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Economics and Business Educators of NSW

From the President - Joe Alvaro

11  February 2015

Dear EBE NSW Members,

Welcome to the first EBENSW e-newsletter for 2015.  Welcome back to all returning members and a warm welcome to our new members this year. The EBE NSW Board of Directors and staff look forward to working with you this year and supporting you as you teach the Economics, Business Studies, Legal Studies and Commerce courses to your students.

Congratulations to the 2014 HSC  Economics, Business Studies and Legal Studies first in course top achievers

EBE NSW congratulates the following 2014 HSC  students (and their teachers)  who came first in NSW in the following courses:

Puneet Nanda from Fort Street High School - First in Economics, being presented with a certificate by NSW Minister for Education Adrian Piccoli (Source: Anna Warr)

Nathan John Reidy from St Pius X College - First in Business Studies, being presented with a certificate by NSW Minister for Education Adrian Piccoli (Source: Anna Warr)

Spiros Kalavritinos from Georges River College Oatley Senior Campus - First in Legal Studies, being presented with a certificate by NSW Minister for Education Adrian Piccoli (Source: Anna Warr)

We wish these students and all the 2014 HSC Economics, Business Studies and Legal Studies students all the best for the future and hope they  will continue to build on the knowledge and skills they have gained through these courses as local, national and global citizens and in their working lives.

EBE NSW Membership renewals due now

Membership renewals were sent to all members last year. Thank you to members who have renewed their membership for 2015. Reminders will soon be sent to members who have not renewed for 2015. Membership forms are available on the EBE NSW website for people wanting to become a member of EBE NSW. Casual/temporary teachers and student teachers are encouraged to join EBE NSW and there are discounted membership rates for these membership categories. Please contact the EBE NSW office if you have any questions about your membership status.

2015 EBE NSW Calendar of Events

The 2015 EBE NSW Calendar of Events is now available on the EBE NSW website and also available here. Be sure to save the dates in your diary. EBE NSW has high quality professional development courses planned for 2015, responding to the needs and suggestions of our members using the data gained from our past professional development courses which are regularly evaluated by attendees and the Board of Directors. The calendar will be updated as the year progresses, with updated versions put on the EBE NSW website.

>> Download calendar of events

EBE NSW Professional Development Event – “Teaching the Preliminary course (Year 11) in Business Studies for the first time?” – Full day event this year

Date:  Friday 27 February 2015
Time: 8.45am - 3.30pm 
Venue: Department of Education and Communities NSW Building, 3B Smalls Road, Ryde
This year EBE NSW is responding to suggestions from past attendees of this course and running the “Teaching the Preliminary course (Year 11) in Business Studies for the first time?” course as a full day event, rather than a 2 hour after school event, so as to allow more time for teachers to gain more  knowledge and skills in relation to the teaching of the popular  Year 11 Business Studies course.
This course has been designed for beginning teachers and experienced teachers who are teaching the Year 11 Preliminary Business Studies course for the first time in 2015. It will also be beneficial for teachers who may have already taught this course in the past but who need a refresher course, or teachers who intend to teach this course in the near future. This course will look at effective teaching and learning strategies designed to engage students, based on the current NSW Board of Studies, Teaching and Educational Standards syllabus. It will also cover programming ideas and assessment procedures and techniques. Useful teaching and learning resources will be available for each participant. This course will be presented by experienced teachers who will share their own experiences of teaching during the challenging early years.
>> Further details and registration form

EBE NSW Professional Development Event – “Teaching the Preliminary Course (Year 11) in Economics or Legal Studies for the first time?”

Date:  Wednesday 11 March 2015
Time: 4.15pm-7.30pm
Venue: Department of Education and Communities NSW Building, 3B Smalls Road, Ryde

This course has been designed specifically for:

  • beginning teachers and experienced teachers who are teaching the preliminary course (Year 11) in 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 NSW Board of Studies, Teaching and Educational Standards syllabus
  • programming ideas
  • assessment procedures and techniques
  • 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.

>> Further details and registration form

EBE NSW Professional Development Event – “Revamping and Resourcing Commerce”

Date:  Wednesday 1 April 2015
Time: 4.15pm-7.30pm
Venue: Department of Education and Communities NSW Building, 3B Smalls Road, Ryde

Does your Commerce program need revamping in order to engage more of your students in the 21st century classroom? Do you need activity based resources which will save you time and inspire your students? Then come along to “Revamping and Resourcing Commerce”.
Participants will gain fresh insights into the Commerce syllabus and will be able to reflect on and improve their Commerce teaching strategies. Presenters will focus on authentic, innovative programming and assessment. The course will provide participants with opportunities for collegial discussions and the sharing of ideas and resources.

>> Further details and registration form

EBE NSW Professional Development Event - 2015 EBE NSW Annual Conference

Date:    Friday 15 May 2015
Time:   All day conference
Venue: Club Burwood RSL
The 2015 EBE NSW Annual  Conference program and registration details will soon be communicated members. Note the date in your diary and inform your school that you would like to attend.

Academic Attainment Professional Development Events

Academic Attainment is holding the following PD events:
  • 2015 HSC Economics PD Day – 27 February 2015
  • 2015 HSC Business Studies PD Day – 6 March 2015
>> Email for more details.

Academic Attainment Economics HSC Student Lectures

Academic Attainment is holding the following Economics HSC student lectures:
1. The Global Economy and Australia’s Place in the Global Economy – 5 July 2015
2. Economic Issues, Policies and Management – 7 July 2015

>> Email for more details.

CPA Australia 2015 Career Expo

Date: Tuesday 24 March 2015
Time: 5.30pm – 8.00pm
Venue: Dockside Group Cockle Bay Wharf, Sydney NSW 2000
Tell your HSC Economics and Business Studies students about the CPA Australia 2015 Career Expo. CPA Australia Career Expo is held annually across Australia, Hong Kong, Malaysia, New Zealand and Singapore. Designed for students, graduates or young professionals, this complimentary event will connect attendees with industry experts and potential employers, allowing them to seek advice and access information about careers within the accounting and finance industry.
  • meet with top employers and recruiters for local or international opportunities
  • expand  professional networks
  • participate in career development sessions
  • learn how the CPA designation can improve  career prospects
>> More details at CPA Australia - Career Expo

Financial Basics Foundation - Financial literacy programs for Australian teachers

The Financial Basics Foundation is an independent charity providing free financial literacy resources to Australian educators. The Financial Basics Foundation vision is "helping to ensure that all young Australians leaving the secondary education system have an understanding of the credit system and financial management practices, so that they can make informed decisions on their financial affairs".

>> Visit their website at and let the “find a lesson” search engine help you prepare for your next Commerce or Business Studies class. 

Commonwealth Bank announces an investment of $50 million in financial educational programs

In January, 2015 the Commonwealth Bank announced an investment of $50 million in financial educational programs which will support young Australians develop financial literacy and skills for the future. The first initiative under this investment will be to double the reach of the award winning StartSmart program enabling 500,000 children to complete a free financial literacy program each year. The investment will help build on the success of the program, which has seen more than one million children book in for StartSmart workshops since its launch eight years ago. The expansion of StartSmart will complement the School Banking program which now covers 3,698 schools, representing 47% of all primary schools in Australia.

Andrew Hall, EGM Corporate Affairs from the Commonwealth Bank says that “ a financially literate community leads to a more prosperous society so it’s crucial for children to develop financial literacy skills. The investment coincides with the release of our new research that reveals a third of parents are finding it difficult to teach children the value of money in our increasingly cashless society. To address this, an enhanced StartSmart curriculum will include a focus on digital money as well as the more traditional financial literacy skills.

Add variety to your Commerce and Business Studies lessons by booking a free StartSmart incursion for your students.

>> Visit for more details.

Wendy Mason, Head of the Commonwealth Bank Foundation was a keynote speaker at the 2014 Business Educators Australasia Biennial Conference. Her presentation, “Navigating Across Horizons in Financial Education – Lessons from the World”, is available on the BEA website.

>> Visit, go to “Events” then “Conferences”.

Registrations now open for the 2015 Law Society of NSW Inter–School Mock Trial

What better way to learn about the law and judicial system than by running a court case in a true-to-life adversarial setting? This is exactly what students participating in the Law Society’s Inter School Mock Trial Competition do. This renowned Competition has been running since 1981 and is open to teams in years 10 or 11 and up to the age of 21. It’s not only lots of fun – students also learn invaluable advocacy and debating skills at the same time. 

>> More information at

Banking on Shaky Ground – New education resource for Economics, Business Studies and Commerce from Oxfam

Oxfam Australia’s Banking on Shaky Ground education resource is a new, free, resource for Australian high school students studying Business Studies , Economics, and Commerce.

>> Download the resource

The inquiry sequence deals with questions surrounding corporate and consumer responsibility including:
  • What responsibilities do Australian banks have when making investment decisions overseas? 
  • How might big business operations leave local communities in developing countries homeless and hungry?
  • And how can Australian consumers and young people influence their decisions?
The resource will help students understand the links between Australian banks, global development, and the practice of land grabs. Using real-life case studies based on Oxfam’s recent Banking on Shaky Ground report, students learn about supply chains, responsible investing, and the impact Australia’s banks can have on lives overseas. Students also learn about the active role consumers, including young people, can have in advocating for ethical business practices and holding institutions to account. Banking on Shaky Ground will assist students to explore, reflect and respond to stories, case studies, videos, data and statistics, and can be used in traditional or ‘flipped’ classroom models. The resource’s suggested learning activities will enhance students’ learning and understanding through activities that support them to become informed and active global citizens, ranging from the analytical and critical, to fun and practical projects.

The resource includes:
  • An eBooklet with introductory reading and case studies
  • Ten suggested activities, that can either be taught as a unit or individual lessons
  • Teacher notes
  • Computer and tablet-friendly Student Activity worksheets
  • Curriculum mapping to key knowledge and skills for various state-based subjects and the Australian Curriculum: Economics and Business
  • Downloadable posters and badges

Asia Education Foundation Study Programmes to Asia

Discover Indonesia
Dates: 6 to 12 April 2015 or 27 September to 3 October 2015
>> More information at: Go to "Teachers", then "Study Programmes to Asia"

Update on Years 11 and 12 Australian Curriculum for Economics and Business and the Federal Government Australian Curriculum Review

Education ministers met in Canberra on 12 December 2014 and  told the Australian Curriculum, Assessment and Reporting Authority to shelve the development of further courses for Years 11 and 12. So it seems we will not be seeing any developments with regards to the Australian Curriculum for Years 11 and 12 Economics and Business Studies for this year, at least.

The ministers also referred to ACARA the ­federal government’s curriculum review, by academics Ken Wiltshire and Kevin Donnelly, ­released in October 2014, asking it to provide advice  on the recommendations in 2015.The meeting passed a resolution supporting the four broad themes for change outlined in the federal government’s initial ­response, which are reducing the overcrowding in the curriculum, promoting a parent-friendly ­version of the curriculum, improving accessibility for students with disabilities, and rebalancing the curriculum with the removal of the overarching themes of indigenous, Asia and sustainability ­issues embedded in every subject.

>> More information about the meeting is available in the article from “The Australian” titled, “National Curriculum extension shelved” (13 Dec. 2014)

Economics and Business News Bites

1. Westpac Economic Update: 6 February 2015 
Summary of video from Westpac: 
Westpac Senior Economist Elliot Clarke comments on this week's RBA cash rate cut to a record 2.25%, the growth in investor activity in the housing market, and the RBA target for a lower Australian dollar exchange rate. Other data for this week include dwelling approvals and retails sales. Plus, looking ahead to next week's consumer and business sentiment data, the labour force release and overseas European GDP and US retail sales.
>> Click here to access the update on video (accessed on 7 February 2015).

2. Global economic questions for 2015
Will 2015 be the year the US economy takes off and interest rates go up? Will the price of oil remain around $60 a barrel? Will China’s economy continue to slow down? With the Eurozone still wallowing in an economic quagmire and Japan slipping back into recession, the US is seen as the main beacon of hope for the world economy in 2015.
* Reference: “Growth Story” by Karl Wilson, China Daily Asia Weekly, 2-8 January 2015
* Syllabus link: NSW BOSTES Economics Syllabus – Topic 1 – The Global Economy

3. Will Australia’ economic luck run out in 2015?
According to economist, Gerard Minack, after 20 years of continuous growth, Australia’s luck has all but run out. He says Australia’s once in a century commodity boom (especially iron ore and coal)  has come to an end and that there is a “40 percent risk “ of a recession in 2015. The mining investment boom has slowed down. However, Paul Taylor, portfolio manager of the Fidelity Australian Equities Fund, sees hope in Australia’s attractiveness to the Asian middle class as a destination for tourism, education and investment.
* Reference: “Has Australia’s luck run out?” by Karl Wilson, China Daily Asia Weekly, 2-8 January 2015
* Syllabus link: NSW BOSTES Economics Syllabus – Topic 2 – Australia’s Place in the Global Economy

4. Globalisation of the Australian workforce – Australian workers top earners overseas
The Hong Kong Shanghai Banking Corporation annual expatriates report has revealed that Australian expats are the wealthiest globally, with 20 per cent earning more than $US200,000 ($226,000). The most popular career expat role was bankers. The UK was the most popular destination for Australians, followed by China and Hong Kong. Australian teachers make up a part of the Australian expat community with many of them working in Australian international schools in countries such as Indonesia, Vietnam, Singapore, Malaysia, Hong Kong and in the United Arab Emirates, enabling the children of Australian expatriate parents to receive an Australian education while overseas. Some of these schools teach the BOSTES NSW syllabuses.  In 2014 the NSW government issued a media release which indicated initial discussions about opening an Australian international school in Shanghai in China indicating an unmet demand for Australian education for children of Australian expat parents working there.
* References: 
-  “Expats earn top dollars” by Lucille Keen in “The Australian Financial Review”, 30 October 2014
 -  NSW Government Media Release - “Australian International School in Shanghai”, 10 April 2014
* Syllabus link: - NSW BOSTES Business Studies Syllabus – Topic 4 – Human Resources      


Legal News Bites

1. Update bail content in textbooks – NSW Government’s new bail laws
The NSW Government’s tough bail laws are now in force making it harder for serious offenders to get bail, Attorney General Brad Hazzard announced on 28 January 2015.

>> See the NSW Government media release titled “Tough new bail laws now operating”,
28 January 2015 at

* Syllabus link: NSW BOSTES Legal Studies Syllabus – Core Part I – Crime – Bail or remand
2. Update criminal defences content in textbooks – NSW Government ‘s new provocation laws
The new Crimes Amendment ( Provocation) Act 2014 (NSW) makes it more  difficult to use “provocation” as an excuse for murder. See the media release “Provocation excuse wears thin”, 14 May 2014 from the NSW Government at
* Syllabus link: NSW BOSTES Legal Studies Syllabus – Core Part I – Crime – Defences to criminal charges
3. Gender selection in Australia?
Australian Jayne Cornwell, always wanted a daughter and suffered from “gender disappointment”. After giving birth to three sons, she travelled with her husband to California to have gender- selection treatment, and gave birth to her daughter Emmerson, as a result, at a total  cost of $50 000  A form of IVF, the process involves harvesting a woman’s eggs, injecting each one individually with sperm , then growing the embryo from a single cell to around 130 cells, at which point it’s possible to tell whether the chromosomes are XX or XY. Only embryos of the desired sex are transferred to the uterus. The technology - known as “pre-implantation genetic diagnosis “ – is illegal in Australia. Jayne Cornwell says that gender selection must be legalised in Australia, as the technology exists and it gives women reproductive freedom. Arguments against gender selection include humans should not be playing the role of God, that it is messing with nature and that it is superficial.
* Reference: “Mummy’s girl” by Jayne Cornwell, The Sydney Morning Herald – Good Weekend”, 8 November 2014
* Syllabus link: NSW BOSTES Legal Studies Syllabus – Option 3 – Family – Surrogacy and birth technologies


In the last EBE NSW e-newsletter (16 Dec. 2014), in the “What happened to the “Leading Edge” website and answers?” item, the author of the Leading Edge Economics books was incorrectly referred to as “Mark Dixon” in some parts. This was meant to read “Tim Dixon”.

Joe Alvaro
President — Economics and Business Educators NSW

Looking back

1 February, 1992 – 1 and 2 cent pieces ceased to become available in Australia.
2 February 1895 – Queen Victoria gives Royal assent to the Bill allowing South Australian women the right to vote. South Australia was the first colony Australia and only the fourth place in the where women gained the vote.
4 February 2004 – Facebook is the world’s largest social networking site, with over one billion active users, as of late 2012. The site was launched on 4 February 2004 by a young American student of computer science named Mark Zuckerberg. The name “Facebook” originated from the Face Book of Zuckerberg’s high school, Phillips Exeter Academy: the book was distributed to every student to help them get to know their classmates for the following year. Zuckerberg took the idea and developed it as a digital medium.
5 February, 1989 – SKY TV launched by Rupert Murdoch.
5 February 1997 – The WA Supreme Court sentences Alan Bond to four years jail for Australia’s biggest corporate fraud ($1.2 billion).
9 February 1999 – The NSW Drug Court holds its first sitting at Parramatta. The court is empowered to allow drug addicts to avoid prison sentences if enter a detoxification program and stay off drugs.
11 February 1986 – Joan Child, 61, becomes the first speaker of the House of Representatives.
13 February 1884 – John Knatchbull, 56 is hanged publicly at Darlinghurst Jail, Sydney for killing Ellen Jamieson after robbing her.
13 February 2008 – Prime Minister Kevin Rudd apologises to the stolen generations of Aborigines taken from their mothers.
14 February 1966 – Australia changed over to decimal currency. The pound is replaced by the Australian dollar note. The big copper penny gives way to the tiny one-cent coin.
14 February 2005 – YOUTUBE.COM domain name registered.
15 February 1947 – NSW voters decide at a referendum not to extend the 6pm limit on hotel closing hours. A new vote will extend the hours to 10pm.
22 February 1879 - Frank Woolworth opens the first Woolworth store in New York where all items were priced at five cents. This first store was unsuccessful, so at his second store which was established in Lancaster, Pennsylvania in April 1879, Woolworth expanded the concept to include merchandise priced at ten cents. The second store succeeded, and Woolworth and his brother, Charles Sumner Woolworth, opened a large number of five-and-ten-cent stores. In 1911, the F.W. Woolworth Company was incorporated, uniting 586 stores founded by the Woolworth brothers and others. Although the Woolworth name has largely disappeared from the United States, it is still known in parts of the Commonwealth. However, the "Woolworths" chain operates under separate ownership and has no connection to the original American Woolworth.
26 February 1935  Qantas Empire Airways began operating its first international flights, from Darwin to Singapore.
27 February 1788 – Thomas Barrett, 17, becomes the first criminal to be hanged in the colony NSW for stealing butter, peas and pork from the colony food stores.

Quick statistic from the Australian Bureau of Statistics 2011 Census

In Australia 69.8% of people were born in Australia. The most common countries of birth were England 4.2%, New Zealand 2.2%, China (excludes SARs and Taiwan) 1.5%, India 1.4% and Italy 0.9%.

Attitude to money

* This month we feature some quotes from the Commonwealth Bank Foundation Discussion Paper, “Financial Education: Insights for Australia, From The world” which contains insights from five global experts on financial education. The discussion paper and a presentation based on it are available on the Business Educators Australasia website. Visit, go to “Events” then “Conferences”, then access the “Navigating Across Horizons in Financial Education – Lessons from the World” presentation.
“Curriculum integration is really the start of the journey, not the end. It’s wonderful to have, but there is much more to do.”
- Fiona Ellis, Director of Education, pfeg
“Financial literacy is equivalent to reading and writing. It’s not possible to participate effectively in today’s society without it”
- Annamaria Lusardi, Financial Economist and Global Financial Literacy Excellence Centre founder
“Having a bank account is having a choice. It’s being included in an economy.”
- Jeroo Billimoria, Managing Director of Child and Youth Finance International
“By the time we start planning for our future, it is often too late.”
- Harry Smorenberg, Financial services strategist, speaker and columnist
“We need to work with principals and leaders within our schools so that they become champions for financial education.”
- Bronwyn Hession, President – Business Educators Australasia and Director –
Economics and Business Educators NSW


"To be prepared is half the victory."
- Miguel de Cervantes, Spanish novelist

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