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Economist

Economists perform economic research and analysis, and develop and apply theories relating to the production and distribution of goods and services and people's spending behaviour.

Economists advise and provide forecasts to governments and businesses on matters such as taxation levels, wages and prices, employment and unemployment, imports and exports, and interest and exchange rates.

They investigate international or national economic situations, or particular features such as industries or regions.

TASKS

Economists may perform the following tasks:

help formulate government economic policies
study the effects of government economic and monetary policies, expenditure, taxation and other budgetary controls on the economy and the community
identify opportunities to improve efficiency and international competitiveness
research, analyse and record the effects of government labour market programmes on economic and industrial growth
investigate the types of goods and services that are produced and consumed in Australia and in other countries
study industrial relations issues such as wage fixation and the effect of industrial disputes on productivity
prepare forecasts, analyse trends and advise on economic issues
provide management personnel with economic information and advice

PERSONAL REQUIREMENTS

able to think logically and analytically
able to discuss views clearly
able to write concisely
good at mathematics and statistical analysis

Interest Area

SPECIALISATIONS

Applied Industry Economist - studies the economic aspects of industry structure and performance, specialising in sectors such as agriculture or manufacturing.

Econometrician - uses economic theories, statistical methods and forecasting techniques to develop models. They feed data on possible future economic situations into models to see the likely results and wider implications of particular actions and advise industry or government on possible costs resulting from their policy decisions.

Environmental Economist - studies the environmental impact of projects and advises industry and government on environmental and natural resource management regulations. They also advise on the government's responsibilities in terms of international agreements and treaties about the environment.

Financial Economist - advises on investment and lending policies by studying economic trends and policy. They study the effects of government legislation and policy change on the financial system, and evaluate the economic and financial aspects of investment projects by preparing financial models and budget plans.

Labour Market Economist - studies the economic aspects of proposed government policy and its possible effects on the labour market. They recommend improvements in techniques for settling labour disputes and related problems to government agencies, business organisations or industrial groups. They study matters such as labour legislation, unemployment benefits, industrial accident provisions, education, collective bargaining, trade unions and industrial factors, and their impact on the labour market.

Resource Economist - analyses policy and issues related to natural resource industries such as minerals, fisheries and forestry. This includes supply and demand of resources and how their extraction affects the environment.

Taxation Economist - studies sources of government income, the methods of expenditure and the effect of taxation and fiscal policy upon national income and overall business activity.

Transport Economist - studies the efficiency, financial organisation and interaction of systems such as railways, air transport, shipping, trucks, buses and cars. They examine the allocation of private and government resources to transport systems and the implications of fuel production and importation. They also study the effects of regulation, development and the application of demand models, as well as analyse the implications of investment proposals in the transport industry.

EDUCATION & TRAINING

To become an economist you usually have to complete a degree in economics at university. To get into these courses you usually need to gain your HSC/ACT Year 12. Prerequisite subjects, or assumed knowledge, in one or more of English and mathematics are normally required. Most universities in Australia offer degrees in economics.

Universities have different prerequisites and some have flexible entry requirements or offer external study. Contact Open Universities Australia or the universities you are interested in for more information as requirements may change.

EMPLOYMENT OPPORTUNITIES

Economists are employed by federal, state or territory government departments; employer organisations and trade unions; financial institutions (for example, banks and insurance companies); other commercial organisations; and private consulting firms.

Competition for available positions is strong and postgraduate study is recommended to improve employment prospects.

Graduates often find work in administration, management and marketing.

The demand for economists depends on the level of government and private research and analysis, as well as economic activity levels.