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Doctor of Philosophy (PhD) Economics

About the Doctor of Philosophy (PhD) Economics

UNSW’s Doctor of Philosophy (PhD) Economics is offered by one of the world's top institutions in Economics (ranked 42nd in QS Subject Rankings - 2023) and will equip you with the expertise needed to become a globally focused and socially engaged researcher. 

You’ll be joining a cohort of high-achieving research students in tackling modern-day challenges at the forefront of economics, working alongside leaders in the field. This is your opportunity to become integrated into the UNSW Business School’s community of scholars.

The program is comprised of two components. You’ll begin by undertaking rigorous coursework covering microeconomic and macroeconomic theory, econometrics and applied economic analysis. As part of your doctoral program, you’ll also be involved in research projects even from an early stage. This research training will equip you with the skills required to identify, analyse and solve problems in the field. 

You’ll then pursue independent research under the supervision of high-profile UNSW academics, culminating in a doctoral thesis. Your PhD thesis will allow you to showcase your research skills and enable you to make an original contribution to the field of Economics. There will also be exciting opportunities throughout to interact with industry leaders, and to develop your teaching portfolio.

Our training is geared toward preparing you for a career in academia, although other career paths (e.g., consulting, government, industry, non-profit) are also enabled.

The vast majority of our higher degree research students are supported through a tuition waiver and stipend of around A$35-45K per year.

Before formally applying or contacting potential supervisors, you must complete an Expression of Interest (EOI) by sending the required material to [email protected] . Please read the "Instructions for Applicants" section below.

PhD program structure

Stream 1: 1-year of masters’ coursework + 3-year phd program (fully funded for coursework and phd).

Key Information:

• 1-year of Masters’ Coursework + 3-year PhD Program (fully funded both for coursework and PhD)
• The program starts in Term 1 (early February)
• No part-time option is available

Year One: Master of Pre-Doctoral Business Studies (MPDBS)

Year one will equip you with the skills required to identify, analyse and solve problems in the field, while helping you formulate your research agenda and identify potential thesis supervisors for the PhD component of the program. 

You will undertake coursework covering microeconomic and macroeconomic theory, econometrics and applied economic analysis. You’ll also have the opportunity to develop practical research skills by assisting in research projects. Upon successful completion of the first year, you’ll be awarded a Master of Pre-Doctoral Business Studies. 

A brief overview of the first year is presented below. Please visit the UNSW Handbook for full course structure details.

• Term 1:  COMM8100  + ECON7001  +  ECON7004
• Term 2:  COMM8102  +  ECON7002  + Research Assistance Work
• Term 3:  COMM8103  +  ECON7101  +  ECON7102

Year Two: Specialised Coursework and Identification of Thesis Topic

Year two will help you in further developing skills specialized towards dealing with the challenges relevant to your research topic. You’ll continue in the Economics stream with a further year of advanced coursework. 

You’ll choose up to eight additional research courses from a range of electives in consultation with your supervisor and PGRC, with the opportunity to take subjects outside of your specialised discipline. In year two, you’ll also be identifying your thesis topic with the aid of your supervisor. 

You’ll engage in literature review and research design and present your research proposal to the School of Economics at the end of the year.

Years Three – Four: Original Research and Your Doctoral Thesis

In the final three years of the program, you will be focused on conducting full-time research and completing your doctoral thesis. 

This is your opportunity to address some of the biggest challenges at the frontier of Economics and make a significant contribution to the field. Your research will offer new ways of critical thinking and withstand critical analysis from expert researchers in the area.

Stream 2: Direct Entry into the 3-year PhD Program

• Direct Entry into the 3-year PhD Program
• Note: it requires outside scholarship (or ARC Funding Support from your selected supervisor) AND a degree in Economics with research component (e.g., First-class Honours or Master’s in Economics) 
• You are expected to start in Term 1 (early February)
• A part-time option may be available (subject to approval)

Year One: Coursework and Identification of Thesis Topic

Year one will equip you with skills required to identify, analyse and solve problems relevant to your research topic.

You’ll choose up to eight research courses from a range of electives in consultation with your supervisor and PGRC, with an opportunity to take subjects outside of your specialised discipline.

These will include the four core courses listed below (unless you are exempted from taking them). You’ll also be identifying your thesis topic with the aid of your supervisor.

You’ll engage in literature review and research design and present your research proposal to the School of Economics at the end of the year. 

• Term 1:  ECON7001  +  ECON7004
• Term 2:  COMM8102  +  ECON7002

Years Two – Three: Original Research and Your Doctoral Thesis

In the final three years of the program, you will be focused on conducting full-time research and completing your doctoral thesis.

This is your opportunity to address some of the biggest challenges at the frontier of Economics and make a significant contribution to the field.

Your research will offer new ways of critical thinking and withstand critical analysis from expert researchers in the area.

Instructions for Applicants

Before formally applying or contacting potential supervisors, you need to complete the Expression of Interest (EOI) process by sending the following material to [email protected] . The EOI process opens 27 May  and closes 26 August . Only selected applicants will be invited to apply via the UNSW central portal.  

Important: make sure that you satisfy the UNSW academic and language entry requirements before submitting your EOI. Please read the Entry Requirements  section below. 

Subject: MPDBS Application

• Your name, citizenship, and whether you are a citizen or permanent resident of Australia.
• Your degree(s), institution(s) and year(s) of completion of previous studies.
• A list of advanced economics, mathematics and statistics courses taken and the grades you obtained for these courses.
• Names of two references (recommendation letter writers) and their contact details (e.g., affiliation, title, email).
• Names of two academics you wish to work with at UNSW.
• Three to five academic papers you have recently read that relevant for your research interest.

Attachments (in PDF):

• Your academic CV.
• Your official academic transcripts from previous degree(s).
• Your official GRE results.
• A research proposal or statement of purpose.
• If applicable, proof of your English Language requirement.

Subject: Direct Entry PhD Application

• A description of your Honours or Master’s thesis.
• Your funding source: outside scholarship, external grant, or support from potential supervisor.
• A copy of your Honours or Master’s thesis.

Academic Entry Requirement

The minimum academic entry requirement for Stream 1 is the equivalent of a four-year UNSW Bachelor’s degree in a relevant discipline (Economics, Finance, and related subjects) with first or upper second class honours. The minimum academic entry requirement for Stream 2 is the equivalent of a four-year UNSW Bachelor’s degree with an Honours year (research), or the equivalent of a UNSW Masters’ degree with substantial research component with first or upper second class honours.

Note: an upper second class honours is equivalent to a weighted average mark of at least 75/100 (i.e., a Distinction) at UNSW and is allocated to roughly the top 30% of students. Grading systems vary across countries. For more information, read this guide for grade equivalencies between countries .

If you are unsure if you satisfy the academic entry requirement, contact us at [email protected] and we will provide feedback.

English Language Requirement

UNSW recognises the follow countries as English-speaking: American Samoa, Australia, Bahamas, Barbados, Belize, Botswana, Canada, Fiji, Gibraltar, Ghana, Guyana, Ireland, Jamaica, Kenya, Lesotho, Liberia, New Zealand, Nigeria, Papua New Guinea, Singapore, Solomon Islands, South Africa, The Gambia, Tonga, Trinidad and Tobago, United Kingdom (including Northern Ireland), United States of America, Zambia, Zimbabwe.

If you are not a citizen of an English-speaking country, then you will need to establish that you have sufficient English language fluency. There are four ways to establish sufficient English language fluency: English Tests (including IELTS, TOEFL, Pearson and Cambridge), UNSW Global English Course, Prior Study, or an English Waiver. For details on each of these, please review our English language requirements .

• University of Bologna, Department of Economics, Research Fellow
• The National University of Singapore, Asia Competitiveness Institute, Research Fellow
• Monash University, Centre for Global Business, Research Fellow
• University of Oxford, Magdalen College, Research Fellow, then ETH Zurich, Department of Management, Technology and Economics, Assistant Professor
• Shenzhen Research Institute of Big Data, Research Fellow
• Monash University, Department of Econometrics and Business Statistics, Research Fellow
• The University of Melbourne, School of Mathematics and Statistics (Lecturer)
• University of New South Wales, CEPAR, Research Fellow
• University of Sydney, School of Economics, Research Fellow
• Wuhan University, Economics and Management School, Assistant Professor
• Australian National University, ANU College of Business and Economics, Associate Lecturer
• East China University of Science and Technology, School of Business, Lecturer
• University of Toronto, Department of Economics, Research Fellow
• South China Normal University, School of Economics and Management, Lecturer
• University of Sydney, Research Fellow, then University of Technological Sydney, Economics Discipline, Chancellor's Post-Doctoral Research Fellow
• University of Geneva, Faculty of History, Economics and Society, Research Fellow, then South Mediterranean University, Mediterranean School of Business, Assistant Professor
• Southwestern University of Finance and Economics, School of Public Administration, Associate Professor
• International University of Japan, Graduate School of International Relations, Assistant Professor
• University of New South Wales, School of Economics, Research Fellow
• Shanghai Tech University, School of Entrepreneurship and Management, Assistant Professor
• University of Bath, Department of Economics, Lecturer
• Sun-yat Sen University, Department of Economics, Assistant Professor 
• University of Technology Sydney, Research Fellow, then Macquarie University, Centre for the Health Economy, Honorary Research Fellow
• Zurich University of Applied Sciences, ZHAW, Research Fellow
• Jinan University, Institute for Economic and Social Research, Assistant Professor
• University of Melbourne, Melbourne Institute of Applied Economic and Social Research, Research Fellow
• Curtin University, School of Accounting, Economics and Finance, Lecturer, then Macquarie University, Macquarie Business School, Lecturer
• University of Technology Sydney, CHERE, Research Fellow
• University of Peradeniya, Department of Agricultural Economics and Business Management, Professor
• University of Technology Sydney, CHERE, Senior Research Fellow
• Monash University, Centre for Health Economics, Research Fellow
• Monash University, Monash Business School, Research Fellow
• UNSW, School of Economics, Research Fellow
• Durham University, Business School, Lecturer
• UCL Australia, Faculty of Engineering Science, Lecturer
• Shandong University, School of Economics, Assistant Professor
• University of Sydney, Charles Perkins Centre, Research Fellow
• University of Mannheim, Department of Economics, Research Fellow, then Monash University, School of Economics, Lecturer
• University of Tasmania, Tasmanian School of Business and Economics, Lecturer
• City University of London, Department of Economics, Lecturer
• Shangdong University, School of Economics, Lecturer
• Fukushima University, Faculty of Economics and Business Administration, Associate Professor

Your PhD will set you on the path to a career in a premier research institution, anywhere in the world. Throughout your research degree, you’ll also have many opportunities to develop your teaching portfolio.

Beyond academia, there’s also significant demand in the private and public sectors for people with deep knowledge and sound research and analytical skills*.

Whether you’re looking to pursue a career in academia, or take your research skills out to industry, a PhD in Economics from UNSW will get you there.

* Source:  2019 Advancing Australia’s Knowledge Economy Report

The UNSW Business School is ranked within the Top 50 worldwide for Economics and Econometrics.

An increasing number of PhD graduates find employment in business, government, and the non-profit sector. Nineteen of the largest ASX companies have PhD graduates on their senior executive teams.

Degree type

Postgraduate Research

Commencing terms

Term 1 – February

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Economics PhD Program

At the heart of a great graduate program is a first-rate training in the foundations of Economic Theory and Econometrics.

In our Economics PhD Program, this outcome is achieved via a program of ‘core’ PhD classes, taken by all students, which provide the concepts and analytical tools required of every economist. In addition, each student develops expertise through field subjects in which students study advanced topics and become familiar with the frontiers of research in that field. A list of the fields to be offered is provided below.

Significant scholarship support, free from teaching obligations, is awarded competitively. There will also be opportunities for additional financial support from teaching assistant or research assistant roles.

The program will be synchronised with programs in North America, Europe, and Asia. We aim to routinely place students in regular tenure-track academic positions in the US, Canada, Europe, Asia, and Australia.

The PhD in Economics requires the completion of high-level coursework subjects and rigorous research training producing a PhD thesis. PhD students in Economics progress through the degree in three stages, as outlined in the  UTS Business School Doctoral Framework , and use the Graduate Research Study Plan (GRSP) to plan, monitor, and review their progress.

Coursework 

The coursework component of the PhD in Economics consists of core subjects and research field subjects. The core subjects provide the foundational knowledge essential to first-rate research. The research field subjects take PhD students to the frontiers of research.

Core Subjects

Core subjects provide rigorous training in Economic Theory and Econometrics.  

At the end of their first year, students must pass comprehensive exams in Econometrics and Economic Theory in order to continue the program.

Research field subjects

The program offers a variety of research field subjects to provide state-of-the-art training in economics research. The topics offered reflect the diversity of research strengths of the department, and include:

• Behavioural Economics
• Development Economics
• Econometrics
• Economic Theory
• Experimental Economics
• Health Economics
• Industrial Organisation
• Labour Economics
• Market Design
• Public Economics

Research development

A second-year paper will be due at the end of Year 2. Students will present their papers in the Economics PhD Conference in August, attended by faculty and graduate students. The conference achieves several important objectives. It provides students with the opportunity to develop the presentation skills they will need when on the job market and afterwards.  It fosters a research environment among the graduate students – in a good graduate program students learn a great deal from other graduate students. Finally, it ensures that all students are making good progress as they transition from coursework to research. By the end of their second year, students should have chosen their Primary Supervisor and the other two members of their Supervisory Panel.

Thesis development

Students are expected to participate in the research activities of the department. They should attend and participate in the department seminar series.

Every year students will present their papers at the Economics PhD Conference, attended by faculty and graduate students. Students should have three complete research papers. One of these papers should be polished and suitable for serving as the student’s “job market” paper.

Thesis completion

At the end of the program, students defend and submit their thesis for external examination. A thesis will typically consist of three high-quality chapters, with a brief introduction and conclusion. It should be the view of the students' Supervisory Panel that each chapter will be suitable for submission for publication after further development and polishing.

The final thesis will be examined by at least two external examiners.

Financial support 

Significant scholarship support, free from teaching obligations, is awarded competitively. There are also opportunities for additional financial support from teaching assistant or research assistant roles.

Graduate student teaching 

Teaching experience is an integral part of PhD training. Many academic employers expect new assistant professors to have experience either as teaching assistants or an instructor of their own classes. Students will have various teaching or research opportunities of their interest while in the program.

Further information

For admission requirements, fees, and other details, visit  Doctor of Philosophy .

Applications

The Program runs in sync with programs in the US and Europe with courses starting towards the end of July. Those interested in applying to the PhD Program in Economics at UTS should submit an  Expression of Interest (EOI) form .

To complete your EOI, make sure that a minimum of two (preferably three) confidential letters of recommendation are sent by the referees (not by the applicant) to  [email protected] .

Questions about applying should be directed to the Business Research Office at  [email protected]  or the Economics PhD Admission Officer at  [email protected] .

EOI closing date for July 2024 intake

Open from 1 October to 30 November 2023.

UTS acknowledges the Gadigal people of the Eora Nation, the Boorooberongal people of the Dharug Nation, the Bidiagal people and the Gamaygal people, upon whose ancestral lands our university stands. We would also like to pay respect to the Elders both past and present, acknowledging them as the traditional custodians of knowledge for these lands.

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Phd in economics.

The Crawford Economics PhD is a degree program that applies the discipline of economics to matters of public policy. As Australia’s national university, the ANU is home to the country’s leading group of economists concerned with economic policy. In applications as diverse as international trade and finance, economic development, agriculture, natural resources, and the environment, ANU economists are national and world leaders. Their interests encompass policy issues in Australia, the Asia-Pacific region, and other countries of the world. Crawford Economics PhD brings this expertise together to inform a new generation of researchers and policy makers through postgraduate research training.

An important feature of the Crawford Economics PhD is a year of coursework that is tailored to budding researchers in the economic analysis of public policy. The applied and policy-oriented nature of these courses are what distinguish this PhD degree from the companion Economics PhD program at the ANU College of Business and Economics . The two programs work in close harmony with similar rules and procedures.

Prospective candidates should please follow these steps.

Step 1: Check your eligibility

To be admitted to the Doctor of Philosophy, Economics PhD program you are required to have: • A Bachelor degree with First Class Honours or Second Class Honours Division A in economics with a minimum weighted average of 75 from an Australian Go8 university or equivalent, or • A Bachelor degree with First Class Honours or Second Class Honours Division A with a minimum weighted average of 75 from an Australian Go8 university or equivalent that includes a major or equivalent in economics or is complemented by a Master degree or equivalent in economics, or • A Master degree or equivalent postgraduate qualification in economics that is deemed by the Economics HDR Convenor to be at least equivalent to Second Class Honours Division A at ANU , with a minimum weighted average of 75, or • A Master degree or equivalent postgraduate qualification in economics that is deemed by the Economics HDR Convenor to be at least equivalent to Second Class Honours Division A at ANU , with a minimum weighted average of 70 plus research experience, potentially including a research project at the Master level, academic publications, and/or research experience in a work setting.

In the above, economics includes specialised or closely related fields such as agricultural economics but does not include business or accounting. Applications will be assessed by the Economics HDR Convenor.

Candidates are assumed to have a background in mathematical economics at least at the level of ECON8013 Optimisation for Economics and Financial Economics or IDEC8015 Mathematical Methods in Applied Economics and in econometrics at least at the level of EMET8005 Econometric Methods and Modelling or IDEC8017 Econometric Techniques . Candidates can otherwise complete these courses as part of their program, but these will not be counted toward the Part A coursework requirement.

All applicants must meet the University’s English Language Admission Requirements for Students .

Where relevant, it is possible for students to apply for credit for some of the Part A courses in line with the Research Awards Rule 2021 .

Inquiries regarding the admission requirements and possible course credit may be addressed to the Economics HDR Convenor .

Step 2: Look for two possible supervisors

Please look through the Arndt-Corden Department of Economics academics list for potential supervisors. Note that some of the listed academics might not be available to take on more students. At ANU, Higher Degree Research students have a Chair of Panel, Primary Supervisor (who may be the same person), and Associate Supervisors. If you apply to enter the PhD in Economics, a Primary Supervisor and a second supervisor from the Arndt-Corden Department of Economics at ANU will be needed.

Step 3: Write the thesis proposal within 7–8 pages

Give a precise and informative description of the project.

A summary of the proposed research that includes the key research question or hypothesis, the rationale for the research, the region under study, and the method to be employed in the research.

Aims & significance

A clearly focused statement of the overall purpose of the proposed research (i.e. why is it important?).

Research questions &/or hypotheses

The questions that the proposed research will address and/or the hypotheses that will be tested.

Literature review

Provide a preliminary review of the work that has been carried out in the field and the potential contributions of your research. Demonstrate that you are aware of the wider literature and that your proposed research engages with ongoing debates.

The proposal should set out initial ideas for the proposed methods. You should discuss how these methods are appropriate for the proposed project and indicate the likely feasibility of the proposed approach. Also please explain what type of data will be required and how they are proposed to be collected.

An indication of how the research will be carried out over the duration of a full-time (3–4 years) or part-time (6–8 years) candidature.

If relevant, an indication of the funding that will be required (such as for fieldwork) and options for procuring external funding, as well any special materials or training that may be necessary for the successful completion of the project.

Institutional fit

A statement on why the Arndt-Corden Department of Economics is suitable for your project and an indication of potential supervisors.

A list of references cited in the proposal.

Step 4: Submit an expression of interest to potential supervisors

Before submitting an application for admission, you must submit an expression of interest by emailing the following documents to two potential supervisors: • Curriculum vitae (CV) • Academic transcripts • IELTS/TOEFL results (if applicable) • Thesis proposal (7–8 pages) Your potential supervisors may arrange an interview with you either in person or online.

Step 5: Make a formal application to ANU

• A minimum of 3 letters of reference required (at least 2 academic).

• Have two confirmed Arndt-Corden Department of Economics (ACDE) academics willing to be your proposed supervisors.

• Once two supervisors have signed off on your proposal, you may then submit an online application. Your application will be sent to the Crawford HDR Admissions Committee for assessment at the next Crawford HDR Admissions meeting. Please contact the Crawford HDR Coordinator for more information and see PhD programs for due dates.

Part A - Compulsory coursework requirements

Economics students must successfully complete CRWF9000 Fostering Public Policy Research (0 units) and 48 units in the first 12 months of candidature or part-time equivalent. This includes the following three compulsory courses:

• IDEC8064 Masters Microeconomics
• IDEC8008 Open Economy Macroeconomics, Finance, and Development
• IDEC9024 Economics Seminars

And at least one advanced econometrics course from the below list:

• EMET8001 Applied Micro-Econometrics
• EMET8010 Applied Macro and Financial Econometrics
• IDEC8023 Case Studies in Applied Econometrics
• IDEC8026 Quantitative Policy Impact Evaluation

Students must also complete up to four electives from the set of courses below, chosen in accordance with the candidate’s research interests and on the advice of the candidate’s Chair of Panel:

• Graduate (8000 level) courses offered by the Crawford School of Public Policy .
• Graduate (8000 level) courses offered by the Research School of Economics .
• Specialist graduate courses taught elsewhere at ANU - for example, in mathematics or finance – can be approved if suitable.

Suitable electives offered by the Crawford School of Public Policy:

• IDEC8007 Aid and Development Policy
• IDEC8010 Quantitative International Economics
• IDEC8012 Quantitative Methods for Monetary Policy Analysis
• IDEC8014 Quantitative Financial Economics
• IDEC8018 Agricultural and Resource Economics
• IDEC8020 Applied Economic Dynamics
• IDEC8021 The Chinese Economy
• IDEC8022 Economic Development
• IDEC8025 Empirical Public Finance
• IDEC8028 The Microeconomics of Development
• IDEC8030 Issues in Applied Macroeconomics
• IDEC8034 Middle Eastern Economies
• IDEC8035 Islamic Economies in Practice
• IDEC8037 Pacific Economies and Politics
• IDEC8053 Environmental Economics
• IDEC8081 Economics of Incentives and Institutions
• IDEC8083 Financial Markets and Instruments
• IDEC8088 Cost-Benefit Analysis: Principles and Practice
• IDEC8089 Energy Economics
• IDEC8127 Modelling the Global Economy: Techniques and Policy Implications
• EMDV8080 International Climate Change Policy and Economics
• EMDV8081 Domestic Climate Change Policy and Economics

Suitable electives offered by the Research School of Economics :

• ECON8003 Economic Policy Issues
• ECON8009 International Monetary Economics
• ECON8014 Computational Methods in Economics
• ECON8015 International Economics
• ECON8021 Topics in Microeconomic Theory
• ECON8034 Public Sector Economics
• ECON8037 Financial Economics
• ECON8038 Industrial Organisation
• ECON8041 Labour Economics & Industrial Relations
• ECON8047 Law and Economics
• ECON8050 Economic Growth
• ECON8053 Strategic Thinking: An Introduction to Game Theory
• ECON8078 Organisational Economics
• ECON8080 Advanced Behavioral Economics
• ECON8180 Economic Analysis of the Digital Economy
• ECON8901 Advanced Topics in Poverty, Public Policy and Development
• EMET8012 Business & Economic Forecasting
• EMET8014 Advanced Econometrics I
• EMET8008 Advanced Econometrics II

Note : With approval of their Chair of Panel, students have the option of substituting ECON8011 for IDEC8064 and/or ECON8022 for IDEC8008.

Part B – Supervised research and thesis

Following successful completion of Part A, candidates commence Part B of the program comprising a period of study normally equivalent to between 24 and 36 months of full-time research. During this period, each candidate writes a doctoral thesis. Economics PhD theses commonly take the format of three or more essays (each with the general format of introduction, literature review, model(s), data, results, analysis, discussion, conclusion) as well as a general introduction and conclusion. Sometimes, a separate literature review is included after the general introduction. This format should encourage you to publish journal articles out of your thesis. This style of thesis is not a thesis by compilation. It is also possible to undertake a ‘book style’ or unitary thesis. You should discuss your thesis format with your supervisor.

When the thesis is complete, the candidate submits the thesis to be examined. The thesis will be examined by external examiners who are experts in the relevant field. The PhD degree is awarded solely on the basis of the examination of the research thesis.

During Part B, each candidate is encouraged to contribute regularly to seminars via regular attendance, constructive comments on the work of others, and presenting at least once a year.

Progress milestones in Part B

It is University policy that each candidate’s progress should be reviewed periodically. In every year of their PhD studies, PhD candidates are required to submit an Annual Plan, which outlines their research plan for the next twelve months, and a Progress Report, which summarises their progress in their research and also discusses difficulties or changes in their research path, if any. The Progress Report and the Annual Plan form the basis of the student’s Annual Review. In addition to these, in the second year, candidates must submit their Thesis Proposal for review. The proposal is a description of the research questions to be studied in the thesis, and a discussion of the structure of the thesis and its time plan. From this document the student’s supervisory panel can judge the originality, significance, adequacy, and achievability of the thesis plan.

Tell me more about ANU policies in relation to Higher Degree Research students.

Updated:   23 May 2024 / Responsible Officer:   Crawford Engagement / Page Contact:   CAP Web Team

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ECOP01 - Economics PhD program

Doctor of Philosophy (PhD)

CBE offers PhD programs across the full range of disciplines within business and economics.

The College’s PhD candidates are required to submit a thesis of no more than 100,000 words. The thesis must be an original work that not only demonstrates the candidate’s ability to undertake world-class research, but that also makes a substantial contribution to the advancement of knowledge in their chosen area of study. Before completing their thesis, PhD candidates are required to complete a selection of graduate-level coursework units, usually during their first year of study, to assist them in completing their dissertation.

Admission requirements, program structure and program duration vary by discipline. You should carefully review all discipline-specific information before applying for entry to a PhD program.

Read more about CBE’s  PhD programs .

Accounting PhD candidates become active participants within RSA's vibrant research community.

Find out more »

Actuarial studies

A PhD in Actuarial Studies equips graduates with expertise in a specialised research topic.

Business information systems

The Research School of Management has world class researchers supervising a diverse range of topics.

The PhD program in Economics is addressed to students of the highest academic ambition.

A PhD in Finance equips graduates with the necessary skills to conduct research in the field of finance.

International Business

Project Management

The Statistics PhD program draws upon the diverse expertise of academic staff throughout the University.

PhD (Economics, Finance & Marketing)

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Build on your advanced research skills and prepare for a successful career in public and private sector or academia.

You're viewing program information for local students.

RMIT considers you a local student if you are:

• a citizen or permanent resident of Australia, or
• a New Zealand citizen, or
• a person seeking asylum who holds either a: Temporary Protection Visa (TPV), or Safe Haven Enterprise Visa (SHEV) or Bridging Visa E or Humanitarian Stay (Temporary) visa or Temporary Humanitarian Concern Visa.

Asylum seekers who reside in Australia and study onshore are required to pay international onshore tuition fees for higher education courses.

If you are unsure or hold a different visa type, please contact  Study@RMIT for more information.

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RMIT considers you an international student if you are:

• intending to study on a student visa, or
• not a citizen or permanent resident of Australia, or
• not a New Zealand citizen, or
• not a a person seeking asylum who holds either a: Temporary Protection Visa (TPV), or Safe Haven Enterprise Visa (SHEV) or Bridging Visa E or Humanitarian Stay (Temporary) visa or Temporary Humanitarian Concern Visa.

If you are unsure or  hold a different visa type, please contact  Study@RMIT for more information.

Not an international student?

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Research Training Scheme

See admissions

AU$36,480 (2024 annual)

In this PhD program you will develop advanced research skills that will prepare you for a career in academia and other settings in which systematic and critical analytical skills are required.

This PhD degree may be undertaken in a project or thesis mode.

You can specialise in:

• empirical microeconomics
• innovation economics
• development economics
• health economics
• cultural economics
• applied economic modelling
• behavioural economics
• experimental economics
• corporate governance/social responsibility.
• capital markets and financial institutions
• financial instruments
• international finance
• macroeconomics.
• product innovation
• social marketing
• electronic marketing
• services marketing
• macro marketing
• integrated marketing communications
• sponsorship
• business-to-business marketing
• consumer behaviour
• buyer behaviour
• word of mouth
• customer relationship management
• consumer psychology
• service quality

How you will learn

RMIT's  Swanston Academic Building  is the base for your business research career.

The building's features include:

• interactive lecture and tutorial spaces, lectorial theatres, small-group rooms and
• other innovative spaces to support enterprise formation.
• Formal learning areas interspersed with retail and social spaces and scenic outlooks over the city of Melbourne.
• wireless connection to printers, the web and specialist learning resources
• the School of Graduate Research office
• 5 Star Green Star Rating for Australian Excellence in sustainable design.

The result is a stimulating environment to encourage creative and intellectual activity among a variety of users.

The School of Economics, Finance and Marketing

Research in the marketing discipline at RMIT is focused on consumer culture, marketing ethics, social marketing, branding, sport marketing and sponsorship, and social marketing. In the economics and finance disciplines, financial markets, corporate finance and governance, empirical finance, international finance, risk management, public choice, and applied econometrics are particular areas of strength.

The School of Economics, Finance and Marketing also hosts the  Behavioural Business Lab , comprising a multi-disciplinary team studying business decision-making using psychological approaches.

Research at RMIT

Time spent on research.

Full-time candidates are expected to commit at least four days per week (or at least two days per week for part-time candidates) to their research. The academic year is 48 weeks.

Regular contact with your supervisor

A schedule of meetings with your supervisor/s must be established to assess progress against milestones and timely completion.

Resources, facilities and support

You will have access to the Learning Hub and other online and digital resources through the myRMIT student portal.

You will be part of an active research community and have access to resources and workshops to help you succeed.

Business Research Office

The Business Research Office supports candidates, supervisors in the College of Business. It is the central office responsible for coordinating and disseminating information about funding opportunities and research-related activities. Prospective researchers are invited to  contact the Business Research Office  to discuss potential candidature.

School of Graduate Research

The School of Graduate Research works with Schools to further support candidates during their postgraduate research degree.

Guiding the development of the College of Business, both nationally and internationally, is an  Industry Advisory Board  of high-profile executives. The Board creates a strategic bridge between the latest in technology and design thinking and business.

Learning outcomes

The knowledge and skills you will acquire throughout this degree and how they can be applied in your career are described in the  learning outcomes .

Electives and course plan

You will undertake the PhD program under the supervision of an appointed research supervisor.

The PhD program is structured to enable you to:

• Complete a compulsory research methods course
• Receive training in research integrity and ethics
• Select studies in qualitative and quantitative research techniques
• Complete a thesis/project which demonstrates your contribution to the field and your ability to communicate complex research for peers and the community to an international standard.

Research Integrity modules

You are required to complete the online modules:

• Research integrity
• Copyright and intellectual property
• Data management and copyright.

You may need to complete an ethics module to ensure your research is ethical and responsible.

Research Methods

The compulsory course Introduction to Research Methods introduces you to research methods commonly used in business disciplines. It helps you explore and discuss how to plan and scope a research project, frame appropriate research questions, write research proposals, and understand 'mixed methods’ approaches to conducting and documenting your research. It is taught in large discipline groups.

Research Techniques

Electives in qualitative or quantitative research techniques are available once data collection has begun. You can use your own data to explore different research analysis techniques. Your supervisor will help decide when you should take these electives.

Co-curricular activities

You are encouraged to participate in activities offered by the university, College and School according to your needs and interests.

This PhD may be undertaken in a project, thesis by publication or thesis mode. Prospective candidates should discuss these modes of submission with their potential supervisor/s prior to application.

Course structure

Choose a plan below to find out more about the subjects you will study and the course structure.

*The maximum duration of the PhD program is 4 years full-time and 8 years part-time. However, candidates are expected to complete their program within 3-4 years full-time equivalent and 6-8 years part-time equivalent.

*The maximum duration of the PhD program is 4 years full-time. However, candidates are expected to complete their program within 3-4 years full-time equivalent.

Note: International student visa holders can only study full-time.

Graduates will be able to pursue an academic career in a university or be employed in senior leadership and management positions in government, non-government organisations and corporations.

As a researcher, your mastery of the discipline evidenced through a substantial and rigorous research project and other contributions to your field of specific interest can make a real difference to society.

Minimum requirements for admission

Prerequisites, selection tasks.

The minimum requirements for admission to a PhD program are:

• a bachelor degree requiring at least four years of full-time study in a relevant discipline awarded with honours. The degree should include a research component comprised of a thesis, other research projects or research methodology courses that constitute at least 25% of a full-time academic year (or part-time equivalent). The applicant must have achieved at least a distinction average in the final year;  or
• a master degree that includes a research component comprised of at least 25% of a full-time academic year (or part-time equivalent) with an overall distinction average or a master degree without a research component with at least a high distinction average;  or
• evidence of appropriate academic qualifications and/or experience that satisfies the Associate Deputy Vice-Chancellor, Research Training and Development or nominee that the applicant has developed knowledge of the field of study or cognate field and the potential for research sufficient to undertake the proposed program.

At RMIT a grade of distinction represents academic achievement of 70% or higher and a high distinction is 80% or higher.

If you are a current master by research candidate, you are able to apply for a transfer to a doctor of philosophy program through the process prescribed in the  RMIT Higher Degree by Research policy .

These entrance requirements are the minimum academic standard you must meet in order to be eligible to apply for the program. You will need to complete a selection task as part of your application.

A selection process will be conducted in conjunction with the School and supervisors you nominate.

For further information on the steps you need to take to apply for a research program see  How to apply – Research programs .

English language requirements

Research proposal and supervisor.

You must attach a substantive research proposal that is 2 to 5 pages in length which articulates the intent, significance and originality of the proposed topic using the following headings:

a) title / topic b) research questions to be investigated in the context of existing research/literature in the area c) significance and impact of the research d) methodology / research tasks required to undertake the research e) particular needs (e.g. resources, facilities, fieldwork or equipment that are necessary for your proposed research program, if applicable).

Your application will not be considered if you have not discussed your research topic with a proposed senior and associate supervisor or joint senior supervisors. You must provide the names of the academic staff in the school you have applied to and with whom you have discussed your proposed research.

To study this course you will need to complete one of the following English proficiency tests:

• IELTS (Academic): minimum overall band of 6.5 (with no individual band below 6.0)
• TOEFL (Internet Based Test - IBT): minimum overall score of 79 (with minimum of 13 in Reading, 12 in Listening, 18 in Speaking and 21 in Writing)
• Pearson Test of English (Academic) (PTE (A)): minimum score of 58 (with no communication band less than 50)
• Cambridge English: Advanced (CAE): minimum of 176 with no less than 169 in any component.

For detailed information on English language requirements and other proficiency tests recognised by RMIT, visit  English language requirements and equivalency information .

Don't meet the English language test scores? Complete an English for Academic Purposes (EAP) Advanced Plus Certificate at  RMIT English Worldwide .

You can gain entry to this program from a range of RMIT four year  Bachelor and Honours degrees  or  Postgraduate  or Masters by Research programs.

Fee summary

Fee information for masters by research and doctorate (PhD) programs.

If you are an Australian citizen, Australian permanent resident or New Zealand citizen you may be eligible for a Research Training Scheme (RTS) place where your tuition costs are funded by the Commonwealth Government under the RTS and you have full exemption from tuition fees.

Acceptance in an RTS place is very competitive and places are granted on the condition that you meet annual progress requirements and complete within the allotted time for your program and your status as a part-time or full-time candidate.

This means a maximum of 2 years for a full-time Masters by Research or 4 years for a PhD (or the equivalent part-time).

Contact the School of Graduate Research for more information.

The  student services and amenities fee (SSAF)  is used to maintain and enhance services and amenities that improve your experience as an RMIT student.

In addition to the SSAF there may be  other expenses  associated with your program.

Income tax deductions

Candidates may be eligible to apply for income tax deductions for education expenses linked to their employment. See the  Australian Taxation Office (ATO) website  for more information.

RMIT awards more than 2000 scholarships every year to recognise academic achievement and assist students from a variety of backgrounds.

The annual tuition fee for 2024 is AU$36,480.

The total indicative tuition fee for 2024 commencement is AU$151,680.

International applicants

• Fees information  for international candidates looking to study at RMIT's Melbourne campuses.
• PhD  and  masters by research  fees for international candidates studying offshore. 

Other costs

Important fee information.

Find out more details about  how fees are calculated  and the expected annual increase.

Applying for refunds

Find information on how to apply for a  refund  as a continuing international student.

Frequently Asked Questions (FAQs)

Looking for answers or more general information.

Use our Frequently Asked Questions to learn about the application process and its equity access schemes, find out how to accept or defer your offer or request a leave of absence, discover information about your fees, refunds and scholarships, and explore the various student support and advocacy services, as well as how to find out more about your preferred program, and more.

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Acknowledgement of Country

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business - Artwork 'Luwaytini' by Mark Cleaver, Palawa.

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business.

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School of Economics

Our undergraduate and postgraduate economics programs consistently rank in the top five for Australia*. We have a long and proud history of research strengths and teaching excellence and are one of the most highly ranked centres for research in economics globally. 

Our academics and researchers are leaders in their fields. Their broad expertise promotes a deep understanding of the key concepts of economics and a focus on contemporary issues.  

Our alumni are highly sought after and have included a former Prime Minister, several NSW premiers, and leaders in the World and Reserve Banks. Our graduates have also held influential positions in the Treasury and other policy departments, international agencies such as the Organization for Economic Cooperation and Development (OECD), financial institutions and non-government organisations.

Our study offering

Undergraduate courses and majors/minors, undergraduate courses.

The Bachelor of Economics introduces you to a diverse, fascinating discipline that addresses a range of big issues in modern life and plays a central role in shaping the broad framework of society at every level. It provides undergraduate training in theoretical and applied aspects of modern economics, econometrics and financial economics. 

• Bachelor of Economics
• Bachelor of Economics (Dual Degree, Sciences Po, France)
• Bachelor of Economics and Bachelor of Advanced Studies
• Bachelor of Economics and Bachelor of Laws

Majors and minors

Below is a list of our economics majors and minors, available to students in the Bachelor of Economics (except where indicated) and numerous other undergraduate courses - click on the links for further details.

Econometrics

• Econometrics major
• Econometrics minor

Economic Policy*

• Economic Policy major
• Economic Policy minor

*Not available to Bachelor of Economics students

• Economics major
• Economics minor

Environmental, Agricultural and Resource Economics

• Environmental, Agricultural and Resource Economics major
• Environmental, Agricultural and Resource Economics minor

Financial Economics

• Financial Economics major
• Financial Economics minor

Honours  is an additional year (full time) of study following completion of a three-year bachelor’s degree. It provides an opportunity to develop research skills in your undergraduate major by undertaking advanced coursework and conducting a supervised but independent research project. An Honours year adds greater depth to your undergraduate studies and is a pathway to postgraduate research courses such as the PhD.

If you have completed your bachelor’s degree (with the required academic grades) with a major in economics or econometrics at the University of Sydney (or equivalent qualification), you can undertake Honours in economics or econometrics through one of the following courses.

• Bachelor of Economics (Honours)
• Bachelor of Arts (Honours)

Undergraduate diploma 

• Diploma of Arts (major/minor in Economic Policy)

This part-time course allows holders of a bachelor’s degree in another discipline to complete a major or minor in Economic Policy.

Non-degree study

• Arts Undergraduate Non-degree

Non-degree study allows you to take undergraduate units of study (subjects) without committing to a full award course (e.g., bachelor’s). Successfully completed units may be credited towards a relevant award course at a later date.

Cross-institutional study

• Arts Undergraduate Cross-institutional

If you are enrolled in an undergraduate award course at another Australian institution you can take units of study (subjects) with us for credit towards your course (subject to the approval of your home institution). 

Postgraduate coursework

Postgraduate coursework programs.

• Master of Economics

Whether you’re an economics graduate or have no background in economics, the Master of Economics will provide you with the skills to apply economic methods and knowledge to practical, contemporary problems in business and government. The duration of the course depends on your background in economics.

• Master of Economic Analysis

If you have a strong background in economics and/or mathematics and are looking to receive advanced training or a pathway to higher degree by research study (e.g., PhD), the Master of Economic Analysis is the ideal choice. 

If you don't have time to commit to a master's or prefer to 'test the waters' first, you can take a shorter program of study in the above areas through a graduate certificate or graduate diploma.

• Graduate Certificate in Economics
• Graduate Diploma in Economics
• Graduate Certificate in Economic Analysis
• Graduate Diploma in Economic Analysis

Economics specialisations

Economics is available as a specialisation in the following courses:

• Master of Commerce
• Master of Commerce (Extension)
• Master of International Relations
• Master of International Security
• Master of Public Policy

Economic Policy is available as a specialisation in the Master of Public Policy .

Non-award study

• Arts Postgraduate Non-award

Non-award study allows you to take postgraduate units of study (subjects) without committing to a full award course (e.g., master’s). Successfully completed units may be credited towards a relevant award course at a later date.

• Arts Postgraduate Cross-institutional

If you are enrolled in a postgraduate award course at another Australian institution you can take units of study (subjects) with us for credit towards your course (subject to the approval of your home institution).

Postgraduate research

• Doctor of Philosophy
• Master of Philosophy
• Master of Arts (Research)

Study a Bachelor of Economics

Key contacts.

• Professor  Garry Barrett , Head of School
• Professor Andrew Wait, Deputy Head of School (Education)
• Professor Deborah Cobb-Clark , Deputy Head of School (Research)
• Dr Christian Gillitzer , Undergraduate Coordinator
• Dr Katrien Stevens , Postgraduate Coursework Coordinator
• Professor Stefanie Schurer , Honours Coordinator
• Postgraduate Research Coordinators:  [email protected]
• Dr Shauna Phillips , Bachelor of Advanced Studies Coordinator
• Dr Jiemai Wu , Thesis Coordinator (Honours and MEcA)
• Assoc Professor  Oleksii Birulin , Master of Economic Analysis Coordinator
• School Manager, Ms Janelle Kenchington

Academic staff

Browse our academic staff

Advanced search

Affiliated academics

• Associate Professor Vitali Alekseev
• Emeritus Professor  Tony Aspromourgos
• Adjunct Professor  Adrian Blundell-Wignall
• Visiting Professor  Colin Cameron
• Dr  Ashley Cooper Craig
• Professor Stephen Donald
• Dr Ryan Doody
• Adjunct Professor  Malcolm Edey
• Dr Peter Exterkate
• Dr Dennis Claudy Feher
• Dr  Mario Fiorini
• Professor Jennifer Hunt
• Dr Victor Igreja     
• Professor Greg Warren Kaplan
• Dr Nancy Kong
• Dr Elizabeth Nolan
• Professor  Pär Österholm
• Emeritus Professor  Adrian Pagan
• Associate Professor  Russell Ross
• Dr  Kevin Schnepel
• Dr  Abhijit Sengupta
• Professor  Mara Thiene
• Professor Donald Weatherburn
• Professor  Justin Wolfers
• Honorary Associate Professor Donald Wright

Research students

Browse our research students

Visiting academics

Yufan Du , The Chinese University of Hong Kong, January - June 2024

Professor  Jocelyn Martel , ESSEC Business School, February 2024

Dr Susan Mendez , University of Melbourne, February - June 2024

Dr Giorgia Menta , Luxembourg Institute of Socio-Economic Research (LISER), February 2024

Maria Hofbauer Pérez , Ludwig Maximilian University of Munich, February - April 2024

Dr Francisco Rosas , ORT University Uruguay, February 2024

Professor Joachim Winter , Ludwig Maximilian University of Munich, February - March 2024

Tim Ruberg , University of Hohenheim, February - March 2024

Professor Stefan Trautman , Heidelberg University, March 2024

Professor Ariel Kalil , University of Chicago, March 2024

Professor James Duffy , University of Oxford, March - April 2024

Professor  Moriah Bostion , Dr. Robert B. Pamplin Jr. Professor of Economics and Chair of Economics, Lewis and Clark College, March 2024

Professor Andreas Peichl , Ifo Institute, March - April 2024

Dr Harold Cuffe , Victoria University of Wellington, August 2024

Assistant Professor Christian Ochsner, Center for Economic Research and Graduate Education – Economics Institute, October - November 2024

Professor Timothy Richards , Marvin and June Morrison Chair of Agribusiness, Arizona State University, January-June 2023

Assistant Professor Adam Martin , Norco College, January 2023

Associate Professor Ariel Ortiz-Bobea , Cornell University, January-July 2023

Professor  Jocelyn Martel , ESSEC Business School, February 2023

Professor Kristina Strohmaier , University of Duisburg-Essen, February-March 2023

Assistant Professor Mirjam Stockburger , Justus Liebig University Giessen, February-March 2023

Professor Moriah Bostion , Dr. Robert B. Pamplin Jr. Professor of Economics and Chair of Economics, Lewis and Clark College, March 2023

Associate Professor Nikki Shure , University College London Social Research Institute, March 2023

Associate Professor James Duffy , University of Oxford, March-April 2023

Assistant Professor Sibo Liu , Hong Kong Baptist University, May 2023

Professor Yifan Zhang , Chinese University of Hong Kong, May 2023

Professor Paul Raschky , Monash University, May 2023

Professor Colin Cameron , University of California, Davis, July-August 2023

Professor Paul Kitney , The Hong Kong University of Science and Technology, July-August 2023

Professor  Pär Österholm , Örebro University, August-December 2023

Dr Ayden Higgins , University of Oxford, August 2023

Assistant Professor Zhihao Xu , Tsinghua University, August 2023

Dr Kentaro Tomoeda , University of Technology Sydney, September-December 2023

Professor Carol McAusland , University of British Columbia, November-December 2023

Professor Josh Graff Zivin , University of California San Diego, November 2023

Professor Jocelyn Martel , ESSEC Business School, February 2022

Professor Pascaline Dupas , The Kleinheinz Family Professor of International Studies, Stanford University, June 2022

Dr Silvia Griselda , Bocconi, July-August 2022

Associate Professor Julie Moschion , Melbourne Institute of Applied Economic and Social Research, August-September 2022

School of Economics events

Past events and public lectures, adam smith at 300.

The School of Economics celebrated the tercentenary of the birth of Adam Smith by hosting 'Adam Smith at 300' on Friday 16 June 2023.

Emeritus Professor Tony Aspromourgos delivered the lecture to a crowd of alumni, students and guests. 

Listen to the lecture: Adam Smith at 300

Watch the lecture: Adam Smith at 300

Centenary of Sydney Economics at the University of Sydney

The School of Economics marked its Centenary on Wednesday 20 July 2022 with a celebratory dinner in the historic MacLaurin Hall. Australia’s first dedicated Faculty of Economics was established at the University of Sydney in 1920 and has since produced more than 20,000 graduates, including those who have gone on to be Prime Ministers, Premiers, Ministers of State, Chief Justice, Reserve Bank Governor, Secretary of Treasury, distinguished academics and leaders in business and finance. Our celebration included a keynote presentation by alumnus Dr Steven Kennedy PSM, speeches by Professor Garry Barrett , Chancellor Belinda Hutchinson AC and VC Professor Mark Scott AO.

Warren Hogan Memorial Lecture Series

The School of Economics was established from 1 January 2011 to serve as the primary institutional vehicle for Economics research and education within the University of Sydney. That year the school inaugurated an annual public lecture series – the Warren Hogan Memorial Lecture – devoted to the economic analysis of public policy issues. It commemorates Warren Pat Hogan (1929–2009), Professor of Economics in the University of Sydney, 1968–1998.

Hon Dr Andrew Leigh MP

Assistant Minister for Competition, Charities and Treasury, and Federal Member for Fenner in the ACT

Watch the lecture:  Economic Dynamism: A Global Perspective

Dr Kerry Schott AO

Chair of the Australian Energy Board and Director of NBN

Watch the lecture:  Economic policy amid disruption

Hon Chris Bowen MP, Shadow Minister for Health

• Listen now:  Economics and Modern Issues: Climate Change and Health

The Hon John Winston Howard OM AC Former Prime Minister of Australia

Dr Guy Debelle

Deputy Governor of the Reserve Bank of Australia

Ms Annabel Spring (BEc Hons '92, LLB Hons '94) Group Executive Wealth Management, Commonwealth Bank of Australia

Dr Martin Parkinson Secretary, Department of Prime Minister and Cabinet, Commonwealth of Australia

Mr Hugh Harley (BEc Hons '84, LLB Hons '86)

Financial Services Leader, Price Waterhouse Coopers

Dr John Laker (BEc Hons ’72) Chairman of the Australian Prudential Regulation Authority

Charles Calomiris Henry Kaufman Professor of Financial Institutions, Columbia University Graduate School of Business

Mr Glenn Stevens (BEc Hons ’80) Governor of the Reserve Bank of Australia

*2023 QS World University Rankings for Economics & Econometrics

Find an economics course, school of economics research, social sciences building, head of school, economics review.

• +61 2 9351 5055
• [email protected]

The Sandra Cadwallader Indigenous Economics Scholarships

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The University of Queensland

• Starting at UQ
• Programs and courses
• Faculties and schools
• Doctor of Economics

Doctor of Economics ( DEcon )

Information valid for students commencing 2024

• International

Please contact the faculty regarding the duration of this program.

Commencing 2024

Please contact the faculty about commencing this program.

Program level

Postgraduate Research

Units represent the value of individual courses which contribute to the total unit requirement of an academic program. A standard study load is 8 units per semester." class="tooltip">Units

Program code.

Business, Economics & Law

Teaching Location

In person (on-campus) or external (online). previously known as 'delivery mode'." class="tooltip">attendance mode, entry requirements.

Please refer to the entry requirements set out in PPL 4.70.04 Higher Doctorates - Procedures, Schedule 1 .

AQF level 10

Fees for Australian students

How to apply.

Applications must be lodged via the Faculty of Business, Economics and Law.

Closing Date

Applications are able to be submitted for research higher degree programs at any time.

Enquiries for Australian students

Faculty of Business, Economics & Law

Email: [email protected]

Phone: 07 3365 7111

Prerequisites are specific subjects or courses that students need to have studied and passed at year 12 matriculation level or tertiary equivalent. Prerequisites vary between programs, and are intended to ensure that students can handle the program content. Prerequisites can be met through a variety of qualifications, such as secondary studies, bridging programs, tertiary study or alternative qualifications." class="tooltip">Prerequisites

Please refer to the entry requirements set out in PPL 4.70.04 Higher Doctorates - Higher Doctorate Admission Requirements Schedule .

International students who wish to undertake this program will not qualify for a Student Visa. To study this program in Australia, international students must hold alternative Australian Visa/Residency status with a sufficient study entitlement. See Department of Home Affairs for further details. Alternatively, for programs available in 'External' mode, students may study from their home country.

English Proficiency

view the English proficiency policy .

Fees for International students

Enquiries for international students.

International Student Advisor

Phone: Outside Australia: + 61 3 8676 7004 Within Australia (Free Call): 1800 671 980

Enquire online

Why study the Doctor of Economics?

This program is not a Research Higher Degree program. If you wish to undertake a research higher degree program, please refer to the Doctor of Philosophy, or the Master of Philosophy. This award is for scholars and professionals who have made a significant contribution towards the study of commerce, economics or management. It is the highest award in these disciplines.

What you can study

Entry requirements for australian students.

Click here for application procedures for Australian students .

Closing date

Entry requirements for international students, additional application requirements.

Application information and requirements are outlined in the program rules.

Visa requirements

English proficiency.

View the English proficiency policy .

Click here for application procedures for International students .

What it costs

Program requirements for the doctor of economics.

To be eligible to apply to be admitted to a higher doctorate program an applicant must satisfy the minimum admission requirements set out in PPL 4.70.04 Higher Doctorates - Higher Doctorate Admission Requirements Schedule .

Students should be aware of the University of Queensland policies and rules which govern the conduct of UQ programs. These may be found on the UQ policies and rules page on the my.UQ website .

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Ph. 3365 3333

• Programs and Courses

Doctor of Philosophy, ANU College of Business and Economics

A single four year research award offered by the ANU College of Business and Economics

• Length 4 year full-time
• Minimum 192 Units
• Academic plan 9040XPHD
• CRICOS code 048345A
• Admission & Fees
• Introduction

Employment Opportunities

Further information.

• Additional Information

Admission Requirements

Scholarships.

• Indicative Fees

Program Requirements

The Doctor of Philosophy requires the submission and successful examination of a thesis of up to 100,000 words on an approved topic. The PhD program also includes some preparatory coursework as required by the Delegated Authority (up to a maximum of 48 units).

Study consists of two to four years of full-time study or part-time equivalent.

To be admitted to the Doctor of Philosophy program you will be required to have completed at least a four-year Australian degree or equivalent with a result of first class honours or upper second class honours or such other qualification (being a qualification that is equivalent or superior to such a degree) as the Delegated Authority determines.

All applicants must meet the University’s English Language Admission Requirements for Students .

You may be granted admission if you can demonstrate that you have a background equivalent to these qualifications.

If you think you qualify, check out our guidance on how to apply .

Indicative fees

All students are required to pay the Services and amenities fee  (SA Fee)

Domestic students

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Due to the sequencing of the coursework that is required for the PhD in Economics, admission with entry in the second semester (starting in July) will only be granted if a successful applicant has already completed most of the PhD coursework as part of the ANU Master of Economics . All other applicants should apply for admission in first semester (starting in February).

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Department of Agricultural and Applied Economics

• Degree Programs

6.0. Doctor of Philosophy Degree Program

The doctoral program in Agricultural and Applied Economics is designed to develop a broad based competence in economic theory and in techniques of quantitative analysis. Dissertation research of students in our department usually addresses applied problems using contemporary economic theory and analytical methods. Students completing our program have demonstrated a high degree of success in academics, business, and government.

Two options are offered for the Doctor of Philosophy in the Agricultural and Applied Economics program. The first option does not require a minor. The second option includes a minor in Family Financial Planning—a joint Ph.D. program between the Department of Agricultural and Applied Economics and the College of Human Sciences. Completion of the Doctoral program in Agricultural and Applied Economics with a minor in Family Financial Planning qualifies graduates to take an exam administered by the Certified Financial Planning Board of Standards to become Certified Financial Planners.

6.1. Prerequisites

Most students will have completed the requirements for an M.S. degree or its equivalent before admission to the doctoral program. If the Master's degree does not meet the prerequisite requirements for entering our Master of Science program (see Section 5.1) then those requirements must be met in order to enter the Ph.D. program. Some exceptional students will be offered the opportunity to pursue a Ph.D. directly from a Bachelor's program. In this case, see the Graduate Coordinator for course and program requirements.

Background in algebra, partial and total differentiation, integration and basic matrix or linear algebra operations are very useful to perform well in coursework and research work.

6.2. Credit Hour Requirements

The doctoral program requires a minimum of 60 credit hours of course work beyond the baccalaureate degree and at least 12 credit hours of dissertation research (AAEC 8000).

6.3. Transfer of Credit

Transfer of graduate credit from other academic institutions may be allowed. The request for transfer must be initiated by the student and supported by the student's committee chair. Transfer decisions are made by the department Graduate Coordinator and must be approved by the Graduate School . Information required in support of transfer requests includes academic transcripts and course catalogue descriptions of each course proposed for transfer. Course syllabi may also be requested to support transfer decisions.

6.4. Substitution for Core Courses

Substitutions for core courses are allowed only under unusual circumstances. Requests for substitutions for core courses must be initiated by the student and his or her committee chair, to the department Graduate Coordinator and must be approved by the Graduate School . Final decisions on substitutions for core courses taught outside our department are made by the department Graduate Coordinator . Decisions on core courses taught in the department are made by the current instructor of the core course being replaced.

6.5. Ph.D. Comprehensive Examination

The purpose of the Ph.D. comprehensive examination is to test the student's ability to integrate knowledge from various subject matter areas and apply appropriate concepts and tools to issues and problems relevant to the discipline. The comprehensive exam is administered by a departmental committee twice each year (usually in May and August) and is normally taken at the end of the first full year of coursework. The exam has two parts which are taken separately. Part 1 of the exam focuses econometric methods and Part 2 covers microeconomic theory. Students have two opportunities to pass both parts of the exam. If both parts of the exam are passed on the first attempt then the student has successfully completed this degree requirement. If one or both parts of the exam are failed on the first attempt (usually in May), the student must retake the failed part(s) at the next offering (in the following August). A second failure of either part of the comprehensive exam will result in dismissal from the student's Ph.D. program.

6.6. Qualifying Examination and Admission to Candidacy

Graduate school rules require that all doctoral students successfully complete a Qualifying Examination for admission to candidacy for the doctor's degree. In the Department of Agricultural and Applied Economics the Dissertation Proposal Defense serves as the Qualifying Exam. Students are allowed two attempts to satisfactorily complete this examination. Failure to satisfactorily complete the examination on a second attempt will result in dismissal from the Ph.D. program. Further information on the Dissertation Proposal and Proposal Defense is provided in Section 9.0 of this Handbook.

6.7. Final Examination

All doctoral candidates are required to pass a public final oral examination which is usually over the general field of the dissertation. Candidates should consult the Graduate School for details regarding scheduling of the final examination. After the final examination, the professor conducting comprehensive exams will send a written notification of the results to the Graduate Secretary for the student's graduate file.

Doctoral candidates, with their major advisor, are required to find their own Dean's Representative for the Graduate School for their defense, preferably someone outside of the department.

Public announcement of exams will be done through the department Graduate Secretary. Exams must be announced at least four weeks prior to the exam date, without exception.

6.9. Degree Program Course Requirements

Listed below are the course requirements for the Ph.D. program options. Courses listed specifically by number are core courses. Note that the option II course requirements have been revised in consultation with the Department of Personal Financial Planning.

Ph.D in Agricultural and Applied Economics - No Minor Required (option1) 1

Course number / course title / credit hours.

• AAEC 5303 / Advanced Production Economics / 3
• AAEC 5307 / Applied Econometrics I / 3
• AAEC 6316 / Advanced International Trade and Policy / 3
• AAEC 5321 / Research Methodology in Economics/ 3
• AAEC 6302 / Food, Ag., and Nat. Resource Policy Analysis / 3
• AAEC 6305 / Economic Optimization / 3
• AAEC 6308 / Advanced Natural Resource Economics / 3
• AAEC 6310 / Demand and Price Analysis / 3
• AAEC 6311 / Applied Econometrics II / 3
• AAEC 6301 / Microeconomic Theory II / 3
• AAEC 6315 / Applied Microeconomics I / 3
• ECO 5311 / Macroeconomic Theory and Policy / 3
• Committee Approved Field Courses / / 24
• AAEC 8000 / Doctor's Dissertation / 12

Total Credit Hours 72

Ph.D. in Agricultural and Applied Economics - Minor in Family Financial Planning (option 2) 1,2

• AAEC 8000 / Doctor's Dissertation / 21
• PFP 5371 / Fundamentals of Personal Financial Planning / 3
• PFP 5372 / Asset Management II / 3
• PFP 5373 / Personal Financial Planning Cpstn. / 3
• PFP 5394 / Retirement Planning / 3
• PFP 5497 / Risk Management and Insurance Planning / 4
• PFP 5398 / Estate Planning / 3
• PFP 5362 / Asset Management I / 3
• PFP 5377 / Client Communication and Counseling / 3
• ACCT 5311 / Individual Study in Accounting / 3

total credit hours 85

1 Numbered courses are core courses. 2 Draft revisions pending review and approval of AAEC faculty.

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Education Rankings by Country 2024

There is a correlation between a country's educational system quality and its economic status, with developed nations offering higher quality education.

The U.S., despite ranking high in educational system surveys, falls behind in math and science scores compared to many other countries.

Educational system adequacy varies globally, with some countries struggling due to internal conflicts, economic challenges, or underfunded programs.

While education levels vary from country to country, there is a clear correlation between the quality of a country's educational system and its general economic status and overall well-being. In general, developing nations tend to offer their citizens a higher quality of education than the least developed nations do, and fully developed nations offer the best quality of education of all. Education is clearly a vital contributor to any country's overall health.

According to the Global Partnership for Education , education is considered to be a human right and plays a crucial role in human, social, and economic development . Education promotes gender equality, fosters peace, and increases a person's chances of having more and better life and career opportunities.

"Education is the most powerful weapon which you can use to change the world." — Nelson Mandela

The annual Best Countries Report , conducted by US News and World Report, BAV Group, and the Wharton School of the University of Pennsylvania , reserves an entire section for education. The report surveys thousands of people across 78 countries, then ranks those countries based upon the survey's responses. The education portion of the survey compiles scores from three equally-weighted attributes: a well-developed public education system, would consider attending university there, and provides top-quality education. As of 2023, the top ten countries based on education rankings are:

Countries with the Best Educational Systems - 2021 Best Countries Report*

Ironically, despite the United States having the best-surveyed education system on the globe, U.S students consistently score lower in math and science than students from many other countries. According to a Business Insider report in 2018, the U.S. ranked 38th in math scores and 24th in science. Discussions about why the United States' education rankings have fallen by international standards over the past three decades frequently point out that government spending on education has failed to keep up with inflation.

It's also worthwhile to note that while the Best Countries study is certainly respectable, other studies use different methodologies or emphasize different criteria, which often leads to different results. For example, the Global Citizens for Human Rights' annual study measures ten levels of education from early childhood enrollment rates to adult literacy. Its final 2020 rankings look a bit different:

Education Rates of Children Around the World

Most findings and ranking regarding education worldwide involve adult literacy rates and levels of education completed. However, some studies look at current students and their abilities in different subjects.

One of the most-reviewed studies regarding education around the world involved 470,000 fifteen-year-old students. Each student was administered tests in math, science, and reading similar to the SAT or ACT exams (standardized tests used for college admissions in the U.S.) These exam scores were later compiled to determine each country's average score for each of the three subjects. Based on this study, China received the highest scores , followed by Korea, Finland , Hong Kong , Singapore , Canada , New Zealand , Japan , Australia and the Netherlands .

On the down side, there are many nations whose educational systems are considered inadequate. This could be due to internal conflict, economic problems, or underfunded programs. The United Nations Educational, Scientific, and Cultural Organization's Education for All Global Monitoring Report ranks the following countries as having the world's worst educational systems:

Countries with the Lowest Adult Literacy Rates

• Education rankings are sourced from both the annual UN News Best Countries report and the nonprofit organization World Top 20

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Which country ranks first in education?

Which country ranks last in education, frequently asked questions.

• Best Countries for Education - 2023 - US News
• Literacy rate, adult total (% of people ages 15 and above) - World Bank
• World Best Education Systems - Global Citizens for Human Rights
• UNESCO - Global Education Monitoring Reports
• World’s 10 Worst Countries for Education - Global Citizen
• International Education Database - World Top 20

The Economic Times daily newspaper is available online now.

Australia announces changes to its temporary graduate visa programs.

The Australian Government has announced significant changes to the Temporary Graduate visa programs starting July 1, 2024, realigning visa streams with study levels. Key benefits include work opportunities, family inclusion, and extended stays for Hong Kong and British National Overseas passport holders. Age limits and qualification requirements will be adjusted.

• Stay: Holders of the Temporary Graduate visa can stay in Australia after completing their studies, allowing them to explore further opportunities or gain work experience in the country.
• Include Family: Applicants can include family members, such as partners, children, or their partner's children, in their visa application. However, family members must meet health and character requirements as per the visa regulations.
• Work: One of the significant advantages of the Temporary Graduate visa is the ability to work unrestricted hours in any sector. This provides graduates with the opportunity to gain valuable work experience in their field of study or explore other career pathways while residing in Australia.

Here's a breakdown of the changes to Australia's Temporary Graduate visa programs.

• Age Eligibility: The maximum age limit for applicants applying under the Post-Vocational Education Work stream will be reduced to 35 years or younger.
• Eligibility for Hong Kong and British National Overseas Passport Holders: Despite the age reduction, individuals holding Hong Kong or British National Overseas passports will remain eligible for this stream if they are under the age of 50.
• Alternative Visa Options: Applicants who no longer meet the age requirements for the Post-Vocational Education Work stream may still have options available through other visa pathways. They are encouraged to explore these alternatives to continue their stay in Australia.
• Qualification Requirements: To be eligible for the Post-Vocational Education Work stream, applicants must hold an associate degree, diploma, or trade qualification closely related to their nominated occupation on the Medium and Long-term Strategic Skills List (MLTSSL). Those with degree-level qualifications or higher will no longer qualify for this stream and must apply through the Post-Higher Education Work stream .
• Duration of Stay: Successful applicants under the Post-Vocational Education Work stream may continue to stay in Australia for up to 18 months.
• Extended Stay for Passport Holders: Hong Kong or British National Overseas passport holders may have the option to extend their stay for up to 5 years, providing them with an extended period to live and work in Australia.

Australia tightens student visa rules, increases financial requirement as migration surges

• Age Eligibility: The maximum age limit for applicants applying under the Post-Higher Education Work stream will be lowered to 35 years or younger.
• Eligibility for Hong Kong and British National Overseas Passport Holders: Despite the age adjustment, individuals holding Hong Kong or British National Overseas passports will remain eligible for this stream if they are under the age of 50.
• Alternative Visa Options: Applicants who no longer meet the age criteria for the Post-Higher Education Work stream may still qualify for other visa options. They are advised to explore these alternatives to extend their stay in Australia.
• Termination of the 'Select Degree' Extension: The 'select degree' extension, which allowed for an additional two years of stay, will no longer be available under this stream.
• Bachelor's degree (including honours): Up to 2 years
• Masters (coursework and extended): Up to 2 years
• Masters (research) and doctoral degree (PhD): Up to 3 years
• Extended Stay for Passport Holders: Hong Kong and British National Overseas passport holders may have the option to extend their stay for up to 5 years, providing them with an extended period to reside and work in Australia.
• Bachelor's degree (with first-class honours in STEM, including ICT): Up to 3 years
• Masters (coursework, extended, and research): Up to 3 years
• Doctoral degrees (PhD): Up to 4 years

Record immigration is colliding with housing crises across the world

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VIDEO : What does the future hold for Australia’s economy?

• X (formerly Twitter)

LAURA TINGLE, CHIEF POLITICAL CORRESPONDENT:  All of a sudden it is just 12 months to an election.

A Prime Minister who has run a government that has tried to make a virtue of steady and middle of the road change faces a perfect storm of changes yet to be done, not much time to do it, and a slowing economy.

While journalists still talk about budget night, a sort of ‘one night of the year’ for political and economic junkies, the reality is that these days there is more of a budget season.

Governments have increasingly taken to running a long campaign of budget ‘drops’ abandoning the pretence of budget ‘leaks’ for a couple of weeks before budget day.

This year though has not just seen the shovelling out of individual spending announcements. The messages about what the budget is about have come thick and fast.

JIM CHALMERS, TREASURER:  This budget is about cost of living.

ANTHONY ALBANESE, PRIME MINISTER:  This Government is seeing the greatest investment in housing that we have seen for a very long period of time.

KATY GALLAGHER, FINANCE MINISTER:  You’ll see in the budget a focus on a Future Made in Australia.

JIM CHALMERS:  It will be good for mums and middle Australia, a budget for families, and pensioners, and students and young people.

LAURA TINGLE:  The announcements of all these ideas have often been notably short on detail.

DR ANGELA JACKSON, ECONOMIST, IMPACT ECONOMICS AND POLICY:  One of the things I guess, that the Government's going to really have to work on tomorrow night is what is the narrative out of this budget.

They're trying to hit a lot of different pots and really getting a clearer idea of what that clear narrative is for the economy over the next 12 months is a little bit difficult to decipher.

LAURA TINGLE:  The economy has been changing. The messaging is more difficult. Something the Treasurer seemed acutely aware of when we caught up with him in Sydney early last month. 

JIM CHALMERS:  It's definitely true that the balance of risks in the economy shifted a bit. Over the last few months growth is flat, consumption has been flat, even though we've got real wages growing and unemployment rate lower, and all of these sorts of things.

And so this one will probably be a little bit harder to land because it's a more of a nuanced set of economic conditions.

LAURA TINGLE:  And things have only become more complicated since then.

JIM CHALMERS (April 22):  Our concerns are focused primarily on commodity prices and revenue, the Chinese property sector and growth, Eastern Europe, Europe and supply chains and the Middle East and oil prices.

Because of this international uncertainty, the budget will downgrade forecasts for growth in most of the biggest economies that the Treasury provides a forecast for.

DR STEVEN KENNEDY, SECRETARY OF TREASURY:  Laura, can I show you the days to budget?

LAURA TINGLE:  Oh, absolutely.

STEVEN KENNEDY:  I have to say we've tidied it up a little bit. It had other things on it but we just left the numbers there for you.

LAURA TINGLE:  And is there is there a ceremonial cross around? Is that your job?

STEVEN KENNEDY:  No, no, the staff are much better with numbers than what I am. So they do the crossing out.

LAURA TINGLE:  That's reassuring.

Dr Steven Kennedy is the Secretary of the Treasury.

Last week he and his team were in the final stages of budget preparation, bringing together the decisions of Cabinet’s Expenditure Review Committee, or ERC.

STEVEN KENNEDY:  We would have had over 20 ERC's since January. The Government will have made hundreds of decisions.

On the night people are very focused on the new decisions but a big thing about governing is the fact that you have to make a lot of decisions just to keep governing and budgets are about that as well.

LAURA TINGLE:  So how to reconcile the changing economic pressures and all the demands for spending?

The toughest question facing the Government concerns inflation. The immense cost of living pressures facing households have been an obvious economic and political problem for the Government for much of the past 12 months.

But in the past couple of days, it has become clear there is now an even sharper question of economic and political credibility for Jim Chalmers and Anthony Albanese.

That’s because we go into tomorrow night’s budget knowing that - in a highly unusual turn of events - the inflation forecasts of the Reserve Bank and the federal Treasury are quite different.

DR ARUNA SATHANAPALLY, CHIEF EXECUTIVE, GRATTAN INSTITUTE:  The forecast that the Government has put out today, and as you say, unusually a day before budget, indicate a quicker drop in inflation than what the RBA forecasts showed recently.

What the Treasury is now expecting is that inflation will fall into the RBA’s target band of 2 to 3 per cent by the end of this year, which is slightly faster than what the Reserve Bank was anticipating.

LAURA TINGLE:  The Government says the difference stems from the fact the Reserve Bank’s forecasts are being made without knowing what is in the budget.

But there are two really obvious risks:

The first is that RBA Governor Michelle Bullock emerges next month and says the budget doesn’t change the bank’s view, meaning rates would be unlikely to fall until late next year.

That’s embarrassing in the short term but also means rates would not fall until after the federal election.

The second risk is that the vagaries of monthly statistics means that the Government’s forecast that inflation will be significantly lower at the end of this year is not met.

ANGELA JACKSON:  We're talking 0.1, 0.2 of a per cent, across a couple of measures but certainly, it seems that Treasury seems to think there is more of a downside risk than the RBA is factoring in.

In terms of which one's right, it's quite possible neither is right.

LAURA TINGLE:  The Government has been warned for months by economists that there are risks that its budget decisions could actually add to inflation including its decision to go ahead with the so-called Stage 3 tax cuts, even if they were redesigned in January to give bigger cuts to lower income earners at the expense of the higher paid.

ANGELA JACKSON:  In terms of the sort of overall impact on the economy, they remain relatively inflationary. You know, they're about $20 billion extra a year that's going to be flowing through the economy that isn't right now.

LAURA TINGLE:  The inflation outlook is also not the only thing to have changed. The budget will contain a lower growth forecast and will predict a higher unemployment rate.

ARUNA SATHANAPALLY:  So the economy slowed down, growth is sluggish. At a per capita or per person level, the economy isn't growing.

LAURA TINGLE:  A crucial decision in the budget - both in terms of the politics and economics - is the one to slash the migration intake in half.

The bounce back in migration after the pandemic was a major driver of economic growth but it has turned from major boon to major headache amid a shortage of housing that is now regularly described as a crisis.

ARUNA SATHANAPALLY:  The reason that the economy has continued to grow, and the reason that employment has stayed up, is because of migration. So an intention to pull back on migration will, all other things being equal, slow down the rate of economic growth. 

ANGELA JACKSON:  Look, it's going to have a big economic impact and I think this is really the economic cost of having a housing market that can't meet the demand for housing.

We do have a severe housing shortage at the moment and so adding people to that is only going to make it worse and so we are going to have to have a limit on that economic growth as a result of that.

LAURA TINGLE:  Dr Angela Jackson is also a member of the government’s Economic Inclusion Advisory Committee which advises the Government on the equity issues that it needs to consider. There are two things she would like to see in the budget tomorrow night on the equity agenda.

ANGELA JACKSON:  I think one is JobSeeker. I think we really have allowed the payment to deteriorate to a point where it is so far below the poverty line that it's doing more harm than good.

Providing universal access to every child in this country to three days regardless of whether their parents are working or not is an investment I think for the future that we should be making on equity grounds but also future economic growth grounds

ARUNA SATHANAPALLY:  There are certain forms of spending that still make social and economic sense. The Government signalled that it intends to support the early childhood education sector in its fight in the Fair Work Commission for a wage rise.

And that's an example of this sort of spending measure that ultimately makes economic sense because it's a sector that's facing real shortages.

LAURA TINGLE:  The Grattan Institute is also calling for a rise in rental assistance. Beyond all the questions about economic forecasts, and spending and taxing decisions, there is still the political task of selling a credible story to voters.

JIM CHALMERS:  I think the role of political leaders, and in this case, particularly the treasurer, there is an important story to be told about this country, its economy, and the role of these budgets in setting us up for the future. 

SARAH FERGUSON:  In a surprising move, the Government has released its inflation forecast ahead of the budget. It says inflation could be back in the so-called target range by Christmas. That would mean an inflation figure of 3 per cent.

It's highly significant because it suggests a possible interest rate cut could follow and it is also lower than the Reserve Bank forecast last week.

So what gives? Economist Chris Richardson joins me now. Chris, welcome.

First of all, how unusual is it for them to do that, and then after that, what do you make of this particular forecast?

CHRIS RICHARDSON, ECONOMIST:  It's unusual and it's important. It basically says to Australians not only do you get a tax cut in the next six weeks, you get an interest rate cut in the next six months and you get all that plus the extra spending that the Government is hinting that is coming and that state governments have announced in recent days as well.

That combination would be an economically and politically happy one for the Government.

SARAH FERGUSON:  But right now, what we're looking at is a situation where the Government has come out with this surprising forecast, as I just said, different to the forecast from the Reserve Bank only last week. How can those figures be so divergent?

CHRIS RICHARDSON:  And it is quite a lot of difference, and they are only a week apart and that week was a week in which a bunch of state governments announced a lot of extra spending and we will hear extra spending from the Government, the Federal Government tomorrow night.

Ordinarily, you would expect that the extra spending, if anything, was going to make inflation higher. It may be that Treasury is more worried about the 'everything else' spending, for example, by families being weaker than the Reserve Bank thinks. That could square the circle, or in other words, it may be careful what you wish for.

You might get lower inflation because the pain being felt by families in particular is worse than the Reserve Bank expects.

SARAH FERGUSON:  Let's just stay with what it actually means. If they've got it right and of course we won't know that for some time, but of course what the people in the audience want to know is if that forecast is correct, does that mean a bigger chance of getting a cut in the interest rate sooner than expected?

CHRIS RICHARDSON:  Absolutely. Everything now comes down to how fast the continuing fall in inflation is and when that says you can get an interest rate cut.

The market today bet its own money in judgement on the Government's new forecast. It didn't shift things too much. The market still thinks it's more likely that the next move from the Reserve Bank is up than down, but that the most likely thing of all is that rates don't change for a long time, including not before the election.

SARAH FERGUSON:  Let's just help the audience understand better why there is a discrepancy between the two. Is this a more political forecast than the Reserve Bank's forecast from last week, or there a really significant data difference between the two?

CHRIS RICHARDSON:  Both will have been professionally done. There won't have been political interference in either set of forecasts, but it is a big difference, and it is a difference again that comes despite the fact that the handful of days between the two forecasts saw governments open their purses and then spend a bunch more money.

That to me says really only one thing can square the circle, that the pain out there in the private sector is greater than the Reserve Bank thinks, or at least that's the Treasury view.

SARAH FERGUSON:  And just before that, is it the case that the money that was announced by the Queensland Government for electricity, the WA money in their budget and Victoria, is all of that included in the Government arriving at its forecasts?

CHRIS RICHARDSON:  It should have been. It's known and its big bucks. We are talking about those three alone is an extra $9 billion of government impetus to the economy inside the next 12 months.

SARAH FERGUSON:  Now, in the period leading up to tomorrow's budget, what we've been hearing from you and from economists across the country is that the Government needs to be very careful with this budget. They mustn't do anything to make it an inflationary budget. Does this forecast change the way we think about what's announced tomorrow?

CHRIS RICHARDSON:  Well, it certainly does. If Treasury is right, if inflation is falling faster than the Reserve Bank said, then it gives room. It means that the extra spending from the feds themselves and the states is a good thing, it's helping to protect the economy and yet allowing enough room for inflation to come down.

Or in other words, the Reserve Bank has tried to be on this narrow path, juggling inflation versus the pain in the economy. This is to some extent the Government wrenching the wheel away from the Reserve Bank and saying, "Hang on. Things look worse than you, the Reserve Bank, thought, we are going to spend a bit more and we think this is a safer path to be on."

SARAH FERGUSON:  Have we learnt something about Australians' savings habits because one of the big questions also around the money that is going to be announced tomorrow in terms of cost-of-living relief is we always think we understand that Australians spend that money, they don't save it.

Do the new numbers, the numbers of pain being suffered in the economy in household spending, does that suggest people are saving more than we used to?

CHRIS RICHARDSON:  As of the last numbers we have which date a couple of months ago, the average Australian was spending 97 cents in every dollar that they get. That would need to change pretty substantially, and clearly some people, particularly older and richer Australians will save some of their electricity rebate money, they will save some of their tax cut.

Chances are, though, that a fair amount of this money would be spent, and I think that's why markets are still suggesting that perhaps the Reserve Bank view on inflation is a bit more likely than the Treasury one.

SARAH FERGUSON:  So what do you do? If you are a consumer sitting at home, weighing up what to do, how to change their spending habits, their saving habits, should they bank this forecast? Should they rely on it or not?

CHRIS RICHARDSON:  Well, you've got two very reputable organisations saying two quite different things about inflation.

The good news is the common ground, inflation will continue to fall but just how fast it falls, Treasury is a bit more brave perhaps in its forecasts than others.

SARAH FERGUSON:  "Brave" is always an interesting word in politics. But just briefly on the question of how we understand this budget, there has been a lot of debate around whether or not cost-of-living relief is inflationary. Has Treasury come up with a magic formula that somehow this form of stimulus spending is not inflationary?

CHRIS RICHARDSON:  No, it hasn't. If these subsidies could magically, not merely help people with cost of living, but also help around inflation, why not double them or triple them or make them 10 times as big? There is no magic wand.

Cost-of-living relief tends to also be inflationary. That's why governments here and around the world do little things and pretend they are big things.

SARAH FERGUSON:  Alright, little things, big things. We will see what happens tomorrow, Chris. Look forward to your expertise again tomorrow. Thank you.

The Prime Minister told the Labor Caucus this afternoon that tomorrow night's budget will be "for every Australian, not just some." While it'll be the first to record back-to-back surpluses in nearly two decades, it comes at a time of increasing economic uncertainty. Here's chief political correspondent Laura Tingle.

And independent economist Chris Richardson speaks to 7.30’s Sarah Ferguson with his projection of the budget outcomes.

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IIFT Opens Registrations for MA and Ph.D. Economics Programs for 2024-25

Indian institute of foreign trade (iift), accredited by aacsb and graded a+ by naac, announces the opening of registrations for its ma (economics) and ph.d. (economics) programs for the academic year 2024-25. candidates must appear for an online entrance exam, with interviews scheduled for july 2024..

The Indian Institute of Foreign Trade (IIFT), premier 'B-School' in the country, was established in 1963 under the Ministry of Commerce & Industry, Govt. of India to contribute in the skill building for the external trade sector of India. The Institute was granted ''Deemed to be University'' status in 2002. The Institute was granted the prestigious AACSB Accreditation in 2021. With this the IIFT figures amongst the top 900+ Business Schools of the world which have earned this accreditation. In 2023, the institute was graded A+ by National Assessment and Accreditation Council (NAAC). For the Academic Year 2024-25, registrations are open for following programmes: 1. Two Year Full- time MA (Economics - Specialization in Trade & Finance) programme 2024-26 2. Ph.D. (Economics) Programme 2024 (Full-time & Part-time) Eligibility Criteria: 1. MA (Economics- Specialization in Trade & Finance) Programme 2024-26 Complete details about eligibility criteria are given in the Prospectus which is available at https://docs.iift.ac.in/Pilotweb/ma/brochure.pdf 2. Ph.D. (Economics) Programme 2024 (Full-time & Part-time) Complete details about eligibility criteria are given in the Prospectus which is available at https://docs.iift.ac.in/Pilotweb/phdeco/brochure.pdf Mode of Admission: Candidates will have to be appear in online proctoring based entrance exam. Shortlisted candidates will be called for Interview (in physical mode).

How to apply: Complete details about how to apply for IIFT's MA (Economics - Specialization in Trade & Finance) Programme 2024-26 and Ph.D. (Economics) Programme 2024 (Full-time & Part-time) are available on IIFT website i.e. www.iift.ac.in under Current Admissions.

Important Dates: MA (Economics) Specialization in Trade & Finance 2024-26 Last date of submission of application : 27th May 2024 Date of AI Proctoring Based Entrance Examination: 9th June 2024 (3.00 pm) Interview of shortlisted candidates : First/Second week of July 2024 Commencement of the programme : August 2024 Ph.D. (Economics) Programme 2024 (Full-time & Part-time) Last date of submission of application, letter of recommendation and statement of purpose : 24th May 2024 Date of Online Proctoring Based Entrance Examination : 9th June 2024 Interview of shortlisted candidates : First/Second week of July 2024 Commencement of the Programme : August 2024 Application Fee: Category MA (Economics - Specialization in Trade & Finance) 2024-26 Ph.D. (Economics) Programme 2024 (Full-time & Part-time) General / OBC/EWS Rs. 1600 Rs. 2500 SC/ST/PWD Rs. 800 Rs. 1250 Foreign Nationals / NRIs $ 80 (Rs. 6000) $ 120 (Rs. 8500)

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