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There's going to be a lot of news and opinions on the US Tariffs on Australia, here's a quick
video looking at the Australian industries that are most likely to be affected,
given they are exporters to the US. And, for the global perspective, here's a bit
of a breakdown of the "sweeping" tariffs across various countries. One thing that's most interesting is of course Australia's response, to, at least so far, "not reciprocate" with tariffs on US imports. Here's the Prime
Minister's speech
on such, create about a good a time as any for students to understand the impacts of tariffs.
Income tax cuts vs a reduction in the petrol excise tax
"In response to the Budget, Peter Dutton, the leader of the opposition (LNP) announced this morning that (if they win) they, instead
of the income tax decrease, they will halve the fuel excise tax
– likely reducing petrol prices by 25c per litre."
Unit 1
Draw two price mechanism diagrams to show the impacts of this potential policy, one for the market for petrol cars and one for the market
for something else that is related (your choice).
Unit 4
Regarding the above economic policies, one of them can be viewed as demand-side and the other can be viewed as more supply-side. Classify
each policy and justify your classification. Also, explain the potential impact on Aggregate Supply (or Aggregate Demand) of each
respective policy.
What a fun time to be an economics teacher or student. As this was one of our most clicked on posts from last year, we updated "how we
use the Budget in classrooms", so here may be some resources you may find valuable, with some potential prompts to get going. I can say
that I have personally used each of these over the last few days in class with students.
1. Christmas for Sad Losers - This short ABC video from last year provides
the basics of what the budget is and why it's important. Students could turn this content into a paragraph, or a poster to create a
"Budget explainer" of sorts.
2. Treasurer Jim Chalmers Budget Speech - This is the speech.
Students could list each measure mentioned and identify a stakeholder group benefitted, or the applicable macroeconomic objective each
addresses
3. Interview with Sarah Ferguson - "How are you going to pay for all of
these spending measurers and tax cuts on top of the measures last year.....is this Budget fiscally responsible?" Classes may be able to
use this to consolidate their understanding on injections an dleakages, sources of government revenue, aspects of government spending and
the economic cycle.
4. Winners and Losers - An
article from the AFR
detailing various stakeholder groups. And
here's something similar that isn't behind a paywall.
Depending on the dynamic of your students, it may be a valuable and potentially provocative thought exercise to debate and prioritise each
stakeholder in the order of importance given current economic conditions
5. Alan Kohler''s Budget Analysis simplifying some of the key statistics,
figures and trends which should help demonstrate to students how analysis in economics works -- A common strategy of mine is to pause the
video when graphs show up before the commentary starts to see how aligned the students' insights are to the professionals.
5. Budget Overview - The simplified document (still 64
pages) outlining the relevant trends, key measurers and accounting tables of the Budget. The piechart with "here's where revenue comes
from, and here's where it's spent" is on page 59. Students can guess the pie slices, debate needed changes, etc.
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