen – Board of Studies NSW Legal Studies number plates are often reattached to Syllabus – HSC Family Option – vehicles used in petrol theft, robberies and “Adoption”. toll evasion, so if criminals are unable to access stolen plates they may think twice * Reference: about committing these crimes”. Media Release from NSW Attorney General and Minister for Justice, Greg Smith SC MP and Minister * Syllabus link: for Family and Community Services, Pru Goward – Board of Studies NSW Legal Studies MP,” Adopted children to win identity rights”, 29 September 2013. Syllabus – HSC Crime topic – “Crime prevention”. NSW Government appoints the first * Reference: Commissioner of Victims Rights Media Release from NSW Attorney General and Ms Mandy Young has been appointed the Minister for Justice, Greg Smith SC MP and Minister first Commissioner of Victims Rights. The for Police and Emergency Services Michael role involves giving attention to the rights Gallacher MLC, “NSW turns the screws on number plate thieves” 15 June 2013. of victims. Ms Young will also chair the Victims Advisory Board which advises the

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 25 International School Teacher Profile NAME: Rowan Peterson LOCATION: Norfolk Island SCHOOL: Norfolk Island Central School

Watawieh yorlye? (Norfolk Island has its own language that was brought over by the Pitcairn Islanders. It evolved from 18th century English and Tahitian. It is recognised as a language by the United Nations and is taught at Norfolk Island Central School as part of the Languages Other Than English syllabus.) 1. What are you doing in Norfolk Island? left in cars (otherwise you can lose your Teaching at Norfolk Island Central School keys!), there is no graffiti and people smile a lot. 2. Where exactly is Norfolk Island? What is the population of Norfolk Island? 6. What subjects do you teach at the school? Do you teach any Board of Norfolk Island is at 29°S 168°E, Studies NSW courses? approximately 1600km east of Byron Bay. The population is approximately 1700. I teach Business Studies, Geography and Work Studies. 3. How did you find yourself in this job? They are all Board of Studies NSW courses. The job was advertised in the old gazette We are a NSW off-shore school, funded by and a friend of mine noticed it and said I the Norfolk Island government. We buy a should apply. I didn’t ever really expect to package from NSW which includes NSW get it but thought it would be a bit of an teachers, NSW syllabuses and NSW exams. adventure for three years. 13 years later I am the Careers Adviser, the Voc Ed and it’s still a bit of an adventure!! Coordinator and the Distance Education Coordinator. 4. What were you doing before you found yourself teaching at Norfolk Island 7. What are some challenges you have Central School? as you teach these subjects in Norfolk I was the Careers Adviser at Melville High Island? School, Kempsey and living at Crescent Being the only Social Science teacher Head on the mid north coast of NSW. posers many challenges. Just not being able to chat to someone in the staff room 5. What were your first impressions of about assessment task design specifically Norfolk Island? related to your subject area or maybe It felt like I’d stepped back in time a few some teaching strategies for a certain decades. It was (and is) a very safe topic are probably the biggest. Being solely environment. Houses aren’t locked, keys are responsible for all programming and

26 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Teacher profile

assessment task design for your teaching There are 301 students currently enrolled subjects can also have its challenges. K–12 with 137, 7–12 (16 in Yr11, 24 in Yr 12). 8. How long has Norfolk Island Central Students are like kids anywhere I think. School been operating? Who runs They can be trying at times but for the most the school? How long have you been part they are fantastic. We really don’t teaching there? have discipline problems, certainly not to the extent of larger schools. Students One of the earliest decisions following the are very laid back on the whole and don’t arrival of the Pitcairn Islanders on 6th June stress too much over things like assessment 1856 was the establishment of a school tasks and exams – that means that we as and school began in the New Military teachers stress more! It is hard for them Barracks on 14th July 1856, attendance was to comprehend that they are competing compulsory. (School had been compulsory against seventy odd thousand students at on Pitcairn Island since 1835.) This was the the HSC. Maybe that’s why they usually earliest legislation of its kind in the British achieve quite good results, they are Empire. It wasn’t until 1880 that school relaxed! became compulsory in NSW. Like most country towns, nearly all our The school is run by the Administration of students leave the island for work and/ Norfolk Island. Norfolk buys an education or study when they finish school, some package from NSW which includes the returning when they have families. So syllabi, exams and teachers. Teachers there is a big drop in the population are, at this stage, on a 3 year contract between the ages of about 18 and 35. with the option of applying for a further 2 year extension. There is allowance in the 11. Could you give us an update with Memorandum of Understanding with the regards to economy of Norfolk Island ? NSW DEC & the NI Legislative Assembly for The Norfolk economy is quite depressed at 2 executive and 5 teaching positions to be the moment with a slump in tourism that core, or extended tenure, positions. Staff has been going on for quite some time. A who hold these have to go through an large number of families and men have interview process every 3 years to maintain left to look for work on the mainland, in their positions. To become a ‘core’ teacher particular in the mining sector. This has you need to apply to the Norfolk Island then impacted on all areas of the economy Minister for Education and usually have with fewer people and less money flowing to have a fairly strong connection to the around. Island. The Norfolk Island government and the I came for 3 years and have now been here Commonwealth government have been for 13. I hold one of the core positions and negotiating for a number of years now had been here a couple of years before I about how the Commonwealth may be developed my ‘fairly strong connection’ able to be of some assistance. This would with the Island and decided I wanted to involve bringing Norfolk Island under remain here longer. the Australian taxation umbrella and 9. Are all teachers at the school Australian? becoming more a part of Australia. At the moment Norfolk Island is a self-governing, All teachers are employed by the NSW DEC. external territory of Australia and is not 10. How many students are enrolled at the eligible for many Commonwealth grants school? What are the students like who or services. (At the moment we don’t pay attend the school? Australian income tax or the Australian GST, Norfolk does have its own GST of 12%

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 27 Teacher profile

really notice it. Some people take a little time to adjust and some never do, most take to it like a duck to water. I came over here with high school aged children and there were the normal adjustments of changing schools that adolescents go through, but it was OK. The school is very good and with the internet, resources are easier to obtain.

14. Has your patience ever been tested? Probably! The internet can be very slow and sometimes nonexistent! When the Rowan Peterson outside her office with Phillip Island in school server goes down it can be very the back ground. frustrating as we come to be more and more dependent on technology. I guess - no exemptions). With the downturn in those are the normal technological the economy the Australian government problems everyone faces from time to has stepped in, in certain areas, with time. The other thing that can test your financial assistance – but I think it comes patience are the empty shelves at Foodies at the cost of Norfolk’s independence. (the local supermarket) when the boat is about to arrive or late by a few weeks. You 12. What’s happening in the business world do get used to shopping without a list and there in Norfolk Island at the moment? just taking what you can get! Fruit and veges are all seasonal, which is not really Business, like the economy in general, is frustrating – more just plain delicious! fairly depressed. Norfolk Island’s economy is based around tourism, so with fewer 15. What do you like most about living and tourists those businesses have a lower working in Norfolk Island? turnover. Likewise, the retail sector has been hit by fewer tourists and residents Apart from my partner?? but also the impact of online shopping has Living – clean fresh air, fresh food, lots of taken its toll on the retail sector. There are sport, nice people, beautiful scenery, lots of a number of people who are looking at history (a few ghosts too). different things that Norfolk may be able to do and have a competitive advantage Working – well I think that teaching is the with, but at this stage, much of that is still best job in the world, I have loved it where in the pipeline. ever I have been teaching, but on Norfolk I live 1km from school, the students 13. What advice do you have for Business are great, the school environment is Studies, Commerce, Economics and beautiful, I take a Geography excursion Legal Studies teachers wanting to teach out to Phillip Island every year (6km south in Norfolk Island? of Norfolk, part of the National Park), the community are fantastic to work with I’m here for another 3 years (at this stage), for case studies in Business Studies and so first – wait for me to go and then there Geography, assisting with the Careers is a position and I would say have a go. It Market and work experience placements. is a great place to live and teach. It is very isolated, but most of the time you don’t I could go on and on.

28 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Growth, Happiness and the Environment John Lodewijks, University of Western Sydney

Introduction economics than we reject’. However, Is growth sustainable and does it improve where it departs from accepted practice the quality of our lives? Is limitless growth and gets controversial is the polemic an illusion and does endless material gain against standard economics interpreted promote well-being? Are our needs and as market fundamentalism and the strong wants unlimited? Or are our real needs few, redistributionist view they hold with respect finite, and rather easily met? What are our to global wealth and income distributions. objectives, as individuals or as a society – They present ethical and moral arguments material wealth, leisure, solid relationships, for redistribution nationally and globally. good health and education opportunities, They advocate a great role for governments secure retirement, happiness, a sustainable in producing social and community environment, and a fair wealth distribution? goods rather than individuals engaging in How can our Ecological footprint – the conspicuous consumption. There is also resources, energy and space needed to considerable criticism of globalization provide our products and absorb our for generating greater global inequality waste – be reduced? Instead of using Gross and leading to global output exceeding Domestic Product, Bhutan uses an ‘Gross ecological barriers. National Happiness’ index incorporating psychological well-being, physical health, Daly and Farley most stark departure work-life balance, community vitality and from standard economics is the challenge social connection, education, cultural they present to the fundamental goal preservation and diversity, sustainability, of economic growth (expansion of our good governance and material well-being. economy and increases in national income). Should other countries do the same? They want to replace the objective of promoting economic growth with achieving These are the sort of questions increasingly ‘optimal scale’ (interpreted as an output being asked and in this short paper we level that is environmentally sustainable). address some of these issues through They go further and advocate zero growth examining two books on the subject. of the economy (‘a steady state economy’) The first is by Herman Daly and Joshua as they believe we have exceeded the Farley (2010) titled Ecological Economics. capacity of the ecosystem to support the Environmental economics and natural insatiable demands we make on natural resource economics are standard courses resources – energy, water, raw materials, in economics. Ecological economics is a bit land and waste products. We are close different as it incorporates a lot of material to resource exhaustion and the waste from ecology. There is much standard absorption capacity of the planet, they economics in this book. Most economists claim. would be comfortable with perhaps three quarters of the book. Indeed, the authors The second book by John De Graaf and note that ‘we accept more of traditional David K. Batker (2011) is dedicated to

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 29 Growth, Happiness and the Environment

Herman Daly and covers many of the themes crime prevention, pollution clean-ups, from the earlier book. The authors lament health damage and addiction, family that “we have degraded the world’s fisheries breakdown, congestion costs, bankruptcy and soils, poisoned its waters, and changed proceedings (as they all involve an its climate, while driving countless other expenditure of money) but excludes our species to extinction”. Chapter 9 of the book natural environment, social connections, titled “The Longest Run – Sustainability” volunteering and housework (because they notes that we face rising temperatures are not market transactions). The authors and adverse weather conditions, with one consider alternative measures such as the quarter of the fisheries overfished, along Genuine Progress Indicator and the finding with extensive deforestation, oil and fresh of the Stiglitz/Sen Commission on the water shortages, while chemicals damage Measurement of Economic Performance the ozone layer causing higher skin cancer and Social Progress. rates. The authors also document a massive Most of our time is spent on economic shift in wealth from the middle class to the activity – working, consuming, purchasing, richest Americans so that median incomes borrowing, selling, producing – that is actually fell over the last decade. They note producing income and spending. Yet that a rising tide of GDP was supposed to fundamental human needs relate to lift all boats; it has instead floated the yachts broader considerations, after subsistence and swamped the rowboats. A long list of requirements are satisfied, such as affection, income and wealth disparities is presented respect, protection, participation, leisure, as evidence. The top 20% of Americans own identity and belonging, and personal 75 times as much wealth as the bottom freedom. In Chapter 2 on ‘The Pursuit of 20%. The top 1% own 4400 times as much Happiness’ the authors suggest that we wealth per person as the bottom 40%. In need a society that delivers the greatest 2005 the top 20% earned 47% of the income good, for the greatest number, over and owned 84% of its wealth. The richest the longest run and that involves social 1% of Americans earned more income in justice, sustainability and quality of life 2008 than the bottom 50% of Americans all considerations. Take the issue of work-life put together. The Gini coefficient of income balance. Americans want more time for inequality has increased from 0.39 to 0.45 friends and family yet their working hours since 1980. It is in the high 0.2s and low 0.3s have increased, not fallen, and both parents in Europe, for example in Sweden it is 0.23. now work. In contrast, Europeans work The main focus of the De Graaf and Batker 15-20% less hours than the Americans and book is ‘GDP fetishism’ and this is spelled out retire earlier with the Netherlands, Norway in Chapter 1 titled – The Grossest Domestic and Germany having the shortest working Product. They quote Simon Kuznets, the hours in the world. Only 14% of Americans pioneer of national income accounting, took a two-week vacation in 2007. The saying that ‘the welfare of a nation can median vacation is one week and even then scarcely be inferred from a measurement they are often connected to Blackberries. of national income’ and a Bobby Kennedy Americans often stay in undesirable jobs to speech stating that ‘it measures everything maintain health care coverage and working in short except that which makes life longer hours means they have less time to worthwhile’ – GDP includes the costs of make healthy lifestyle choices. Chapter 4 is

30 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Growth, Happiness and the Environment

called ‘Unhealthy at any cost’ and notes that while other developed countries spend half that the US does on health, they can afford universal health insurance while the US has poorer health outcomes. Surprisingly, half of American bankruptcies are due to unpaid medical bills and 75% of those people have insurance. The escalating costs of health care appear to be result of the use of expensive curative treatment rather than a focus on prevention. The authors recommend laws reducing work time and overwork, that leads to chronic stress of Ikea in Älmhult, Sweden modern life, and instead advocate share benefits that last longer. Denmark offers existing work while trading-off income for government jobs if its citizens do not find more free time. They also support more regular employment while in Germany funding for prenatal care, three months instead of laying off workers in recession paid leave for all parents, greater social they reduce work hours of existing investment in the early childhood years, employees (for example, each worker has affordable child care and pre-schools – one day off a week). small class sizes and well paid teachers - and a more generous social safety net. They tell All these comparisons do not present the us that 40% of American workers get no US in a favourable light. Indeed in Chapter 8 paid sick days. the authors find parallels between modern America and the decline of the Roman The authors repeatedly contrast the Empire – foreign wars, glorification of American experience with what is excess, denigration of the intellect, bullying happening in Europe using OECD well- of critics, conspicuous consumption, moral being statistics. Finland ranks near the top degeneration, and disdain for those less of happiness polls. High ranking countries privileged. Is that comparison overdrawn? like Finland, Sweden and Denmark are small Further statistical comparisons do not countries with little racial or ethnic diversity favour the US. The US is home to a quarter and it may be that homogeneous societies of the world’s prison population, more find it easier to cooperate. Nevertheless, than half are non-violent offenders, and these countries have agreed on higher taxes 44% of the prison population is black. to fund social safety nets and promoted Homelessness is another problem. Cutbacks greater equality. IKEA in Sweden pays its in funding for mental hospitals has forced workers higher wages than in the US, even many to move back into the community but after higher taxes, as well as five weeks of low cost housing is not always available. paid vacation, overtime work is voluntary, A half to two thirds of homeless people and there is full health care and free college are mentally ill or otherwise disabled. education. De Graaf and Batker talk about a Urban sprawl and auto dependence, the ‘European social contract’ that incorporates collapse of working class towns, corporate national health insurance, secure retirement outsourcing and downsizing, and excessive pensions, and welfare and unemployment CEO pay are other issues mentioned. On

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 31 Growth, Happiness and the Environment

a global level, US military spending could addition to regulating hedge funds. They alternatively be used to end world hunger. note that Switzerland, Sweden, Brazil and For most Americans housing is their primary the UK all have financial transaction taxes. asset and it has fallen in value and with the The book by De Graaf and Batker is a broad- global financial crisis there have been many ranging critique of the modern American foreclosures. Chapter 12 focuses on the economy and raises important questions housing and banking crises characterised about the ultimate goals of economic by reckless lending and borrowing, with activity – the authors believe that we needs scant regard to due diligence, toxic asset to stop chasing growth and start pursuing mortgage bundles and rising default rates happiness. The two are not necessarily on subprime loans. The authors contrast compatible. the American financial crisis with Canada where their banks were not affected as References their financial system was not deregulated. Daly, Herman and Joshua Farley. 2010. The Canadian banks are ranked first and Ecological Economics. Island Press: the American banks 111th in terms of London. the safest banking systems. The authors De Graaf, John and David K. Batker. 2011. propose a raft of measures to increase the What’s the economy For, Anyway: Why safety of the American financial system it’s time to stop chasing growth and start including a currency trading tax, increased pursuing happiness. Bloomsbury: New reserve requirements, reducing leverage York & London. opportunities and limiting derivatives, in

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32 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Media Release: Commonwealth Bank Foundation celebrates outstanding teachers – 31 July 2013

Fifteen teachers from across the country have today been recognised with a 2013 Commonwealth Bank Foundation Teaching Award for their efforts to build essential money management skills of young Australians. The Awards acknowledge and reward outstanding teachers who are currently running or developing innovative programs to educate Australian kids about money and finance. From more than 200 applications, 15 winning teachers representing Queensland, New South Wales, Australian Capital Territory, Victoria, South Australia and Northern Territory were selected based on the creative and engaging ways they improve youth financial literacy. Initiatives ranging from micro-societies, market gardens through to ‘Think it, Make it, Market it’ programs have been recognised in 2013. Commonwealth Bank Chief Executive Officer and Foundation Chair Ian Narev said, the Group was committed to enhancing the financial wellbeing of young Australians, and through the 2013 Teaching Awards is providing the means to support teachers to assist in achieving this goal. “We want to inspire teachers across Australia to develop and foster programs to engage our future generations in innovative ways to build essential money management skills,” Mr Narev said. “We know financial literacy improves lives and has a measurable economic benefit. The 2013 Teaching Awards is just one of the practical ways we are investing in financial literacy education of our community,” he added. The 15 teachers were announced at a special ceremony held at Commonwealth Bank (Sydney) today, with each teacher awarded $10,000 to fund financial education initiatives in their school, plus $2,000 as a personal reward. For the complete list of 2013 recipients and further information about theTeaching Awards visit: www.commbank.com.au/teachingawards. 2013 winning profiles will be live on the website from 2.30pm. - ENDS - For more information contact: Georgia Psaltis Commonwealth Bank P: (02) 9118 6487 | M 0477 341 093 | E: [email protected] About the Commonwealth Bank Foundation The Commonwealth Bank Foundation was established in 2003 to improve the financial literacy of young people. The Foundation delivers a range of educational programs, including our award-winning StartSmart workshops, that will reach more than 275,000 Australian students this year. The Foundation’s programs are educational and do not promote the products or services of the Commonwealth Bank.

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 33 Q&A with 2013 Commonwealth Bank Foundation Teaching Award winner, Nadine Saul

2013 Commonwealth Bank Foundation Teaching Award winner Nadine Saul

1. Where do you teach? calculate prices after applying percentage I teach a Stage 2 class (Years 3 and 4) at discounts e.g. a 10% discount. Revesby South Public School. This is my In the new National Curriculum, there is third term at the school. a prominent focus for students in Year 5 2. How much attention is given to and 6 to create simple financial plans such financial literacy in the primary school as a budget. For example, students may syllabuses at the moment? be asked to organise a class celebration on a budget of $60 for all expenses. Students learn about “money” in the Mathematics K-6 Syllabus with particular 3. How do you feel about being recognised focus on the recognition, sorting, with the Commonwealth Bank counting and ordering Australian coins Foundation Teaching Awards? according to their value. They learn I was very excited and elated to hear that I that total amounts can be made using and Revesby South Public School together different denominations and currency is were award recipients. It has been a represented by the ($) and (c) symbols. wonderful opportunity to be part of a group Students also perform addition and of national winners being recognised for subtraction calculations with money, their efforts and dedication to providing including finding change and rounding young Australians with opportunities to to the nearest 5 cents. Year 5 and 6 develop a deep knowledge and proficiency students develop strategies used to in money management.

34 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Teaching Awards 2013

4. What drove you to develop your of the program to ensure quality from financial literacy initiative? the very beginning. It will also assist in I was originally involved with this the sustainability and longevity of the program, a modified model of a program program and hopefully, in the future, from the Maitland Region, at my previous lead to expanding the program to involve school. Since transferring to Revesby neighbouring schools. South Public School, staff viewed the 7. At what age do you think students initiative as an opportunity to expand should start to learn about financial the existing environmental program literacy? whilst encompassing a combination of I believe children should start to learn financial literacy and enterprise education about financial literacy as early as concepts. This will allow more students, possible. The earlier they learn about from Kindergarten to Year 6, to participate money and its management; then in the program. hopefully we can make an impact and 5. In what ways do you expect your influence their thinking before “bad financial literacy program will impact habits” take hold. your students and their understanding 8. How important is it for primary school of money management? students to be taught financial literacy? As the program focuses on a combination As I believe children should learn about of financial literacy and enterprise financial literacy at an early age, it is education, there are many positive crucial to begin in Kindergarten. It is outcomes for students. important for primary school students to By being “enterprising” students develop learn about balancing needs and wants, an understanding of the consumer market recognising the value of money, planning – creating ideas and products consumers budgets, and respecting that money is the want to buy, setting realistic prices, supply result of hard work, so that they have the and demand, profit and loss, and selling potential to develop into confident and products for school currency. They learn proficient financially literate adults who that money doesn’t ‘grow on trees’ or have sound saving and spending habits. ‘simply come out of a machine’, but rather 9. What are some challenges facing the people need to work to earn their money. teaching of financial literacy in primary When students have the opportunity to schools? buy products with their school currency, Some challenges facing the teaching they learn about budgeting - balancing of financial literacy in primary schools needs with wants, making choices to include: spend wisely, comparing prices before you buy and establishing sound saving • finding the time to introduce habits. something new (and with quality) into an already overcrowded curriculum; 6. How will the Commonwealth Bank Foundation Teaching Award help you • funding the program, not only from its further develop your program? conception and implementation but also to ensure the sustainability and Revesby South Public School plans to longevity of the program; and implement this program in Term 1 of next year. The generous award will allow us • depending on the scale of the to purchase quality resources, materials program, teacher burnout may be a and equipment for the initial setting up factor in the longevity of the program.

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 35 Q&A with 2013 Commonwealth Bank Foundation Teaching Award winner, Rebecca Rounsley

2013 Commonwealth Bank Foundation Teaching Award winner, Rebecca Rounsley 1. Where do you teach? literacy programs and skills. It is Mount View High School, located in the wonderful to be recognised. Hunter Valley town of Cessnock. 4. What drove you to develop your 2. What subjects do you teach? financial literacy initiative? I am a learning and support teacher Understanding how to manage money and I am currently teaching the Life is an essential life skill. It is a skill that Skills Numeracy program. The Life Skills my students need in order to become program is aimed at students with independent in their adult life. additional learning needs. 5. In what ways do you expect 3. How do you feel about being your financial literacy program recognised with the Commonwealth will impact your students and Bank Foundation Teaching Awards? their understanding of money management? The Commonwealth Bank Foundation is delivering wonderful programs and The learning students will gain from my creating resources to assist teachers, program includes: students and schools develop financial • how to earn money;

36 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Teaching Awards 2013

• how to set up a bank account; 7. How important is it for secondary • how to access their money – and the school students to be taught financial skills to use an ATM, eftpos and online literacy? banking; I think it’s important for both secondary and and primary school students. Being able • basic skills of counting money and to manage money creates successful, calculating the correct amount of independent adults. change. 8. What are some of the challenges 6. How will the Commonwealth Bank facing the teaching of financial Foundation Teaching Award help to literacy in secondary school? further develop your program? Getting students engaged – I am always The award will assist with the purchase trying to come up with new interesting of resources e.g. iPads and a cash and interactive ways to engage students register, coins, notes, books and an in financial literacy. excursion to the bank. BUSINESS MANAGEMENT DECISION-MAKING EXERCISE Louie TraikovskiMinaret College, Springvale Campus, Victoria Rationale This exercise focuses on managerial decision- C. Valued employee continues to be late for making. It requires students to make and work after an official warning evaluate decisions as a front-line manager. D. Local suburban football team seeks your Issues of ethics, teamwork, production and sponsorship quality are addressed in these decisions. 2. Imagine you are a production manager Instructions in a shoe factory. What decision would Read the business scenarios. Answer the you make in response to the following questions on them. scenarios? Justify your decisions. What are the positive and negative Questions consequences of your decisions? 1. Imagine you are a sports retail store A. A lack of teamwork amongst workers is manager. What decision would you make evident in response to the following scenarios? Justify your decisions. What are the B. Your boss says you are too soft on workers positive and negative consequences of but their production record is excellent your decisions? C. A very good production line worker says A. Theft from till by a long-term employee she is bored B. Competitor reduces prices on cheap lines D. You notice the quality of shoes made is by 20% slipping

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 37 Does demand for cigarettes create supply, or does supply create demand? And what should we do about it? Suzan Burton, Professor of Marketing and International Business – University of Western Sydney

Though smoking rates have declined in Australia, smoking is still the single most preventable cause of ill health and death in Australia.1 Smoking results in high monetary and health costs for the average smoker (the cost of cigarettes, additional medical costs, earlier death and disability) and for society (increased health expenditure and lost productivity). Determining ways to effectively and efficiently minimise these costs is therefore of great interest American Anti-smoking campaign to economists and policy experts. Policy are unsuccessful: an average 40 year old interventions to discourage smoking include smoker who started smoking in their teens taxes to increase the price of cigarettes, bans is likely to have made more than 20 failed on advertising, displaying and promoting quit attempts, showing that a key challenge cigarettes, and most recently in Australia, for smoking cessation, and thus for health plain packaging of cigarettes. policy, is helping attempting quitters Though evidence of falling rates of smoking succeed in their attempts to stop smoking, in Australia suggests such policies are especially since even a small increase in working, there is some disturbing evidence the success of quit attempts would have a that progress on quitting smoking has significant effect on smoking prevalence, stalled. While fewer people are taking and on the health and monetary costs of up smoking, there appears to be no smoking for Australian society.5 improvement in successful quitting, with one A recent study from Cancer Council NSW estimate that since 2000, all of the decrease suggests that wide distribution of cigarettes in smoking in Australia is accounted for is one factor making it hard for smokers by fewer people taking up smoking.2 This to quit successfully.6 The report found static quit rate does not appear to be from tobacco retailers are everywhere – an a lack of smokers trying to quit: one survey average of more than 17 per postcode, of Australian smokers found that 77% had and more than 7 per postcode in outer tried to quit smoking or smoke less in the regional and remote areas. The study only past year.3 Another study found that 40% looked at retailers in NSW, but there’s no of Australian smokers had tried to quit and, reason to think the results wouldn’t apply of these, about 23% remained abstinent for across Australia. Earlier research found that at least a month.4 But most quit attempts

38 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Supply and demand

Australian smokers saw cigarettes for sale having fewer tobacco outlets might be one in more than 40% of the four hour periods avenue to decreasing the level of tobacco when they were outside the home, so there sales. The association between sales and is certainly widespread and convenient distribution for any product will, however, access to cigarettes in Australia.7 It’s possible be compounded by related effects, such as that the resultant frequent exposure to the the higher budgets, efficiencies and higher sight of tobacco retailers provides a constant customer loyalty for higher market share temptation for attempting quitters and brands, leading to substantial difficulties smokers to buy cigarettes, just as the sight in modelling the relationship between of a McDonalds store can tempt people sales and distribution.17, 18 Establishing to buy food they’re trying to avoid. So the whether tobacco sales are the result of Cancer Council NSW report argues for reform distribution or vice versa is difficult, because of tobacco retailing in Australia, potentially the direction of causality is uncertain, and including a decrease in the number of possibly bi-directional. As discussed above, tobacco retailers distribution may increase sales of tobacco Determining whether wide distribution of by encouraging or reminding people to tobacco creates a temptation for smokers to buy. Alternatively, widespread distribution smoke more, or whether wide distribution may be a rational market response to of tobacco is a market response to demand demand: if there was little demand for for tobacco, creates an interesting problem cigarettes, retailers would presumably for economics and health researchers. Does decide that they could make more money increased distribution of a product result by devoting that space to other items, and in higher sales, or do higher sales result in would stop selling cigarettes. more stores stocking the product? There is certainly evidence that wider distribution can increase sales of cigarettes: the sight of cigarettes and/or associated point of sale (POS) promotion is associated with higher rates of impulse purchase,8, 9 and increased smoking by adults7, 10 and youth.11 The effect of distribution on sales has been described as ‘psychic stock’, reflecting a theory that having more stock of any item in a store increases the chance that the item will be seen and considered for purchase.12 This effect is consistent with evidence that sales of an item will increase (up to some level of diminishing returns) with an increase in the amount of space devoted to it, and/or an improvement in the display space,13 and evidence that grocery item sales are higher if shelves are fully stocked.14, 15 Conversely, low stock levels are likely to reduce the consumer’s exposure to the product, and therefore result in a reduction of sales.16 So Australian plain packaging

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 39 Supply and demand

Evidence that the sight of tobacco can lead to impulse purchases has led Australian governments (and those of many other countries) to ban POS displays of tobacco. So cigarettes are now enclosed behind shutters or hidden away in drawers, in an attempt to remove the temptation to smoke which is provided by a display of cigarette packets. Following the implementation of such display bans, however it is not clear to what extent tobacco distribution contributes to smoking (if at all) in Australia. At least part of the effect of tobacco distribution on smoking described in previous research is likely to be due to the visual cue caused by the sight of tobacco Cigarette packaging in Thailand packets at the point-of-sale, since some smokers report that the sight of tobacco association between drinking and smoking; in retail stores results in an urge to smoke licensed premises are the only outlets 19 and/or buy cigarettes. Bans on displays where smokers can see other people smoke, of tobacco should have removed such can smoke themselves, and can purchase temptations. tobacco, while at the same time subject to But is banning tobacco displays enough to the disinhibiting effects of alcohol.7 In one remove the temptation to smoke caused study, 22% of surveyed smokers said that by wide distribution of tobacco? Just as they smoked ‘a lot more’ if cigarettes were the sight of the McDonalds golden arches sold in licensed premises, and 17% of said can tempt a dieter, even without the sight that they smoked ‘a little more’.21 or smell of McDonald’s food, the sight of So it’s likely that wide distribution of a tobacco retailer might tempt a smoker, cigarettes is both a result of demand particularly one who is trying to quit, to buy for tobacco and also contributes to that cigarettes and smoke. One recent Australian demand. Deciding on the most effective study found evidence to support this and efficient policies to further decrease possibility, with smokers and attempting smoking in Australia is likely to be quitters reporting that the mere sight of a contentious, and any change to tobacco tobacco retailer was sometimes sufficient retailing is likely to be fiercely resisted by to make them think about smoking, and the tobacco industry. Cigarettes are legal, sometimes resulted in additional purchases. and removing them from stores completely Convenient access to tobacco may also would create undue hardship for addicted contribute to higher levels of smoking: one smokers. But the CCNSW report points Canadian study found that one third of out that there are five times more tobacco smokers said that they would smoke less if outlets than pharmacies in NSW. In practice, 20 they had to travel further to buy cigarettes. that can mean that a smoker can buy Selling cigarettes in venues where alcohol cigarettes 24 hours a day, 7 days a week, is consumed may be particularly likely but someone trying to quit smoking can to increase smoking due to the strong

40 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Supply and demand

only get nicotine replacement therapy impulse purchase. Addiction, 2008. 103(2): (NRT) from the local pharmacy – which in 322–328. rural areas might only be from 9 to 5 on 10. Burton, S., L. Clark, and K. Jackson, The weekdays, and till midday on Saturday. association between seeing retail displays of Perhaps it’s time to reweight the balance tobacco and tobacco smoking and purchase: findings from a diary style survey. Addiction, of distribution, so that NRT is at least as 2012. 107(1): 169–175. widely available as cigarettes. 11. Paynter, J., R. Edwards, P.J. Schluter, and I. McDuff, Point of sale tobacco displays and References smoking among 14–15 year olds in New Zealand: 1. AIHW ( 2010) Australia’s health 2010. Cat. no. a cross-sectional study. Tobacco Control, 2009. AUS 122. Canberra: . 18(4): 268–74. 2. Borland, R. Challenges for tobacco control 12. Larson, P. and R.A. DeMarais, Psychic Stock: as an increasing proportion of smokers are An Independent Variable Category of Inventory. disadvantaged. in Oceania Tobacco Control International Journal of Physical Distribution & Conference. 2011. Brisbane. Logistics Management, 1990. 20(7): 28–34. 3. Scollo, M. and M. Winstanley, Tobacco in 13. Cairns, J.P., Suppliers, retailers and shelf space. Australia: Facts and issues. 2012, Journal of Marketing 1962. 26(3): 34–36. http://www.tobaccoinaustralia.org.au. 14. Progressive Grocer, How customers shop the 4. Cooper, J., R. Borland, and H.H. Yong, Australian modern supermarket. Progressive Grocer, 1964: smokers increasingly use help to quit, but C81–96. number of attempts remains stable: findings 15. Progressive Grocer, Shelf merchandising from the International Tobacco Control Study strategy: A key to Increased Sales. Progressive 2002–09. Australian and New Zealand Journal of Grocer: C121–136. Public Health, 2011. 35(4): 368-376. 16. Crouch, G.I. and R.N. Shaw, Microcomputer- 5. Borland, R., T.R. Partos, H.-H. Yong, K.M. based merchandising management systems: Cummings, and A. Hyland, How much A new approach. International Journal of unsuccessful quitting activity is going Retailing, 1989. 4(1): 5–18. on among adult smokers? Data from the International Tobacco Control Four Country 17. Farley, J.U. and H.J. Leavitt, A Model of the cohort survey. Addiction, 2012. 107(3): 673–682. Distribution of Branded Personal Products in Jamaica. Journal of Marketing Research, 1968. 6. Fry, R., Williams K, Burton S, Egger S, Walsberger 5(4): 362–368. S, Soulos G, Tang A, and Chapman K. An audit of tobacco retailers in NSW. 2013; Available 18. Reibstein, D.J. and P.W. Farris, Market share and from: , accessed G190–G201. August 2013. 19. Hoek, J., H. Gifford, G. Pirikahu, and G. Thomson, 7. Burton, S., L. Clark, S. Heuler, J. Bollerup, and K. How do tobacco retail displays affect cessation Jackson, Retail tobacco distribution in Australia: attempts? Findings from a qualitative study. Evidence for policy development. Australasian Tobacco Control, 2010. 19(4): 334–337. Marketing Journal, 2011. 19(3): 168-173. 20. Health Canada, National Baseline Survey on the 8. Carter, O.B.J., B.W. Mills, and R.J. Donovan, Tobacco Retail Environment, Final Report POR- The effect of retail cigarette pack displays on 04–48. 2005, Corporate Research Associates Inc. unplanned purchases: results from immediate prepared for Health Canada. postpurchase interviews. Tobacco Control, 2009. 21. Paul CL, M.K., et al. , Anywhere, anytime: Retail 18(3): 218-21. access to tobacco in New South Wales and its 9. Wakefield, M., D. Germain, and L. Henriksen, potential impact on consumption and quitting. The effect of retail cigarette pack displays on Social Science & Medicine, 2010. 71: 799–806.

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 41 Commerce Group Assessment Task for “Global Links” Joe Alvaro, Marist College North Shore

The following assessment task is based • ensure students use the content in the on the “Global Links” topic in the Board of “Global Links” topic as they complete Studies NSW Commerce course (2003). It is a their research. group learning task based on the principles • makes notes about how well each of cooperative learning. Each group is group works together throughout the assessed on their research skills, what they duration of the assessment task so an know in relation to the question, how effective final judgement can be made effectively they present what they know when assessing this component of the in front of the class and how effectively assessment task. they work together as a group. In order for the assessment task to be successful the • monitor each group regularly to see following guidelines should be followed: if each student is making an effective contribution and to check that group • ensure students know what each of the members are working together in a directive terms/verbs ( e.g. “evaluate”) productive manner. mean in the question so they work towards answering fully to each verb.

Name of school Year 10 Commerce

(Year) Assessment Task No. ……. Topic: Global Links Task Type: Group Presentation Due Date: …….

* All components of the group task presentations will be collected on the due date for all groups and reissued to each group when they perform the task. No new material will be allowed to be introduced into a group’s work after the assessment date. Groups will be randomly selected to complete their presentation at the beginning of the process. The day a group is asked to do their presentation is their assessment date. Failure to do the task will result in a zero mark.

Marks: 20

Weighting: …….

Length: 7 minutes

42 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Assessment task

* Group presentations must follow the time limit issued. A group going over the time limit will be stopped and only the work presented in the time limit will be marked.

Textbook reference: ......

Course outcomes assessed: 5.2 Analyses the rights and responsibilities of individuals in a range of consumer, financial, business, legal and employment contexts 5.4 Analyses key factors affecting commercial and legal decisions 5.5 Evaluates options for solving 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

Rubric: Students will be assessed on their ability to: • work effectively as a group. • undertake collaborative research using a variety of sources. • demonstrate a clear understanding of the effect of globalisation on the TNC chosen. • use commercial concepts and terms appropriately. • present research from range of sources in a variety of interesting and engaging formats.

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 43 Assessment task

Assessment Task: In groups of 3, students are to select a transnational corporation (TNC) that operates in Australia. Using the TNC chosen, students are to present to the class a multimedia presentation (7 minutes). The presentation must address the following points: • Define what a TNC is. • Identify the TNC you have chosen and outline what good/s and/or service/s your TNC provides. • Outline what industry the TNC operates in. • Outline the history of your TNC in Australia. • Outline the main activities of the TNC in the Australian economy. • Explain THREE reasons why the TNC operates on a global scale. • Select and explain THREE issues that exist for the TNC in Australia. • Evaluate THREE strategies your TNC has used to manage these issues. • Discuss TWO possible risks for the TNC as it continues to sell products to global markets in the future.

44 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Assessment task

Group members and TNC chosen: This is a group task. All students will work in groups of 3 on a chosen TNC. There will be only one group investigating a particular TNC – first in, first served. Students must register their TNC and the students in the group with their respective class teacher. This should be done on the form provided below.

… …………………………………………………………………………………………

Group information: Full names of all students 1 ______2 ______3 ______

TNC chosen: ______

Group organization (please submit with assessment task): Each group is required to submit a document outlining the individual responsibilities of the group. All group members should agree on this.

Members Responsibilities

1

2

3

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 45 Assessment task

Bibliography: Submit a bibliography using “A guide to writing bibliographies based on the Harvard style”.

Marking guidelines:

Criteria Marks • Clearly defines what a TNC. • Clearly outlines the history of the TNC in Australia. 17 – 20 • Cleary identifies the TNC and clearly outlines the good/s and/or services provided. • Clearly outlines the industry the TNC operates. • Clearly outlines the main activities of the TNC in the Australian economy. • Comprehensively explains three reasons why the TNC operates on a global scale. • Clearly explains three issues that exist for the TNC in Australia. • Clearly evaluates the success of the three strategies. • Comprehensive discussion of two possible risks the TNC it may face in the future. • Effectively communicates in oral form, presenting a sustained, logical and well structured presentation which clearly demonstrates the use of multimedia in the presentation. • Cleary demonstrates an understanding of commercial concepts and terms. • Submits acomprehensive bibliography according to the diary guidelines. • Group works consistently in a highly productive manner. • Defines what a TNC is. • Outlines the history of the TNC in Australia. 13 – 16 • Identifies the TNC and outlines the good/s and/or services provided. • Outlines the industry the TNC operates. • Outlines the main activities of the TNC in the Australian economy. • Explains three reasons why the TNC operates on a global scale. • Explains three issues that exist for the TNC in Australia. • Evaluates the success of the three strategies • Discusses two possible risks the TNC it may face in the future. • Effectively communicates in oral form, presenting a logical and well structured presentation which demonstrates the use of multimedia in the presentation. • Demonstrates an understanding of commercial concepts and terms. • Submits a bibliography according to the diary guidelines. • Group mostly works in a productive manner. • Briefly defines what a TNC is. • Briefly outlines the history of the TNC in Australia. 9 – 12 • Identifies the TNC and briefly outlines good/s and/or services/s provided. • Briefly outlines the industry the TNC operates in. • Briefly outlines the main activities of the TNC in the Australian economy. • Outlines three reasons why the TNC operates on a global scale. • Outlines three issues that exist for the TNC in Australia. • Provides some evaluation of the success of the three strategies. • Some discussion about two possible risks the TNC it may face in the future. • Communicates in oral form with the presentation structured to address the task and demonstrates some use of multimedia in the presentation. • Shows some understanding of commercial concepts and terms. • Bibliography may not be correctly written according to the diary guidelines. • Generally groups works in a productive manner.

46 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Assessment task

• Some general statements about what a TNC is. • Makes general statements on the history of the TNC in Australia. 5 – 8 • Identifies the TNC and makes general statements about the good/s and/or services provided. • Identifies the industry the TNC operates in. • Identifies the main activities of the TNC in the Australian economy. • Identifies three reasons why the TNC operates on a global scale. • Identifies three issues that exist for the TNC in Australia. • Provides limited evaluation of the success of the three strategies. • Outlines two possible risks the TNC may face in the future.. • Presents a basic presentation. Use of multimedia is limited. • Shows a limited understanding of commercial concepts and terms. • Submits a limited bibliography. • Some evidence of the group working productively together. • Little evidence of what a TNC is. Definition may not be correct. • Little to no evidence of the history of the TNC in Australia 1 – 4 • TNC may not be identified and little or no information is provided about the good/s and/or service/s the TNC provides. • Industry may not be identified. • Limited understanding of the main activities of the TNC in the Australian economy. • Little or no information about why the TNC operates on a global scale. • Limited understanding of the issues that exist for the TNC in Australia. • Makes statements about the effectiveness of the three strategies. • Limited understanding about the possible risks the TNC may face in the future. • Presents a limited presentation that may not meet the time allocation. Minimal effort to use multimedia in the presentation. • Limited use of commercial concepts and terms which may or may not be correct/appropriate. • May not submit a bibliography. • Disjointed group productivity.

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 47 Wordsearch Human Resources Strategies Kate Dally, Birrong Girls High School

Complete the word search below and write a meaning for each of the terms:

Q N O I T A I D E M R E C J U E L V N D T R B G N B R N R A P I P I P K O C Y Y W O O R N Q E Q Y Q J O B D E S I G N V N Q I N I H I D E K I M V G D G Y L J R V P Q V C E E N T A T O M J Z F U J R E G S Q A X W J G I G X R I Y A V E A P Q F N S K S S I P G E L V L X T B O S R O G E W F M B E Y I E D T N E M T I U R C E R T I A L A I W A C R G T Z T Y B B C A W I Y L A I P N T Z Q S R A H A B O N D B G K T I N Q G X B C A A A Y D C Z G I T U Q I X N E I U S F N X R N M H N T Z G Q L V G I G W Y Z M O L I T E I A X E F Y Q I J M D A Z R O T B P C N Y C J G L F C C R R A F X G K Y C O T N J U T R D B N B E J K N S A Z A N I N S O Z I C K W W E H D K V W C V A V T K C S C A Y L Y P R Q I A K Z J H V C X Y M G E B D I U N Z T D R J A Y U U B L X A Q T U R C N N N C Y L I G E J A K D G E V M I S M D C O N O J W I X F G L P X A T E N Z M H G N P Q A F J M J A X Z C X N J S Y M E R U X P T L T X A R E W A R D S K X R K F H I E N U R M W I K R C E X S T U C Z W V Y R U I M J N O D T K W F F I P N K H G X G F P C G R Z O R G L M E H A W E S N E H L N I Q H R E I S D T V S S B N C M N I J I S A B Q J P N D P U G D Z M Z Q T N O O A Z Y A T I Q X Q O J G B B W D R P H Y D U U N R D K D F Z C L E A D E R S H I P S T Y L E S V O P I K P X R X

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48 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Profile

FeAtURe Hot SHotS coLD cASeS

crown prosecutor, photographer and now crime writer – Mark tedeschi is bursting with creativity.

t’s typical of an over-achiever like Mark contemporary, the prominent barrister Charles Tedeschi that he’s not just a Sydney graduate, Waterstreet in Rake “made me angry. Yes, he’s a third-generation alumnus. First came his Charlie is flamboyant, cheeky, creative, clever Ibeloved great-grandmother Rosina, a pre-war and big-hearted but he’s not as extreme as that.” immigrant who taught Italian at the University, The corridor to Tedeschi’s office is lined with followed by his mother, himself and his children black and white prints from his recently-released (including Simon, the well-known pianist.) book of photography, Shooting Around Corners: A photograph of Rosina receiving an portraits of grinning children in Redfern’s Block honorary doctorate sits behind his desk, a (an area whose redevelopment he decries), reminder of the family’s Italian roots and and images of solemn police officers and court successful integration into Australian society staff. It’s all part of his ongoing passion for at the highest levels of public service. Today photography, pursued in every spare moment. Tedeschi is top prosecutor in NSW, overseeing a His rooms are humanised by personal team of 90 lawyers working for the Department mementos: strappy-leafed plants hint at his of Public Prosecutions. He has been responsible Sunday gardener status, calligraphy brushes are for securing some of the state’s most high-profile souvenirs from a trip to China. Aboriginal art convictions, against Ivan Milat, Bruce Burrell bought on a trip to Central Australia adds a bold Mark Tedeschi. Photo: Steven Stewart and Gordon Wood. accent of colour amid shelves of leather-bound Mild-mannered and gracious, giving no legal volumes and plastic binders. Two panama hint of the steeliness that such cases involve, hats suggest lunchtime walks on sunnier days. WoRDS Tedeschi is proud of his origins. “My family The large round fish tank remains sadly empty CAROLINE came from Turin and Verona,” he says, and in need of serious attention. There are also BAUM acknowledging that his surname is also the a few bottles of wine on a sideboard – gifts from Italian word for ‘German’, which indicates that grateful families of victims, a quiet reminder of further back, their origins were Teutonic. But the high emotion surrounding his work. while Tedeschi apologises for his poor command For the past year Tedeschi has been obsessed of the Italian language and confesses that he is in his spare time by a project that has required no lover of opera, he recognises stereotypical him to go beyond his normal boundaries of Eugenia Falleni. traits – sentimentality and volubility – in investigation and explore new territory: now Photo: Courtesy Simon and Schuster himself that we think of as typically Italian. he can add ‘author’ to a considerable list of “My colleagues say that I use my hands a lot in achievements. court.” Tedeschi has written the story of one of Tedeschi came to the University of Sydney in Australia’s most intriguing and scandalous 1969 straight from Sydney Grammar School and cases: Eugenia Falleni, born in 1875, a woman graduated from law in 1974. He was essentially who spent 22 years living in Sydney as a man studious rather than social. “I did not go wild, I named Harry Crawford, and who went to trial in was conservative and moderate, as I am today,” 1920 charged with the murder of her first ‘wife’. he says, sitting in his cluttered chambers The case has fascinated him for the past seven overlooking Hyde Park. He enjoys courtroom years, ever since he first spoke of it at the gala dramas on TV (Law and Order is his favourite) dinner for the 175th anniversary of the NSW but says the depiction of his University Crown prosecution office, describing it as one of

26 oct 2012 SAM

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 49 Profile

FeAtURe

BooK LAUNcH oNLINe To see Richard Ackland’s speech to launch Eugenia, go to sydney.edu.au/sam/features

Thread head, Beijing 2005. Photo: Mark Tedeschi

the most significant trials prosecuted by his forebears. the time as a public scandal, focusing on the sexual “The transcript of the trial shocked me, because deception that she perpetrated, fooling two wives her defence counsel made so many errors,” he says. with the use of a fake penis fashioned of wood and “An injustice was done to her and someone more leather that she employed with great skill. Today that shrewd could have saved her. I also felt a connection object has disappeared, though, as Tedeschi delights to Eugenia because we both had Italian ancestry. in recounting, “the Justice and Police Museum has Also, the place where the death that led to her being something catalogued as ‘the article’ (the euphemism charged with murder was the park near the river at of the day), except that it looks like a draft excluder: Lane Cove, somewhere I used to play as a child.” it’s 30 centimetres long and five centimetres thick.” He’d like to see a film made of the Falleni case, “I was afraid that I might not claiming it has the right elements of drama and be able to write the bits about intrigue but won’t speculate about who he imagines in the role. human psychology.” Tedeschi likes to think in images. It was Rosina who gave him his first camera at the age of 12. Today, Describing himself as a novice at writing, Tedeschi he is a Nikon man, passionate about taking portraits. had the good sense to engage a mentor to help him “I like to study emotion and the candid unguarded with the task, choosing Alan Gold, the author of moment,” he says of his subjects, including artists, several bestselling works of historical fiction. “I was footballers and legal associates. He regrets never afraid that I might not be able to write the bits about having had the opportunity to photograph the artist human psychology,” he admits. But of course his skill Margaret Olley (“she said she was too busy”) and as a prosecutor relies on an acute understanding of would love to shoot the Governor, Her Excellency human nature and all its flaws and foibles. Marie Bashir. “But she’s so fair; she said if she let me, “I found I could write those parts that required me she’d have to let everyone else.” to speculate on what might have been going through And if he had the chance to photograph Eugenia? Eugenia and the other protagonists’ minds. My “It would be as Harry Crawford, at the Empire Hotel in professional life had prepared me for that more than Annandale, his favourite drinking spot, and thankfully, I expected,” he says. Tedeschi describes his approach still there. He would have felt comfortable, secure to everything he tackles as “driven. I devote a lot of and at peace, so I would have had a good chance of time to personal projects, whether it’s this book or my capturing his essence.” photographs because I genuinely believe the journey Eugenia, A True Story of Adversity, Tragedy, is as important as the destination.” Crime and Courage is published by Simon and In the case of Eugenia, he brings his calm, Schuster. Shooting Around Corners, is published deliberate insights to a case that was overheated at by the Beagle Press.

SAM oct 2012 27

* Taken from SAM – Sydney Alumni Magazine (The University of Sydney) October, 2012 Reprinted with permission.

50 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 The Australian government’s Direct Action policy for meeting carbon emission reduction targets1 Dr Neil Perry, Research Lecturer in Corporate Social Responsibility and Sustainability, School of Business, University of Western Sydney

Australia’s carbon emission reduction The ecosystem, human and economic policies are designed to honour the effects of climate change are likely to be country’s commitment to the United severe and governments around the world Nation’s Framework Convention on Climate have decided that emissions of carbon Change. However, the government’s dioxide and other greenhouse gases must voluntary approach to environmental policy be reduced to limit the worst effects of is unlikely to achieve emissions reductions. climate change. However, a difficulty arises Scientists have long been arguing that because, for each country, reducing carbon the world must reduce their emissions of emissions is costly and they receive only carbon dioxide and other gases, such as a small part of the benefit of reducing the methane, because the build-up of these impacts of climate change. Take Australia gases in the atmosphere is creating a as an example. While Australia has one of greenhouse effect by trapping in heat that the highest levels of carbon emissions per would otherwise radiate out into space. person in the world, the total emissions The vast majority of climate scientists, some are small because of the small population. 97%, believe that humans are causing Australia’s emissions represent only 1.5% of global warming (Doran and Zimmerman, global emissions. Thus, if Australia reduces 2009) and the impact from the greenhouse emissions, it will have only a very small effect will create higher temperatures, more effect on the total level of greenhouse extreme and variable weather conditions gases in the atmosphere. However, the and desertification. These impacts will have emission reductions are costly for Australia. incredible costs on the world’s economies Whichever policy is used to reduce and its people, plants and animals. emissions leads to a reduction in industry From an economic perspective, climate output, the government budget or gross change is classified as a negative externality domestic product. This is a classic problem or spillover cost from the burning of fossil in economics. While every country would fuels like coal to produce electricity and be better off reducing emissions if all from land clearing, which releases carbon countries reduced emissions, each country stored in vegetation. Burning fossil fuels, for has an incentive to continue to emit and example, creates a cost for other people and rely on other countries to reduce emissions. other countries and these costs have not Amongst pollution types, this is unique been taken into account when producers for the global warming problem because make decisions about the methods and carbon is collected in the atmosphere and quantity of production. As a result, the not at the local or national level. This is why wrong methods are used and the amount global coordination of activities to reduce produced is greater than it should be. 1 Part of this article first appeared in The Conversation (http://theconversation.com/profiles/neil-perry-1435/articles)

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emissions is needed. The UN Framework Three policy approaches Convention on Climate Change attempts The three general policy approaches for to coordinate action amongst the world’s reducing environmental degradation are biggest emitters of greenhouse gases. The ‘regulatory instruments’ which dominated idea is to create an incentive for a country to from the 1960s to 1980s, ‘incentive-based reduce their emissions by securing emission mechanisms’ that have dominated since reductions from other countries. While the and ‘voluntary approaches’, the so-called agreements deriving from the UN Framework third wave of environmental policy Convention on Climate Change, such as the instruments. Kyoto protocol, have been imperfect and the United States is yet to formally agree to any Regulatory instruments are often referred agreement, Australia did agree to reduce to as the ‘command and control’ approach. their emissions in 2007 and the government The approach involves a regulator setting is obligated to do so. Moreover, from an production technology or emission ethical standpoint, and as a developed standards for firms and requiring them country who can afford to reduce emissions, to achieve the standards or be fined. An Australia is morally obligated to do so and example is requiring coal-fired power contribute to the cause of reducing the worst stations to install ‘scrubbers’ that remove effects of climate change. The question then unwanted pollutants as they produce is how these emission reductions will be electricity. While much of environmental achieved. policy was originally designed in this way – the United States’ Clean Air and The object of this article is to describe Clean Water legislation from the 1970s and evaluate the Australian government’s are typical examples – economists have plans to reduce carbon dioxide emissions repeatedly criticised the approach. The and other greenhouse gases to meet their regulatory approach can achieve efficient obligations. This evaluation comes at a time pollution levels but they require uniform shortly after the Liberal National Party (LNP) emission reductions across different types was elected to government and immediately of firms. Thus, they are not the ‘least-cost’ released legislation to repeal the existing solution. That is, ‘high-cost abaters’ – those policy – the carbon pricing scheme (Clean firms for whom it is expensive to reduce Energy Future policy) implemented by the emissions – must reduce pollution by the former Labor government in 2012. While same percentage as ‘low-cost abaters’. This the now opposition Labor Party and The increases the total cost of abatement. Greens will block the repeal legislation, from July 2014 the LNP is expected to have Incentive-based mechanisms are preferred the numbers in both the lower and upper by economists and generally involve house of parliament to have the legislation putting a price on emissions. A carbon tax repealed. Thus, the LNP’s alternative policy, – a tax per tonne of carbon emitted – is an labelled “Direct Action”, will be the future example. Under a carbon tax, a polluter will policy for reducing Australia’s carbon consider the external cost of the emissions emissions. I firstly describe the possible types and will reduce emissions by installing new of environmental policies before categorising technology as long as the cost of installing Direct Action as a voluntary approach to the technology is less than the cost of environmental policy and describing some of paying the tax. The existing Clean Energy the economic issues that will arise. Future policy, implemented by the previous

52 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Direct Action policy

Labor government, is another example. contracts between public authorities and While this was labelled (ABC, 2011) as a industry to achieve environmental targets “great big new tax on everything” by the – and ‘public voluntary programs’ where LNP, it is actually a carbon emission trading industry is invited to participate in a program scheme and such schemes have previously developed by public authorities. been introduced in Europe, New Zealand and in some States in the U.S. amongst ‘Direct action’ is a public voluntary other places. Under an emission trading program scheme, firms either receive free permits The LNP’s policy resembles a public voluntary to emit or purchase permits in an auction program. In their policy document (LNP, market. These permits can then be sold (or 2010) they propose to utilise the existing others bought) in a secondary market. The National Greenhouse and Energy Reporting incentive structure is similar to the carbon Scheme – which requires firms of a certain tax and depends on the price of permits size and emissions intensity to report their which can fluctuate according to supply and emissions – to set ‘baseline’ and ‘proposed demand. As the Labor government’s policy emission reduction’ levels for individual had a fixed price for three years, it operated firms. The baseline or ‘business as usual’ as a tax but the intention was to shift to a emission profile will have economic growth floating price from 2014. projections built in and will therefore In theory, incentive-based mechanisms allow a higher level of emissions through achieve efficient and least-cost emission time. They will also allow for business reductions. Each firm only abates until their expansion “at best practice”. Offsetting own particular cost of abatement equals the that will be a natural “trend toward lower price they must pay (carbon permit price emissions-intensive activity” which will or tax level) for emissions. Thus, high-cost reduce baseline emissions somewhat. The abaters abate less than low-cost abaters ‘proposed emission reductions’ for each but the desired total level of abatement is firm could be determined in a number of achieved. ways but presumably these are based on the Coalition’s target for carbon emission Voluntary approaches, in contrast, are not reductions, which is identical to the conceived in, or prescribed by, economic Government’s for 2020 – that is, 5% below theory, except those resulting from private 2000 levels by 2020. agreements between individual polluters and their pollution sufferers. Private The plan then relies on the following agreements require a very local form of mechanism. If firms achieve lower emissions pollution, zero transaction costs – the costs than their baseline level, they “will be able of bargaining, establishing, and enforcing to offer this CO2 abatement for sale to contracts – and neutral power relations the government”. Thus, the Coalition will between polluter and sufferer. This is set up a program and invite industry to obviously not the case for carbon emissions. participate, the very definition of a ‘public Aside from these private agreements, voluntary program’. There is no requirement voluntary approaches can be categorised to participate and no cost to continue to as either ‘unilateral commitments’ made by emit at business as usual levels. If firms emit polluters for corporate social responsibility more than their business-as-usual level, they reasons, ‘negotiated agreements’ – will be punished but as this punishment will

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 53 Direct Action policy

be “set in consultation with industry” and of 35 prominent business and academic because there is a natural trend towards economists, only two preferred the Direct lower emissions per unit of output, the Action policy while 30 preferred the carbon punishment is not expected to come into pricing policy (Wade and Hutchens, 2013). force very often. Indeed, the government has It is true that providing subsidies to firms to stated that they expect no revenue from the reduce emissions, as the Coalition proposes, Direct Action policy. also incentivises emission reductions but Given the voluntary participation, the Direct this is generally regarded to be morally Action policy is designed around a subsidy unacceptable because it rewards industry scheme. The government will establish an for doing something they should be doing Emissions Reduction Fund of $2.55 billion in the first place – that is, reducing the social dollars for the first four years. This will be impact arising from their pursuit of profits. In used to subsidise individual companies for addition, just like a tax, the subsidy creates emission reduction projects. That is, if they an incentive to invest in emissions-reduction choose to do so, firms can propose projects projects and it is therefore an indirect, rather that reduce emissions and the government than a ‘Direct’, policy. Add to this the fact that will choose which projects they want to fund firm’s do not have to participate and will not from their pool of money. Obviously, the be punished for continuing to emit as they plan is to fund the cheapest projects in terms currently do and it could be concluded that of emission reductions per dollar spent until the policy is unlikely to lead to any ‘Action’. the money is spent. For example, a polluter This lack of participation is discussed in the could choose to install new technology that following section along with other economic reduces emissions relative to the business- issues. as-usual level. If the cost is below proposals from other firms and funds are available, the Economic issues – no credible polluter will receive a subsidy. threat, an ineffective target, rent seeking, no participation and It could be argued that the LNP uses the property rights to pollute phrase “Direct Action” to obscure the fact that they take a voluntary approach to Voluntary approaches to environmental environmental policy. At first glance the policy can be successful, particularly when policy appears to be an incentive-based they concern so called ‘soft effects’, such policy instrument and this is how the as requests for industry to participate Coalition would like it to be interpreted. in information provision schemes. The For example, they emphasise (LNP, 2010): European Ecomanagement and Auditing “We are committed to incentives rather scheme is an example. However, a good than penalties”; and “Australia needs a voluntary approach, especially for the much scheme that will provide the incentive for harder aim of reducing emissions, requires firms to reduce their carbon emissions”. Yet, a credible threat to introduce harsh mandatory ironically, the carbon pricing mechanism it policies if the targets (in this case 5% below will replace is the typical economic example 2000 levels by 2020) are not reached. This of an incentive-based policy instrument encourages firms to participate under the and many economists have spoken out in logic that if they do not, something much support of the carbon pricing mechanism. worse will follow. The coalition proposes For example, in a recent Fairfax media survey no such thing and in fact by repealing the carbon pricing scheme, they move in quite

54 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Direct Action policy

the opposite direction. In short, there will be emissions reduction funds should firms no ramifications if business fails to reach the choose to participate. target. The most important issue, however, is In fact, the government has recently that firms are unlikely to participate in the accepted that the 5% target may not be Direct Action scheme. Firms may choose to reached using only the budgeted funds in participate for three reasons, all of which the Direct Action plan and they have also have issues. First, a firm may already have pledged not to increase the available funds. intended to invest in new equipment Recent modelling by SKM-MMA and Monash that reduces emissions. This could be for University’s Centre of Policy Studies for other cost-reduction reasons or because the Climate Institute and Reputex for new capital equipment is naturally less WWF-Australia has demonstrated that the energy intensive. In this case, if the firm Coalition would need to spend at least an is successful in receiving funds from the extra $4 billion and perhaps as much as Emission Reduction Fund, the government $35 billion to meet the 5% target (Climate is simply providing a subsidy that increases Institute, 2013; Reputex, 2013). Without this the firm’s profits. No new or additional additional funding, emissions are modelled carbon reductions result from the subsidy to increase by between 9% and 16% from because the firm already intended to install 2000 levels by 2020 under the Direct Action the new equipment for other reasons. plan. Thus, the voluntary approach, the Second, a firm may participate if they lack of a credible threat and the promise to could profit from advertising themselves as resist any increase in funding suggests that environmentally responsible. This incentive the Direct Action policy will not achieve already exists but the subsidy from the Australia’s commitments under the UN Direct Action policy makes the investment Framework Convention on Climate Change. more profitable and additional emission The Direct Action policy also seems to reductions could result. However, note encourage rent seeking. Rent seeking again that the firm will only participate if refers to the resources firms use to lobby profits can be increased. Third, a firm may governments to maintain extraordinary participate if they can make a profit from profit levels. This is considered wasteful in the transaction itself. That is, if a firm can economics because the resources (labour reduce emissions at a cost of, say, $15 per time and capital) could be used more tonne but receive $20 per tonne from the productively elsewhere in the economy. government’s Emission Reduction Fund, Environmental policies should be designed they have profited from the transaction. to reduce the potential for rent seeking. Because market power is strong in the However, in the Direct Action policy, there affected industries, such ‘gaming’ of the appears to be a significant degree of policy is highly likely. flexibility for individual firms to lobby for However, it is more likely that firms will higher levels of historical emission baselines. not choose to participate and indeed In addition, each potential emissions- this has been the experience with similar reducing project must be approved by a programs in the past. For example, in the government-appointed technical committee similarly structured Howard government’s (LNP, 2010). This encourages an aggressive Greenhouse Gas Abatement Scheme, lobbying effort to secure the available only 30% of the funds were ever paid out

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 55 Direct Action policy

and there were failures with the projects or a regulatory instrument, the policy originally approved (Ernst and Young, 2011). should provide an incentive to change This lack of participation is not surprising behaviour and avoid the negative profit from an economic perspective because, in effects of the policy. A policy targeted to general, the Direct Action policy hands back reduce the profits derived from carbon property rights over the environment to emissions is the only way to ensure a polluters. reduction in those emissions and meet One of the main criticisms of subsidy Australia’s obligation to reduce carbon programs like the one the government emissions. The government’s voluntary is proposing is that society owns the Direct Action policy does not achieve this environment and the policy transfers this aim. ownership to firms who emit without References impunity. Supporters of subsidy programs point out that firms have always had a Australian Broadcasting Corporation (ABC). 2011. “Tony Abbott joins 7.30”. http://www.abc.net. defacto ownership of the environment au/7.30/content/2011/s3173089.htm anyway. That is, they have always been Climate Institute. 2013. “Coalition Climate Policy able to pollute, emit and degrade without and the National Climate Interest”. http://www. consequence. However, the situation is climateinstitute.org.au/verve/_resources/TCI_Coaliti different in Australia because those defacto onClimatePolicyandtheNationalClimateInterest_15A rights were taken away from polluters when ugust2013.pdf the carbon pricing scheme was introduced. Doran, P.T. and Zimmerman, M.K. 2009. “Examining From that point on, the affected firms had the Scientific Consensus on Climate Change”. to pay for their use of the atmosphere. The Eos, Transactions American Geophysical Union, 90(3): 22–23. http://onlinelibrary.wiley.com/ government now plans to return those rights doi/10.1029/2009EO030002/abstract. to emitters. Ernst and Young. 2011. “Independent Evaluation Of course, the Labor government’s Clean of Alternative Climate Change Policies against the Energy Future policy was not ideal and Australian Industry Group’s Climate Change Policy some firms maintained the right to emit. Principles”. http://pdf.aigroup.asn.au/environment/ EY%20Ai%20Group%20Climate%20Change%20 The so-called emissions-intensive, trade- Report%20Final.pdf. exposed industries, such as steel and aluminium manufacturing, received 60-95% Liberal National Party (LNP). 2010. “The Coalition’s Direct Action Plan”. http:// of their carbon permits for free leaving them www.greghunt.com.au/Portals/0/PDF/ essentially at the same point as if there was TheCoalitionsDirectActionPlanPolicy2010.pdf. no policy. However, the Direct Action policy Reputex, 2013. “Emissions Trading versus Direct goes further and handing property rights Action: Achieving Australia’s Emissions Reduction back to firms increases the wealth of the Objectives”. http://awsassets.wwf.org.au/ emitting firm’s owners and undermines the downloads/fs068_emissions_trading_versus_direct_ emission reduction target. action_30aug13.pdf Wade, M. and Hutchens, G. 2013. “Tony Abbott’s At a very fundamental level, a good New Direct Action Sceptics”. Sydney Morning Herald, environmental policy should reduce the October 28. http://www.smh.com.au/federal-politics/ profits of emitting firms. Whether the policy political-news/tony-abbotts-new-direct-action- is a carbon tax, an emission trading scheme sceptics-20131027-2w9va.html

56 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 2013 ASX Schools Sharemarket Game 2: girls take top spots Amanda Mior, ASX Schools Sharemarket Game Coordinator Winners of the ASX Sharemarket Game 2 have been decided, with Philippa Nolan from PLC Sydney becoming the first female national winner since 2003!

ASX runs the Sharemarket Game twice a year to give secondary school students the chance to get first-hand experience of investing in the sharemarket. Each syndicate is given a virtual $50,000 to invest Philippa Nolan from PLC Sydney, National winner of the 2013 ASX Sharemarket Game 2 and the winner is the syndicate that grows its investment by the most over the period Craig Trigwell-Lindley from Dural High of the game. in New South Wales was runner-up. Game 2 ended on 30 October and female Craig focused his efforts on investing in students performed strongly, taking out the companies outside the blue chip and top spots in New South Wales/ACT, Western resource sectors. Australia, South Australia and Victoria. “After extensive research, I decided it best to Philippa Nolan, the national winner, purchase shares with a lower holding value held a diversified portfolio of health so as to maximise my percentage return on care, consumer discretionary, financials, my portfolio. I kept up to date on market consumer staples and industrial stocks. She movements by reading media articles and regularly read newspapers to keep up to press releases,” said Craig. date on the activities of the companies she Karun Bhandari, Thomas McGowan, had invested in. Zachary Munro, and Zachary Richmond “I chose some stocks because I was familiar from Marist College North Shore came 3rd, with what the companies did such as Bega making NSW the top performing state with and Cochlear. I tried to diversify across a NSW students in the first three national variety of industry sectors including health, spots! banking, leisure and food. I originally invested The ASX Schools Sharemarket Game, in a mining stock but I sold out of that because sponsored by Citi, is available to students I was concerned that it might be too volatile,” in Australian secondary schools. More Philippa said. than 1,000 teachers registered and 32,000 Tony Hunter, ASX Head of Investor students played Game 2. Education said: “For more than 30 years, the Registrations for the next Sharemarket ASX Schools Sharemarket Game has given Game will open on 13 February 2014, participants practical, real-world experience with the Game starting on 13 March and investing in the market. It was fantastic to see finishing on 21 May 2014. female students in the top rankings, though all our national winners did exceptionally well For more info about the Game and to to build profitable portfolios.” register to get a reminder email, visit www.asx.com.au/schoolinfo

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 57 Krugman on the GFC and Austerity Professor John Lodewijks University of Western Sydney

Paul Krugman has written another speculation appear far more insightful: entertaining book on the Global Financial ‘When the capital development of a country Crisis titled - End This Depression Now! He becomes a by-product of the activities of a believes that “ending this depression is casino, the job is likely to be ill-done’. incredibly easy”- all governments need to The use of fiscal policy was also attacked. do is increase spending. However, especially Krugman notes the following prominent in Europe, they are doing the opposite by economists as being anti-fiscal stimulus – implementing austerity programs that are Eugene Fama, John Cochrane, Robert Barro making the prospects of recovery even and Robert Lucas. Cochrane is on record as dimmer. Krugman believes we are still saying that fiscal stimulus was a ‘fairy tale living “in a Keynesian world” and it’s the old that has been proved false’. In contrast, Keynesian idea of expansionary fiscal policy Krugman in chapter 7 of the book argues that will drive economic recovery. Fiscal that the fiscal rescue packages in the US policy is the answer because interest rates were clearly effective – the fiscal multipliers are already so low in many countries that were much larger than predicted. His only they cannot drop much further. regret was that the stimulus packages Krugman ridicules those that have departed were too small and the tax cuts only half from the Keynesian gospel. He quotes from as effective in stimulating demand as Robert Lucas’ 2003 presidential address to increases in government spending. As a the American Economic Association: ‘My result, there are increasing numbers of long- thesis in this lecture is that macroeconomics term unemployed in U.S. Counting “hidden in this original sense has succeeded: Its unemployment” – discouraged workers and central problem of depression-prevention part-timers – the overall unemployment has been solved, for all practical purposes, rate in the US is around 15 percent and with and has in fact been solved for many a limited social safety net (the situation is decades’. In October 2005 Alan Greenspan far better in Europe) the consequences are was saying: severe. It is surprising to read that some of the anti-Keynesian economists at the ‘Recent regulatory reform, coupled with University of Chicago claim that the increase innovative technologies, has stimulated the in unemployment reflect a ‘diminished development of financial products, such willingness to work’. The National Bureau as asset-backed securities, collateral loan of Economic Research states that the US obligations, and credit default swaps, that recession started in December 2007 and facilitate the dispersion of risk … These ended in June 2009. During the down-turn increasingly complex financial instruments GDP fell five percent, and the economy is have contributed to the development of still growing slower than potential. a far more flexible, efficient, and hence resilient financial system than the one that There is still much more to be done to existed just a quarter-century ago.’ resuscitate the US economy, Krugman believes. The Federal Reserve has tripled Both statements have been discredited with the size of the monetary base since the onset of the GFC. Keynes’s description of 2008 with its quantitative easing but financial markets characterized by investor the economy is still lack-lustre despite irrationality, bubbles, and destructive

58 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 GFC and Austerity

interest rates pushed down to the lower Unemployment is simply due to lack of bound. Krugman believes the overhang aggregate demand and rehiring school of private debt is the key issue and that teachers and repairing roads will inject Irving Fisher’s debt deflation model is the further stimulus into the economy. key to understanding the depression we’re Chapter 5 of the book moves away from in. These ideas are developed in Chapter macro-management to look at income 3 on ‘The Minsky Moment’. Basically asset inequality in the US. Krugman says that a bubbles, particularly in property markets, disproportionate amount of the benefits of burst and participants tried to sell assets growth have gone to a handful of people to pay off their debt obligations – this at the top – the top 1 percent. Between is called ‘balance sheet deleveraging’. 1979 and 2007 the top 1 percent saw their However, the Keynesian notion of the income rise 277.5%. Their after-tax income fallacy of composition comes into its own. went from 7.7 percent of total income to What works at the micro level does not 17.1 percent, which accounted for about necessarily work in the aggregate macro half of the rise in inequality. In 2006 the 25 level. If many people are selling assets to highest-paid hedge fund managers made pay off debt then this leads to even greater $14 billion, three times the combined falls in asset prices and hence the debt salaries of New York City’s eighty thousand problem becomes more acute. The same school teachers. idea is associated with the paradox of thrift – that if everyone attempts to save more Much of the book is taken up with the it might actually lead to a fall in saving adverse effects of austerity in Europe. overall – or that if wages are cut generally Krugman’s point is simple - the boom, to reduce unemployment it may lead to not the slump, is the time for austerity. the opposite result through the reduced When, as in Greece, Ireland and Spain, spending. Ultimately “Your spending is my unemployment accounts for almost a income and my spending is your income”. quarter of the labour force and nearly half of its youth, and in some countries GDP is So what can be done? Krugman suggests still 20 percent below pre-crisis levels, there that central bankers have aimed for too are no grounds for draconian fiscal austerity low a level of inflation. The inflation target that will further depress the economy. In can be increased. It might be better to aim contrast, the European Central Bank should for 4% rather than 2%. Higher expected be buying the government bonds of euro inflation encourages borrowing and nations, and accepting higher inflation reduces the real value of debt. Those that rates, while fiscal policies should be more would lose out would be the creditors expansionary, particularly in countries like and lenders that pushed the risky, toxic Germany. Chapter 9 deals with ‘inflation loans in the first place. On the fiscal side, fear mongering’. Krugman says the fear governments can increase safety nets and of inflation is unfounded. Japan was stuck the duration of unemployment benefits in deflation despite fiscal and monetary as well as reducing the mortgage burden. stimulus. If an economy is depressed there In chapter 12 he argues there is a need to is no need to worry about the inflationary reverse cuts to State and Local government impact of monetary expansion; but even if spending on infrastructure and education inflation increased a little it would probably and to generally restart cancelled projects. do the economy good in reducing debt

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levels. He points to the European Central there is also the loss of flexibility if there Bank, the European Commission, OECD are asymmetric shocks. Originally interest and the Bank for International Settlements rates in southern Europe were higher due to as being the leading institutions that are concerns about devaluations and defaults advocating austerity. but when they adopted the Euro interest Chapters 8, 10 and 11 of the book deal with rates fell and this led to massive borrowing the Euro crisis. Was it a fateful error for these and housing bubbles, unit labour costs rose European countries to move to a common and manufacturing became uncompetitive currency? In terms of debt, it matters if you and trade deficits increased. The eventual borrow in your own currency or someone collapse of the bubble led to high budget else’s. Spain, Greece and Ireland’s debt is in deficits, with the bank bailouts, and euros. If you borrow in your own currency, sovereign debt problems. While Europe the central bank can always buy federal does about 60 percent of their trade with debt, and you can devalue your currency. one another they have limited labour But if you can’t control your currency and mobility or fiscal integration – so these devalue, then you have to reduce costs mechanisms were not available to deal with internally and wage cuts will be resisted. the crisis. However, any attempt to ditch Individual countries have their own budgets the Euro at this stage might well run into and labour markets but not their own legal problems, runs on departing country’s currencies and so may be condemned to banks, and wider political ramifications. stagnation and civil unrest when asked to Krugman believes the European Central use austerity programs to deal with their Bank needs to be far more accommodating problems. in assisting those countries in need than it has been so far. Should these countries in deepest problems then return to independent currencies? Reference In other words, leave the euro. There are Paul Krugman (2013) End This Depression efficiency gains from sharing a currency but Now! Norton: New York & London. Books for Review EBE NSW welcomes books for review. Please send books to: EBE NSW 3B Smalls Road RYDE NSW 2112

60 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 CPA Australia – Plan Your Own Enterprise Competition 2012 National Division 1 Winner Trip to Shanghai, 13–19 July 2013 Matthew Bennett The Canberra College, ACT

Saturday 13 July 2013 The first nervous moment of the trip happened even before we left – would Sandhia, my Business Studies teacher, be able to fly out of fog-bound Canberra to get to Sydney in time for the Shanghai departure? Fortunately, the fog did not delay her flight and all went according to plan. A bit of turbulence near Taiwan reminded us that there were seasonal typhoons passing through the East China Sea, but all was calm in Shanghai when we the esplanade adjacent to the many historic arrived late Saturday afternoon. We were buildings fronting the Huangpu River, where greeted by Helen, who took us to the Jin we had a fantastic view of the Pudong district Jiang Hotel in the ‘inner ring’ of Shanghai. across the river. The boat traffic on the river Given how enormous Shanghai is, this was gave a glimpse of Shanghai as a working port, nearly an hour’s journey in itself but it was and contrasted with the modern skyscrapers fascinating to see the suburbs stretching of the financial district. into the far distance, and to admire the incredible road system. After our long day We then hopped in a taxi and went under of travel we didn’t feel up to exploring near the river to visit the Shanghai World Financial the hotel for dinner, so we took the room Centre, the tallest building in Shanghai and service option (delicious). The temperature third tallest in the world – although this title outside even at 9pm was still about 30o, will be short-lived, as there is an even taller quite a contrast to zero degrees the building being constructed right next door previous morning in Canberra. (see photo above). Vera told us that we were lucky that the weather was a bit windy as this Sunday 14 July 2013 meant that we had blue skies and could see Satay noodles and congee for breakfast for miles from Level 100 of the SWFC. The was a new experience, and over the next view was amazing, and so was the glass floor, few days we tried all sorts of interesting which sent a chill down my spine. None of us breakfast food from the various love heights so much, but we got up close to international options on offer at the hotel. the windows to look straight down for a once We met our lovely guide Vera, who was with in a lifetime view. us for the first three days. First we went to

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mix of very old buildings and a cleverly designed garden that was a series of ‘rooms’ with many entrances and exits, so you never quite knew where you were going. Some of the trees were up to 400 years old, but evenin the shade, it was very hot. We needed air conditioning, so it was off to the mall, via the underground train. An interesting shopping experience was trying to buy shoes for my size 46 feet, which are apparently abnormally big in China. After finally finding something suitable, it Another taxi took us back across the river was time to crash into bed and get a good for lunch and shopping. This was our first night’s rest for tomorrow. experience of the tremendous variety of food and we tried many things we’d never Monday 15 July 2013 seen before. A favourite was what Vera called Our first stop was Austrade, where we met “fried cream”. Possibly not recommended by Trade Commissioner Luisa Rust and her the health authorities, but delicious. The food colleague Lawrence Jiang, who discussed court was incredibly busy, as was the whole the opportunities that China’s economic district. It seemed that on Sunday, many growth has to offer Australian business families were out for a stroll, in spite of the and the role that Austrade plays in guiding very hot day. We shopped for souvenirs and business investors in the Chinese market. learned how to barter even though we spoke I was invited to tell our hosts about my no Chinese, by using a calculator to go back PYOE business plan and we discussed the and forth with different pricing proposals. It’s suitability of a business like Plug’n’Play for a hard to know if we got the good end of the market as big as Shanghai. The discussions deal, but one thing is for certain, and it’s that we had were very helpful in guiding my Claire (Mum) and Sandhia burst their budget thinking about how the business would for that day. We then headed back across the have to respond to the challenges of crowded Jiuqu Bridge, the “Bridge of Nine servicing such a market, and I could already Turnings” (photo below) which crosses a lily see how it could evolve. I really appreciated pond full of gigantic goldfish. We toured the the time that Luisa took not only to Yuyuan Garden, which was an impressive read over my plan, but also to apply her knowledge of China and chat about it in detail.

We then headed to the electronics market, where there was an overwhelming variety of computers, phones and other gadgets, but most of them were surprisingly more expensive than what we could get them for in Australia. Some quick refreshment in an up-market, full table service restaurant (a Pizza n Hut!) prepared us for our next

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meal, but ordered at the end if people feel like it. The food that Charles chose was very enjoyable and it was great to chat with our hosts, who were very interesting and informative. The three of us then caught a taxi back to the hotel on our own, enabling Mum to experience the often heart- stopping traffic from the front seat. The mix of cars, scooters, bicycles and pedestrians appears slightly chaotic, but somehow everyone is quite patient and forgiving and Sandhia Prasad (Canberra College business teacher), it all seems to run smoothly. Matthew Bennett, Luisa Rust and Lawrence Jiang (Austrade) Tuesday 16 July 2013 meeting with the CPA. We met Kenny Lam We spent the morning at East China Normal and Bruce Li to discuss the CPA’s place in University. Charles had kindly arranged a Asia and the ways that it assists businesses. change of itinerary when he found out I Once again, our hosts were very generous was now at university in Australia. Although in discussing in detail the PYOE business it was semester break, he had arranged plan and passing on ideas about its possible for us to meet a teacher, Alison, and three application in different markets. We second year students, Owen, Regina and also chatted about the different ways of Flora, who are studying similar subjects to becoming a CPA and theopportunities that those I study at ANU. They are undertaking this accreditation affords. This will be a great a joint program with La Trobe University, so motivator to me in my Bachelor of Finance they spend the last two years of their four studies. year course studying at La Trobe. We had Our meeting was followed by a shopping a great chat about the different education trip in the historic district of Jing’an, systems and what their experience might where the many tiny shops had beautiful be like in Australia. We then walked around handmade goods. We met Charles and the university campus (past a huge statue Cathy, who was our guide for the last of Chairman Mao) and they told us about two days, for dinner. We learned that in how most of the students live on campus, Shanghai at least, rice is not taken with the sharing 4-person rooms. The University originally trained teachers, but now has a broader focus. Nonetheless, the motto was on display: “Seek truth, foster originality and live up to the name of teacher”. Sandhia grabbed a photo of that! Charles took us to an enormous lunch at a restaurant near campus. Again, it was a very hot day, so we appreciated the opportunity to sit down and soak up the cold drinks and aircon. We found the amount of food on offer overwhelming. Charles wanted us to Matthew, Kenny Lam (CPA) and Sandhia try out all sorts of things, so often when we

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Wednesday 17 July 2013 The morning was spent at the China Art Museum, Shanghai, located in what was the China Pavilion for the 2010 World Expo. This amazing building is modelled on the shape of a pagoda, but on a monumental scale. The exhibition was very interesting, and although we only saw a fraction of the extensive collection, it gave us an insight into the historical and political forces that have shaped Shanghai and China. A change of schedule in the afternoon saw us forgo the urban planning exhibition in favour of a special visit arranged by Charles to the thought the meal was done, Charles would Shanghai Stock Exchange. We were told then tell us there were another six dishes on that the exchange moved into the building order! We learned to pace ourselves, so that ten years ago, but due to how rapidly online we had room to try a bit of everything. trading has become the norm, the vast In the afternoon, Vera took us to the trading floor was only used for two years. Shanghai Museum, where we all went It now stands empty, but nonetheless is separate ways to different galleries for an impressive. We discussed how the stock hour or so. The displays were magnificent, exchange works in China, which is a very particularly the incredibly intricate and controlled market, and how this is changing. ancient jade work, and the wide array of I very much appreciated the trouble taken historic coins. We took another taxi to by Charles to arrange our visit to the Helen’s home, an apartment in the ‘middle Exchange, which is not usually open to ring’ of Shanghai, where we met her young casual visitors. daughter and parents, who kindly gave us afternoon tea. A short walk down the street took us to an interesting suburban restaurant, where there was an extraordinary array of food on display, and the cooking was done in huge pans, boiling away with mysterious contents. We declined the snake wine (a jar of wine, with a snake in it – “good for your body”) and viewed the live turtles, chickens and snakes awaiting their fate. The food was again delicious, including the pork-stuffed water snails. Helen told Mum that the food style in Shanghai tends to Sandhia and Claire saw out the day with be sweet (dishes like baked egg, and ‘fried some shopping in a mall close to our hotel, cream’ come not as dessert but along with where they were treated to a 20 minute tea- everything else), but her personal preference making demonstration (in a supermarket) was the hot Sichuan style that is also popular and got to taste three of the best green teas in Shanghai. ever. They were very keen to buy some, until

64 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Trip to Shanghai

they were told the a bumpy flight back to Canberra’s lovely price! It really was winter. the best. We then spent the evening Conclusion on a cruise on the This was a once in a lifetime trip. Although Huangpu River, I might return to Shanghai in the future, viewing the amazing many of the people I met and the places light show that the we visited were unique to the PYOE different buildings experience. I greatly appreciated having put on. Some are met the Austrade and CPA representatives huge displays where the entire façade of and thank them for the time they took the building is like a television screen. The in genuinely engaging with my business city looked very beautiful at night and we idea and my plans for the future. In thought that venturing out without a guide particular, I loved meeting the students was a great way to spend the last night in at the East China Normal University and Shanghai. Just as well Cathy and Vera had exchanging experiences of first year uni written down the hotel address though, as and life in general. Shanghai is an amazing the taxi driver had no idea what we were megacity and I thank our guides and hosts, trying to say! Charles, Vera and Cathy for their kindness, knowledge and patience in taking us around Thursday 18 July 2013 and making sure we were given a great We spent the morning in the Xintiandi experience of their home city. district, which is a very stylish and historic I would like to area of 2-3 storey buildings recently thank all those redeveloped into up-market shops and associated with restaurants. We enjoyed window shopping the 2012 PYOE for a Lamborghini, and found a shop with competition for fantastic photos of Shanghai, which were the exceptional affordable souvenirs for our last day. We experience and visited the site of the First National Congress opportunities it of the Communist Party of China, and were has given me, able to stand in the very room where the including the first meeting was held. This was quite a continuing contact special moment in our trip. Cathy found us with Mr Matt Hailes, General Manager of another excellent restaurant for lunch, and the ACT Division of the CPA The staff we experienced a chicken dish with more of Business Educators Australasia and extremely hot red chillies than we’d ever seen NGT Travel were wonderfully helpful in before on one plate. Once again, we loved arranging the trip. I particularly thank my the glutinous rice dumplings, and should Canberra College Business Studies teacher have ordered the “snowing tomatoes”, just and travelling companion, Ms Sandhia to see what they might be. We headed back Prasad, for being an inspirational and to the hotel to pick up luggage and then dedicated teacher and for encouraging were taken out to the airport, where we me to enter the PYOE competition in said farewell to Cathy. A long and sleepless 2012, and I wish all future competitors the overnight flight to Sydney was followed by best of luck.

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 65 The increasing use of debit and credit cards as well as the introduction of contactless payment systems means cash is becoming a less essential part of society. Source: flickr/craigregular Are we moving towards a cashless society – or simply less cash? Steve Worthington Associate at Australian Centre for Financial Studies DISCLOSURE STATEMENT: Steve Worthington does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and has no relevant affiliations. There is mounting evidence that consumers as card payments replace cash for low-value are making less use of cash, while the use transactions. of electronic payment methods, particularly This trend will become more pronounced as debit cards, continues to increase. But are contactless cards continue to be introduced we heading towards a cashless society? and adopted by both consumers and The release in October 2013 of the Reserve merchants in Australia. These contactless Bank of Australia’s Payment Systems Board payments facilitate faster transactions at annual report, gave more “hard” evidence of the Point-of-Sale (POS), when compared the trend towards a cashless society. In the to traditional card payments, where the year 2012/13, the average value of a debit card must be inserted or swiped at the POS card transaction continued its fall to A$56, terminal and then authorised via a PIN or signature.

66 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Cashless Society

Contactless cards use near-field technology average value of an ATM withdrawal is now to achieve a “tap and go” payment A$185. environment so there is no need to enter The next most common way of acquiring a PIN or sign for a purchase under A$100. cash is via an EFTPOS (electronic funds The use of contactless cards will be further transfer at the point-of sale) cash-out. In encouraged when signature verification 2012/13 cash-outs (either with or without is phased out from the end of June 2014. a related purchase) accounted for around Thereafter verification will only be facilitated a quarter of the total number of cash by the use of a PIN or by contactless withdrawals by volume, but only 7% by verification, if the purchase is under $100. value; the average value of an EFTPOS cash- The most common way that individual out being $63. Australians access cash is through the However in contrast to the fall in the value Automated Teller Machine (ATM) network, of of ATM withdrawals in 2012/13, the use which there were just under 35,000 machines of cash-outs continued to grow and their in Australia in June 2013. These accounted value was 8% higher in 2012/13. There were for 60% of the total value of cash withdrawals by June 2013, just under 780,000 EFTPOS in 2012/13, however the value of ATM terminals in Australia, an increase of 15,000 withdrawals fell by 3% in that year and the terminals over the previous 12 months.

Recent research published by the Australian volume and by June 2013 the combined Centre for Financial Studies (ACFS), looked value of debit card purchases (including at the trends leading towards a less-cash cash-outs) was A$16.04 billion, considerably society, if not a cashless society over the past higher than the value of ATM withdrawals at 10 years. Comparing June 2003 with June A$11.43 billion. Thus consumers appear to 2013, (see table above), reveals that while be using their debit cards more frequently, the number of ATM withdrawals has grown both to pay at the POS and to access their over the past decade in terms of both value cash at the POS, rather than via an ATM. and volume. However this growth has been The advent of the increased number of overshadowed by the increase in both the contactless cards and EFTPOS terminals that value and volume of debit card purchases. accept “tap and go” payments, will further Cash-out transactions at the POS have also reduce the need to make payment at the increased substantially in both value and POS by cash. As contactless and mobile payments becomes more ubiquitous,

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they will provide both convenience for This still has an appeal, particularly in the the consumer while reducing the cost “grey” or “black” economy where cash is still inefficiencies of cash for merchants. Thus king. Who has never asked the question: adding to the likelihood of a less-cash “will it be cheaper for cash?” society. So while we are moving relentlessly towards Will this then lead onto the cashless society a less-cash society, for the foreseeable – a society where notes and/or coins are no future we will not become a cashless longer a weight in our clothing or purses society. Cash may well have a resilience that and no longer a feature of our everyday surprises many of us, in much the same way lives? as despite the advent and widespread take- Opinions vary, but cash does have some up of internet banking, there is still a large ongoing advantages over non-cash bank branch network in Australia. payments. Firstly cash has widespread, * This article was originally published at: if not ubiquitous, acceptance and is https://theconversation.com/are-we-moving- still particularly useful for small value towards-a-cashless-society-or-simply-less- transactions, for example a coffee. Secondly cash-20493 on 29 November 2013 cash is anonymous; it does not leave a record, be it an electronic or paper “trail”. Needing practice HSC examination papers for your students ■ Economics ■ Business Studies ■ Legal Studies

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68 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Will your next phone be Fair Trade? Robbie Fordyce, PhD candidate, School of Culture and Communication and Institute for a Broadband- Enabled Society at University of Melbourne Luke van Ryn, PhD candidate, Media and Communications at University of Melbourne DISCLOSURE STATEMENT: Robbie Fordyce owns a Nokia phone from about three years ago. It has no smartphone features. Luke van Ryn is an ambivalent owner of an iPhone 5.

Organic, cage-free or home- grown? We think about our purchasing ethics in many areas of daily life, but not often about Choosing a mobile phone isn’t just about new features – it should also be about technology. ethics. Source: Fairphone As with any product, though, we should we buy. All mobile phones are produced think about the effects of our actions on using the same materials, and some of workers and the environment. The idea of these come from warzones. So choosing cage-free phones may sound silly, but for between Samsung and HTC can feel certain types of workers it’s a stark reality. like choosing between a punch in the face A mobile phone contains rare minerals that and a kick in the guts. are often linked with violent conflicts. It is Part of the problem is that we really feel produced in difficult conditions by low-paid like we have no choice but to buy a phone. factory workers. (And if you’d like to play a Can we realistically expect to “go without” game showing the production story of an a phone, when our work, family and friends iPhone, have a look atPhoneStory.) expect us to be available at all times? And when our carrier invites us to upgrade our A phone is also difficult to recycle safely at phone for next to nothing every two years, the end of its lifespan. what incentive do we have to slow down? Technologies like mobile phones are often, by nature, small objects purchased Introducing the Fairphone & Ara infrequently. It’s difficult to put our ethics The Fairphone is one solution that has on the line when the object seems so already sold out on its first production meagre in size and when you don’t buy one run. The sole marketing strategy for the that often. Fairphone has been a detailed examination of the production process. And it often feels like we don’t have a lot of choice in the ethics of the phones Their website provides photos and other evidence of attempts at ethical sourcing.

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Using those, you can make up your own mind about the ethics. The 25,000 devices sold represent a very small proportion of the roughly 1.7 billion phones sold last year. And the Fairphone is not available at all in some markets, including Australia and the United States (though if you have a friend in Europe you can have them pick one up for you).

Nonetheless, the sales figures so far suggest consumers are getting interested in finding Fairphone prototype (left) and an iPhone. ethical technologies. Source: Waag Society Will this act as a trigger for other producers But at the same time, Ara encourages us to become more ethical? to throw away phones in dribs and drabs. Motorola has announced “Ara”, their Because the phone is based on the idea that attempt to provide a less destructive we can replace any part at any time, it may alternative. The Ara phone is modular, still generate more waste over time than meaning that people can use 3D other gadgets. printers from their homes to replace core As consumers raise concerns about technological components as needed and the ethics of their devices, producers switch aesthetic parts such as the housing at are gradually raising their production leisure. standards. Apple, Microsoft and Nokia Motorola is bargaining that this will reduce have joined the Public-Private Alliance the overall impact of our love of mobile for Responsible Minerals Trade, which is phones. working to monitor, reform and document the extraction and trade of minerals such as coltan. While the effects of the Alliance to date are unclear, it at least suggests that progress is possible. The Fairphone and Ara are small examples, but hopefully they are the start of a growing change in the way we make and use mobile phones. They give us an opportunity to be more ethical in an area in which our choices are often limited. * This article was originally published at: theconversation.com/will-your-next-phone- be-fair-trade-21190 on 6 December 2013

The Itsy Bitsy Spider

70 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 President’s Report to the 2013 Economics and Business Educators NSW Annual General Meeting (21 October 2013)

It is my pleasure to present the Economics educators from government, Catholic, and Business Educators NSW (EBE) Christian, Muslim and independent schools, President’s Report for 2013. as well as the Board of Studies NSW and Since the last EBE Annual General Meeting universities. One of our directors, Bronwyn (AGM) on 22 October 2012, we have Hession, is also President of our peak experienced a positive and successful national subject association, Business period overall as we have sought to serve Educators Australasia, of which EBE is an our members and support them as they affiliate member. Our connections to BEA teach the Board of Studies NSW Business are important to teachers and students in Studies, Commerce, Economics and NSW because this is the channel through Legal Studies courses, providing them which we increasingly have input in matters with high quality educational services. relating to the Australian curriculum and EBE membership numbers continue to other critical national matters which be strong and have increased this year impact on us here in NSW. I also sit on compared to last year as shown in the EBE the Board of the Professional Teachers’ NSW Financial Statements for the year Council NSW, of which we are a member ended 30th June 2013. Our members are organization. This diversity has enabled made up of teachers in both government EBE to better serve the interests of all and non – government schools, and some members and remain strategically focused student teachers. as it carried out its activities and faced the educational challenges of this year. Full EBE would be unable to achieve its Board meetings have been held regularly vision and goals without the knowledge, and Board members have also been able skills and time of the educators who are to communicate regularly online. Some members of the Board. Ten educators Executive Board meetings have also been made up the Board of Directors this year: held. • Joe Alvaro I would like to thank all the Board members • Andrew Athavle for their work and generosity. It is not • Kate Dally always easy juggling the demands of a full • Bronwyn Hession time job and carrying out the important and • Stuart Jones useful work we do for EBE on a pro bono basis, and I would like to acknowledge the • Kate Keeley contributions of all Board members. I also • Ron Kelly add a vote of thanks to Board members • John Lodewijks who carried out the added responsibilities • Pauline Sheppard as an Executive Board member. Thankyou • Rhonda Thompson to Kate Dally and Stuart Jones as Vice – Presidents and Pauline Sheppard as We had a diverse Board this year with Company Secretary.

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 71 AGM 2013

Responding to curriculum change remains Following these consultation activities an ongoing feature of our work. EBE is EBE submitted their responses to both well placed to respond to curriculum the ACARA Draft Shape of the Australian developments as we have members who are Curriculum: Economics and Business and teachers in schools, active in the classroom, the ACARA Draft Australian Curriculum: committed to their students and passionate Economics and Business. We are grateful about the curriculum. This year we have to EBE Director Bronwyn Hession who led faced significant developments from the the writing of these responses which were Australian Curriculum, Assessment and thorough and constructive. Reporting Authority (ACARA) in the area of EBE also sought views about the ACARA the Australian Curriculum: Economics and Draft Shape of the Australian Curriculum: Business and the Australian Curriculum: Civics and Citizenship and the ACARA Civics and Citizenship. We have enabled Draft Curriculum: Civics and Ciztizenship. members to be informed about these EBE submitted responses to both of these developments and provided opportunities important documents to ACARA. for them to provide feedback to EBE. EBE will continue to actively monitor and EBE consulted with members about the respond to developments in this curriculum ACARA Draft Shape of the Australian development process and contribute to Curriculum: Economics and Business what we hope will be a quality, satisfying through a webinar presentation. We also and future focused curriculum for our held a webinar in order to consult with members and their students. members about the ACARA Draft Australian Curriculum: Economics and Business and EBE continues to provide members with prepared a survey for members to fill in. Both access to effective, appropriate, classroom webinars are available on the EBE website focused and cost friendly professional enabling members who were unable to development courses to assist teachers attend the webinars with an opportunity in providing meaningful learning to access them. We are grateful to EBE experiences in the classroom, especially in Director John Lodewijks for his contributions this critical period of change in education. to these webinars. As a member of the The attached “Economics and Business ACARA expert advisory group, John has had Educators NSW 2013 Events Calendar oversight of the development of both the (as at September 2013)” shows our busy draft shape paper and the draft curriculum. professional development program since He was able to bring this expertise to the the last EBE Annual General Meeting. We webinars above, giving an overview of both are especially committed to supporting documents and answering questions from beginning teachers as they face the participants. challenging and demanding early years of teaching. Event evaluations indicate that EBE also participated in the Economics- the content of these events are meeting the Business Reference Groups formed by professional learning needs of teachers and the Board of Studies NSW as part of its student teachers attending. EBE Directors consultation process with regards to Andrew Athavle, Kate Dally, Bronwyn the ACARA Draft Shape of the Australian Hession, Rhonda Thompson and myself Curriculum: Economics and Business and designed and conducted presentations at the ACARA Draft Australian Curriculum: various conferences throughout the year, Economics and Business enabling members to benefit directly from

72 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 AGM 2013

the expertise of EBE Directors at these Studies). The EBE Trial HSC Examinations conferences. I thank these directors for these give directors another opportunity to contributions and all our other conference share their expertise and experience speakers this year. with members. This year the following directors were involved with designing EBE (through the Professional Teachers’ the examinations: Council NSW) is a NSW Institute of Teachers’ (NSWIT) Endorsed Provider of professional Trial HSC Examinations Coordinator – development for the Maintenance of Kate Dally Accreditation at Professional Competence Business Studies trial HSC examination and a number of our members use – Joe Alvaro, Rhonda Thompson and professional development hours from Pauline Sheppard our events to meet their accreditation Economics trial HSC examination – requirements with the NSWIT. Courses that Bronwyn Hession, Stuart Jones and John are endorsed are advertised on the NSWIT Lodewijks website which enables us to benefit from Legal Studies trial HSC examination – this additional method of promotion. I would Joe Alvaro like to thank Kate Keeley and Bronwyn Hession for working with the Professional The examinations are a major annual Teachers’ Council NSW to ensure that our publication project for EBE and the professional development courses were deadlines always seem to coincide with very NSWIT endorsed. busy periods in the school year. I thank my fellow directors above for their commitment I would like to thank EBE Director Stuart to this work. The examinations continue Jones for all his work as Publishers to sell well and ensure that students are Coordinator and liaising with publishers accessing high quality assessment material. during the planning of our professional development events this year, which “The EBE Journal” continues to be provided provided EBE with an additional source of in an electronic format which is accessible revenue. by members on the EBE website. Past issues of the journal are also available on the Further professional development was website, which has enabled us to enhance available to members through the EBE the website with regards to the provision of NSW Helpdesk ([email protected]) professional reading and resources. I would enabling them to access directors for advice like to thank our Journal Editor Kate Dally and assistance in relation to the teaching for all her work with “The EBE Journal” and and learning of Business Studies, Commerce, all the contributors to the journal this year. Economics and Legal Studies this year. EBE NSW has a long history of providing a EBE continued the selling of the following journal to members and we are committed EBE NSW publications this year which are to continuing this EBE membership benefit designed to enhance teaching and learning into the future. programs in schools: We continued to run the CPA Australia Plan • The EBE Book of Economics Questions for Your Own Enterprise Competition this HSC Students year in association with Business Educators • The Yellow Book of Business Terms Australasia, which enables students in • Annual EBE Trial HSC Examinations NSW and around Australia to develop (Business Studies, Economics and Legal their business planning skills. I would

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 73 AGM 2013

like to thank our PYOE NSW Coordinator, this competition. This competition is an Rhonda Thompson, for all her work with excellent way for EBE to interact directly with the competition this year, including the students of the courses we represent and coordinaton of the NSW shortlisting and their parents. judging processes. EBE is grateful to Cheryl Brennan (EBE NSW Member), Kate The EBE website continues to be a major Dally, Stuart Jones, Anthony Matis (CPA source of up to date information in relation Australia) and Michael Hanarhan (Principal to the vision and goals of EBE NSW. We at Hanrahans Accounting Services) for their outsource the upkeep of the technical side involvement in these processes. As usual, and design of the website to our webmaster, the administration work from our office Rob Berry, while maintaining oversight of staff, Annette Davies and Alan Hearle was the content that appears on the website. invaluable. We thank Rob for his assistance with the website and for his knowledge and skills in We were able to recognize the PYOE NSW this area. Bronwyn Hession coordinates the winners at our NSW awards ceremony on content that appears on the website and I 10 October 2013 with our special guest, thank her for all the time spent on ensuring Michelle Cook, Senior Relationship Manager, the website is up to date and relevant to the CPA Australia. I congratulate the following needs of our members. winners and their schools from NSW: As can be seen in the attached document, – Division 1(Individual entry) – Ella “Economics and Business Educators NSW Bricknell, Pacific Hills Christian School, website statistics as at 15/10/2013”, there NSW for her business plan, “Captured has been an increase in the number of Memories”. visitors to the EBE website this year. – Division 2 (Group entry) – Keertana Avalur, Shevon Lau, Dana Royle from MLC While still maintaining the use of mail (via School Burwood, NSW for their business Australia Post) and fax to communicate plan, “Pasithea”. with members, we are increasing our communication with members through Prizes and certificates were awarded to emails which is a quicker and more cost these student winners and their schools. friendly method of communication. We were delighted to discover that at the We have also continued to produce regular Australasian judging and awards ceremony e-newsletters which are emailed to members in Melbourne on 16 October 2013, Ella (and made available on the EBE website), Bricknell, our NSW Division 1 winner, also enabling members to receive all the latest ended up being the national winner of the news with regards to the teaching and competition. I congratulate Ella on this learning of Business Studies, Commerce, significant achievement and her national Economics and Legal Studies directly into award. Congratulations also to Jack Lowrie their email inbox. and Will Campbell from The Hutchins School, Tasmania who were the national EBE has continued its links with the Division 2 winners for their business plan, University of Sydney Business School and “Kart Park”. The University of Technology Sydney Business School. We held two professional CPA Australia sponsors the PYOE development courses this year in association Competition and EBE acknowledges its with the University of Sydney Business support of students and teachers through School as shown in the attached “Economics

74 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 AGM 2013

and Business Educators NSW 2013 Events 2012. The submission is available on the EBE Calendar (as at September 2013)” and website. Professor Roy Green (Dean, University of Technology, Sydney) was a keynote speaker EBE continues to be committed to having at the 2013 EBE Annual Conference and its voice heard as government education contributed to “The EBE Journal”. It is policies which impact on our members important that we seek opportunities such as develop. The NSW Government has begun these to work with other organizations, such implementing policies based on “Great as universities, who are able to contribute to Teaching, Inspired Learning” and EBE will our vision and goals and enable them to gain continue to monitor developments which the benefits for their own organization from impact on our members. working with us. We thank these universities One of our directors, Bronwyn Hession, for their support. was recognised with a national award I represented EBE at the 12th Annual since the last EBE Annual General Meeting Meeting of Professional Teachers’ when she was presented with an Australian Associations and Tertiary Educators, Professional Teachers Association together with Officers from NSW Meritorious Contribution to the Profession Department of Education and Communities Award by Peter Garrett (who at the time Curriculum and Learning Innovation was the Federal Member of Parliament for Centre: Human Society and its Environment Kingsford Smith and Minister for School (HSIE) on 19 November 2012. This combined Education, Early Childhood and Youth ) at a meeting had the title, “Change Agents ceremony held on 1 December 2012 at the Working Together: Australian Curriculum, Sydney College of the Arts, Rozelle. This is a HSIE and Asia”. HSIE professional teaching significant national award which recognises associations and tertiary educators in the Bronwyn’s outstanding contribution to area of HSIE came together to discuss the education and EBE. Australian Curriculum, learn from each other On the 27th of November 2012 at the and discuss ways HSIE professional teaching 2012 Professional Teachers’ Council associations could support HSIE pre-service NSW Presentation Evening , I accepted a teachers. Tertiary educators and professional Certificate of Appreciation on behalf of the teachers’ associations such as EBE are an EBE Board of Directors which was presented essential link between teachers, schools to EBE by Mr Tom Alegounarias, Board of and the curriculum. EBE recognizes the studies NSW President, “in recognition of the importance of connecting with the future association’s voluntary contribution during teachers of the courses we support who are 2012 to quality education, the students of studying at university and promoting the NSW and the teaching profession”. importance to them of becoming a member With regards to the EBE office, a growth of EBE. This year we continued to offer in enrolments at Leichhardt Public School a student teacher membership category resulted in the Department of Education which is heavily discounted and student and Communities resumption of the membership discounts to all our professional Professional Teachers’ Council NSW building development courses. at Leichhardt which was home to EBE until EBE made a submission to the NSW the end of 2012. There was a period of time Government Discussion Paper “Great when we were homeless. However due Teaching, Inspired Learning” in November to our dedicated office staff, Ms Annette

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 75 AGM 2013

Davies and Mr Alan Hearle, working from which will contain additional features and their homes, we were able to continue updated content to reflect changes in the serving members under what proved to be current Board of Studies NSW Economics difficult circumstances. Fortunately we have syllabus. now found a new home. In June 2013, EBE • Adopting strategies to increase the traffic signed a lease with the NSW Department of to the journal section of the website so it Education and Communities and now has its is read by more members and increasing office located at 3A Smalls Road Ryde NSW. journal contributions made by members We are grateful to our two office staff which would make the journal less members, Annette Davies and Alan Hearle, demanding to produce. for their knowledge and skills which help EBE • Enhancing the members’ only section of to achieve its vision and goals. Their tireless the website. support of the Board and the membership is • We need to investigate our current genuinely appreciated, in what has been an business structure and assess how especially challenging year for the EBE office. effectively and efficiently it is meeting the Despite our many achievements we cannot needs of our members. afford to be complacent. Many challenges • We need to invest our finances more await us as an association as we face a new wisely so as to generate greater returns year: and to consider further ways we can use • Recruiting more Board members who will funds to add more value to membership be able to act as subject experts in one of EBE. or more of the courses we support and • We must be on a path of continuous achieving a more even spread of directors improvement, maintain high standards in across these courses. all we do and continue to encourage and • Continuing to pay attention to develop excellence in the teaching and developments in the area of education learning of Business Studies, Commerce, which impact on our members at the Economics and Legal Studies. Federal and NSW Government levels EBE has again made a very significant and making our views known when contribution to education this year and has appropriate. played a part in furthering the teaching • Monitoring the development of the profession. I again thank all the EBE directors Australian Curriculum: Economics and and the EBE office staff for their efforts Business and Australian Curriculum: Civics this year and for assisting me in my role as and Citizenship so young Australians and President. I also thank all the EBE members for their teachers will be able to access high their support of EBE. I look forward to working quality, relevant and future – oriented together again as we begin a new year. courses. Joe Alvaro • Making more use of the webinar method Economics and Business Educators NSW President of delivery for professional development 21st October 2013 courses, especially in relation to making * Two documents attached to this report: our professional development courses – “Economics and Business Educators NSW more accessible to our members who live 2013 Events Calendar (as at September 2013)” outside of Sydney. (2 pages) • Completing the revision of “ The EBE Book – “Economics and Business Educators NSW of Economic Questions for HSC Students” website statistics as at 15/10/2013” (1 page)

76 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 ECONOMICS & BUSINESS EDUCATORS NSW (An affiliate member of Business Educators Australasia Inc.) Office Address : 3A Smalls Road Ryde NSW 2112 Postal Address : P.O. Box 67 Leichhardt NSW 2040 Phone : (02) 9564 5007 NEW Fax : (02) 9886 7673 Email : [email protected] Website : www.ebe.nsw.edu.au

Economics and Business Educators NSW 2013 Events Calendar AS AT SEPTEMBER 2013

COURSE TERM/ TITLE, LOCATION DATE TIME FOCUS NUMBER WEEK AND COST ( GST INCLUDED)

Term 1 Teaching Year 11 This course has been designed for beginning teachers and experienced teachers who are teaching Year 11 Preliminary Business Studies, Wk 4 Preliminary Business Studies, Economics Economics or Legal Studies courses for the first time in 2013. It will also Or Legal Studies be beneficial for teachers who may have already taught these courses in Monday Courses For The the past but who need a refresher course or teachers who intend to 25th First Time in 2013? teach one of these courses in the near future. The course will look at 1301 effective teaching and learning strategies designed to engage students, February 4.00pm- Venue: Sydney College of based on the current Board of Studies NSW syllabus. It will also cover 2013 6.45pm the Arts programming ideas and assessment procedures and techniques. Useful teaching and learning resources will be available for each participant. Balmain Road, Rozelle The course will be presented by experienced teachers who will share Cost: $44 Teachers their own experiences during their challenging early years of teaching $22 Student Teachers and how they coped.

Term 1 HSC Business Studies This information evening will be presented by Will Harvey from The University of Sydney Business School. It will enable Wk 7 Human Resources (Topic 4) Information teachers of the Board of Studies NSW HSC Business Studies Wednesday Evening course to increase and update their knowledge of the Human 13th (In association with The Resources topic. The contribution of human resource 5.00pm – University of Sydney management to business performance will be focused on 1302 March 7.30pm Business School) through examining contemporary business issues and actual 2013 business case studies. There will be an opportunity to ask Venue : The University of Sydney questions. Teachers will return to their Business Studies classroom with an increased understanding of the Human Cost: Free (Members) Resources topic which they will be able to pass onto their $20 (Non-Members) students, and with new ideas and resources.

Term 2 EBE NSW Annual Our peak event will consist of engaging presentations which will Conference provide an update of key knowledge in subject disciplines Wk 3 Friday and classroom strategies and resources. The conference will Venue : include keynote presentations on the Australian Curriculum: 17th Pymble Ladies’ College, Economics and Business, labour and industrial relations and 1303 May 8.30am – Pymble globalisation. There are also a number of workshops to choose 2013 4.15pm from. Valuable networking opportunities will also be available at Cost: See EBE NSW this highlight event in NSW this year for people involved in the website. Early bird teaching of Business Studies, Commerce, Economics and Legal prices close on Studies. See the EBE website for the full program and 6th May 2013. registration details. This information evening will be presented by Professor Eddie Term 2 HSC Busines Studies Anderson and Dr Erick Li from The University of Sydney Wk 6 Operations (Topic 1) Information Evening Business School. It will enable teachers of the Board of Studies Tuesday NSW HSC Business Studies course to increase and update their 4th (In association with The knowledge of the Operations topic. The strategies for effective University of Sydney operations management in large businesses will be focused on 1304 June 5.00pm- Business School) through examining contemporary business issues and actual 2013 7.30pm Venue : The University of business case studies. There will be an opportunity to ask Sydney questions. Teachers will return to their Business Studies classroom with an increased understanding of the Operations Cost: topic which they will be able to pass onto their students, and Free (Members) $20 (Non-Members) with new ideas and resources.

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 77 TERM/ COURSE TITLE, LOCATION DATE TIME FOCUS NUMBER WEEK AND COST ( GST INCLUDED)

Term 2 EBE NSW The draft Australian Curriculum: Economics and Business has been released by the Australian Curriculum, Assessment and Reporting Wk 8 Webinar Consultation on Draft Authority (ACARA) for public consultation from 6 May 2013 to 19 Tuesday July 2013. It is available at www.acara.edu.au .The webinar will 7.00pm - Australian 1305 18 June Curriculum: provide an overview of the draft curriculum by Professor John 8.30pm Lodewijks ( School of Business, University of Western Sydney). 2013 Economics and Business Professor Lodewijks was a member of the ACARA expert advisory Venue: Webinar group who had oversight of the development of the draft curriculum Cost: No charge and is a Director of EBE NSW. Term 3 Legal Update Venue: NSW Wk 3 Friday During this course participants will be able to update their 8.55am- Parliament House knowledge in relation to the legal issues in the Commerce 1306 2 August 3.30pm and Legal Studies syllabuses by hearing from experts in the 2013 Cost: : $55 Members $77 Non members legal world. $22 Student Teachers

Term 3 Teaching Year 12 This course has been designed for beginning teachers and Wk 6 HSC Business experienced teachers who are teaching Year 12 HSC Business Studies, Economics Studies, Economics or Legal Studies courses for the first time in Term or Legal Studies 4, 2013/2014. It will also be beneficial for teachers who may have Courses For The already taught these courses in the past but who need a refresher Monday First Time In Term 4, course or teachers who intend to teach one of these courses in the 4.00pm- 2013/2014? near future. The course will look at effective teaching and learning 1307 19 August 7.00pm Venue : Sydney strategies designed to engage students, based on the current Board of 2013 College of the Arts Studies NSW syllabus. It will also cover programming ideas and Balmain Road, assessment procedures and techniques. Useful teaching and learning Rozelle resources will be available for each participant. The course will be presented by experienced teachers and HSC markers who will share $44 Members $66 Non Members their own experiences during their challenging early years of teaching $22 Student Teachers and how they coped, as well as insights gained from HSC marking. Term 3 PYOE 2013 Please ensure all PYOE entries are WITH EBE NSW no Wednesday later than 5pm Wednesday 28 August 2013 to ensure your Wk 7 Plan Your Own N/A 28 August N/A Enterprise students do not miss the strict deadline on this competition. 2013 Competition Please Mail to : PO Box 67 LEICHHARDT NSW 2040 Closing Date Please Deliver to : 3A Smalls Road RYDE NSW 2112

End of EBE NSW This industry visit has been designed for teachers of Term 3 Industry Visit Business Studies and Commerce. It will have particular NSW Friday for Teachers relevance for the Operations topic in the Business Studies School syllabus and will focus on strategies for effective operations 27 7.50am - Fairfax Printers 1308 Holidays management using an actual business case study. Return to Wk 1 September 10.00am Plant Tour your classroom after this experiential professional 2013 $15 Members development course with knowledge of an actual business $30 Non Members case study based on practical experience. $13 EBE NSW Student Teacher Members Term 4 PYOE 2013 Wk 1 Plan Your Own Thursday Enterprise Competition NSW Awards 5.30pm The NSW winners from the 2013 PYOE competition will N/A 10 October Ceremony Venue: Catholic receive their awards at this ceremony. 2013 Education Office 300 The River Road Revesby Heights Term 4 6.00pm Venue : Club Monday EBE NSW Wk 3 Burwood This meeting is for all members of EBE NSW. Guest speaker N/A 21 October RSL, 96 2013 Annual will be Mr Anthony Matis, General Manager Education – CPA 2013 Shaftesbury General Meeting Australia. Road Burwood UPDATED DETAILS WILL BE PUBLISHED ON THE EBE NSW WEBSITE : www.ebe.nsw.edu.au

78 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Economics and Business Educators NSW website statistics as at 15/10/2013

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ECONOMICS AND BUSINESS EDUCATORS NSW ABN 29 002 677 750 (An affiliate member of Business Educators Australasia Inc.) 3B Smalls Road RYDE NSW 2112 T 02 9886 7786 F 02 9886 7673 E [email protected] W www.ebe.nsw.edu.au

PROGRAM Teaching the Preliminary course (Year 11) in Business Studies, Economics or Legal Studies for the first time?

Monday 24 February 2014 4.15pm – 7.30pm

Venue: Department of Education & Communities NSW Building - 3B Smalls Road, RYDE

Some onsite parking and some street parking is available. Please kindly adhere to local parking laws when parking offsite. For a MAP of the area please see : http://www.whitepages.com.au/government-listing/department-of-education-communities-nsw-1811241/ryde-nsw

Sessions and Presenters * Choose from Business Studies, Economics or Legal Studies Teaching the Preliminary Course (Year 11) in Business Studies for the first time?: Kate Dally, Birrong Girls High School / Vice - President – EBE NSW Teaching the Preliminary Course (Year 11) in Economics for the first time?: Andrew Athavle, William Carey Christian School / Director – EBE NSW Teaching the Preliminary Course (Year 11) in Legal Studies for the first time?: Joe Alvaro, Marist College North Shore / President – EBE NSW

4.15pm Registration 4.30pm Introduction and Welcome 4.45pm Session 1 5.45pm Light Refreshments and Networking Session 2 6.15pm ( Continue with subject chosen for Session 1) 7.15pm Evaluation Forms, Resource Bags and Conclusion 7.30pm Close

 This course has been designed specifically for:  beginning teachers and experienced teachers who are Teaching the Preliminary Course (Year 11) in Business Studies, Economics or Legal Studies for the first time  teachers who may have already taught one of these courses in the past but who need a refresher course  teachers who intend to teach one of these courses in the near future  The course will look at :  effective teaching and learning strategies designed to engage students, based on the current Board of Studies NSW syllabus  assessment procedures and techniques, including the Board of Studies NSW requirements for the allocation of Preliminary grades for the Record of School Achievement(RoSA)  useful teaching and learning resources  The course will be presented by experienced teachers who will share their own experiences during their challenging early years of teaching and how they coped.

Economics and Business Educators NSW, through the Professional Teachers’ Council NSW- NSW Institute of Teachers as the endorsed provider of Institute Registered professional development for the maintenance of accreditation at Proficient Teacher/ Professional Competence. Scope of Endorsement  All Standards of the Australian Professional Standards for Teachers at the level of Proficient teacher  All Elements of the NSW Professional Teaching Standards for Professional Competence

This course: Teaching the Preliminary Course (Year 11) in Business Studies, Economics, or Legal Studies for the first time? – 24 February 2014 - is registered with the NSW Institute of Teachers for 2.75 hours of professional development at Proficient Teacher/ Professional Competence level. This course addresses NSW Professional Teaching Standards: 6.2.3, 6.2.6, 6.2.8 and Australian Professional Standards for Teachers: 6.2.2, 7.2.2, 7.4.2. To opt out of future EBE NSW fax promotions please email to : [email protected]

The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 99 Attention : Teachers of Year 11 Preliminary Business Studies, Economics and Legal Studies.

ECONOMICS AND BUSINESS EDUCATORS NSW ABN 29 002 677 750 (An affiliate member of Business Educators Australasia Inc.) 3B Smalls Road RYDE NSW 2112 T 02 9886 7786 F 02 9886 7673 E [email protected] W www.ebe.nsw.edu.au

REGISTRATION FORM Teaching the Preliminary course (Year 11) in Business Studies, Economics or Legal Studies for the first time? Monday 24 February 2014 4.15pm – 7.30pm

Venue: Department of Education & Communities NSW Building - 3B Smalls Road, RYDE

Some onsite parking and some street parking is available. Please kindly adhere to local parking laws when parking offsite. For a MAP of the area please see : http://www.whitepages.com.au/government-listing/department-of-education-communities-nsw-1811241/ryde-nsw

Sessions and Presenters * Choose from Business Studies, Economics or Legal Studies Teaching the Preliminary Course (Year 11) in Business Studies for the first time?: Kate Dally, Birrong Girls High School / Vice - President – EBE NSW Teaching the Preliminary Course (Year 11) in Economics for the first time?: Andrew Athavle, William Carey Christian School / Director – EBE NSW Teaching the Preliminary Course (Year 11) in Legal Studies for the first time?: Joe Alvaro, Marist College North Shore / President – EBE NSW

4.15pm Registration 4.30pm Introduction and Welcome 4.45pm Session 1 5.45pm Light Refreshments and Networking Session 2 6.15pm ( Continue with subject chosen for Session 1) 7.15pm Evaluation Forms, Resource Bags and Conclusion 7.30pm Close

CONTACT DETAILS :

Your Name: EBE NSW Membership No. : School Name:

School Address: NSWIT No. : Suburb: Postcode: Phone: Fax: Email: ENROLMENT DETAILS : (Prices include GST) Please select ONE of the following: [ ] Places @ $44 / EBE Member $  Business Studies  Economics  Legal Studies or $66 / Non Member

Please include copy of Student ID. Any special dietary requirements? Please specify: $ [ ] Places @ $22 / Student Teacher ______● CLOSING DATE : COB Thursday 20 February, 2014 ● Please kindly : FAX to 02 9886 7673 OR EMAIL to [email protected] OR MAIL to 3B Smalls Rd, RYDE NSW 2112 PAYMENT DETAILS: NB: THIS FORM BECOMES A  TAX INVOICE  UPON COMPLETION & PAYMENT  Enclosed is my cheque/money order for $ ______payable to EBE NSW. Order#: ______

 * Charge my :  Mastercard  Visa

Cardholders name:______Expiry date:

Signature: _ Date: ______

Economics and Business Educators NSW, through the Professional Teachers’ Council NSW- NSW Institute of Teachers as the endorsed provider of Institute Registered professional development for the maintenance of accreditation at Proficient Teacher/ Professional Competence. Scope of Endorsement  All Standards of the Australian Professional Standards for Teachers at the level of Proficient teacher  All Elements of the NSW Professional Teaching Standards for Professional Competence

This course: Teaching the Preliminary Course (Year 11) in Business Studies, Economics, or Legal Studies for the first time? – 24 February 2014 - is registered with the NSW Institute of Teachers for 2.75 hours of professional development at Proficient Teacher/ Professional Competence level. This course addresses NSW Professional Teaching Standards: 6.2.3, 6.2.6, 6.2.8 and Australian Professional Standards for Teachers: 6.2.2, 7.2.2, 7.4.2. * EBE’s privacy policy endorses the National Privacy Principles set out in the Privacy Amendment (Private Sector) Act 2000 - refer to www.ebe.nsw.edu.au To opt out of future EBE NSW fax promotions please email to : [email protected]

100 The EBE Journal – Journal of the Economics and Business Educators NSW 2013 – Issue 2 Economics & Business Educators NSW 3B Smalls Road, Ryde NSW 2112 Telephone: (02) 9886 7786 • Fax: (02) 9886 7673 Email: [email protected] • Website: www.ebe.nsw.edu.au