phd economics jobs in australia

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

Program code

Delivery mode, domestic / international.

International

Useful links

Student research

Scholarships

Student life

Find a research supervisor

Accreditation

PhD in Economics

The PhD program in Economics is offered by the Research School of Economics (RSE), and caters to candidates of the highest academic ambition. RSE offers a diverse and stimulating intellectual environment, attracting candidates as well as faculty from all over the world. The School values open academic discourse, encourages collaboration, and is continuously searching for ideas that push and shift the research frontier. Our world-class faculty teach, supervise and support candidates on their journeys to become thought leaders in academia, government, national and international research institutions, think tanks, and business.

CRICOS #: 048345A

Duration: 2 to 4 years full time (4 to 8 years part time)

Before you submit an application for entry to the program, you should:

• ensure you meet the admission requirements outlined below.
• identify potential supervisors – that is, one or two academic economists at ANU who conduct research in your area of interest.

You can find information on researchers and their research areas in the  ANU researchers database  and  RSE staff directory .

While other ANU schools may recommend contacting potential supervisors before submitting an application,  this is not required  for entry into RSE’s PhD program. Instead, you only need to list the name(s) of potential supervisors in your online application form.

Potential supervisors cannot guarantee entry into the PhD program. Admission will depend on the strength of your application relative to others in the pool.

After you’ve completed the steps above, you can proceed with an  online application .

Application deadlines

The first semester of the ANU academic year starts in February, and the second semester starts in July. In general, successful applicants will start their PhD program with RSE in Semester 1 of the following year. While all applications for first semester entry must be submitted  before 31 October,  international applicants wishing to be considered for an  ANU scholarship  should submit their applications  before   31 August .

To be considered for a scholarship, your application must be accompanied by all the supporting documents listed below, including the referee reports. Request for referee reports are triggered and sent to your nominated referees at the time of submission of program application. It is thus important that you submit your application in advance (2-3 weeks) to allow time for your referees to provide their reports prior to the scholarship deadline.

If you’re currently completing an academic degree and haven’t yet received your final results and transcript, you should still submit all available documents before the deadline, and forward remaining results once you receive them. We won’t make a final decision on your application until we’ve received all the required documents.

If you’re admitted to the program, you’ll be expected to attend the pre-PhD summer course, Mathematical Techniques for Advanced Economic Analysis, which is offered during January and February, before the start of the semester.

Due to the sequencing of the coursework required for our PhD program, we’ll only consider applications for entry in the second semester (starting in July) if you have completed the ANU Master of Economics, or if you have a strong background in mathematical and statistical techniques.

ANU Master of Economics students interested in applying for entry into our PhD program should discuss their applications with the RSE Masters convenor  after completing the first year of the Master coursework ). All applications for entry in Semester 2 must be submitted  before  31 March .

The admission requirements for the PhD program in Economics reflect the advanced knowledge in economics that candidates will need to undertake the coursework component of the degree, and the research experience and skills needed to successfully undertake and complete the research thesis.

The minimum qualification requirement for admission to the PhD program in Economics is:

• a Bachelor degree with First Class Honours or Second Class Honours Division A in economics from an approved university, or
• a Bachelor degree with First Class Honours or Second Class Honours Division A in mathematics and/or statistics from an approved university, which includes a major or equivalent in economics, and a final grade at least of distinction in a third-year economics course, or
• an ANU Master of Economics, or an equivalent postgraduate qualification  in economics  from an approved university, with results that the convenor deems to be at least equivalent to Second Class Honours Division A at ANU.

Additionally, you will have to show evidence of your:

• advanced knowledge of microeconomic theory, macroeconomic theory and econometrics
• adequate background in mathematical methods and mathematical economics (at a minimum, at the level of the book  Mathematics for Economists  by Simon and Blume)
• research experience, e.g. in the form of an honours or Master thesis or research project, at a standard equivalent to a Second Class Honours Division A degree.

Admission to the PhD program in Economics is competitive and we can only admit a limited number of applicants each year. Meeting the minimum entry requirements does not guarantee you a place in the program.

If you don’t satisfy the eligibility criteria, or if you have the required qualifications but would prefer to have a refresher before applying to enter the PhD program, you can choose to first complete the  Master of Economics .

English language requirements

All applicants must satisfy the University’s  English language admission requirements . An international applicant who is not a native English speaker may satisfy these requirements by submitting evidence of an  IELTS  overall score of at least 6.5, and with no component less than 6.0, or a paper-based  TOEFL  score of at least 570, with at least 4.5 in the essay component.

Application and supporting documentation

You must submit your application online via the  ANU Application Manager .

In addition to the standard information required in the online application, you must submit the following supporting documents as part of your application:

• transcripts from previous study
• a brief research proposal that outlines your proposed area of research and the questions that you plan to address as part of your PhD thesis – see guidelines on how to  prepare a persuasive research proposal
• a copy of your honours or Master thesis
• details about your previous study in economics (e.g. course outlines of advanced economic theory and econometrics courses taken, including details of textbooks used)
• official  TOEFL  or  IELTS  results (where applicable) to demonstrate that you satisfy the University’s  English language requirements
• nomination of three referees. A referee report form will automatically be sent to the referees you list in your online application. Your application will be complete and ready for assessment once we receive all documents, including referee reports.

GRE requirement

As part of your application, you must also submit your  GRE General Test  results. The GRE  designated   institution code  for the  ANU College of Business and Economics  is  7833 . You should use this code to submit your official GRE results.

You’re exempt from the GRE requirement if you’ve already completed some of the coursework required for the PhD as part of an ANU Master of Economics or ANU Honours in Economics degree. Similarly, you’re exempt if you’ve completed an Honours in Economics degree from an Australian or New Zealand university, but we encourage you to provide GRE results to improve your chances of admission and scholarship support.

Offers of admission

The HDR (higher degree by research) convenor will review all complete applications submitted by the relevant deadline.

If your application is short-listed, you may be required to attend an interview (face to face or online).

We may send you an offer of admission if you satisfy the eligibility criteria and your area of interest matches those of RSE academics with supervisory capacity. However, since admission is competitive and supervisory capacity is limited, we won’t send any offers of admission until  after the relevant application deadline , irrespective of the date when you submit your application.

The PhD program in Economics consists of two components –  coursework  and  research .

Candidates undertake the research component after successfully completing the required coursework.

PhD coursework component

Pre-phd course.

All admitted candidates are expected to arrive in Canberra four to six weeks before the beginning of the semester and attend the pre-PhD course in Mathematical Techniques for Advanced Economic Analysis.

Candidates undertaking a PhD are normally required to successfully complete eight semester-length courses (including five compulsory courses) over two consecutive semesters of full-time study. Candidates holding the ANU Master of Economics degree may be exempt from part of the coursework requirement, at the discretion of the HDR convenor.

The coursework for the PhD in Economics consists of:

• ECON8011  Microeconomic Theory
• ECON8022  Macroeconomic Theory (Master)
• EMET8014  Advanced Econometrics I
• ECON8021  Topics in Microeconomic Theory
• ECON8001  Topics in Macroeconomics
• EMET8008  Advanced Econometrics II
• ECON8053  Game Theory
• ECON8076  Topics in Game Theory
• ECON8080  Advanced Behavioral Economics
• ECON8050  Economic Growth 
• ECON8009  International Monetary Economics
• ECON8070  Political Economy of Macroeconomic Policy
• ECON8014  Computational Methods in Economics
• EMET8001  Applied Micro-Econometrics
• EMET8010  Applied Macro and Financial Econometrics
• EMET8012  Business and Economic Forecasting
• MATH6110  Analysis 1: Metric Spaces and Applications
• MATH6212  Analysis 2: Lebesgue Integration and Hilbert Spaces
• MATH6214  Advanced Functional Analysis, Spectral Theory and Applications
• ECON8002  Applied Welfare Economics
• ECON8003  Economic Policy Issues
• ECON8010  The Economics of Taxation and Redistribution
• ECON8034  Public Sector Economics
• ECON8041  Labour Economics and Industrial Relations
• ECON8039  Health Economics
• ECON8037  Financial Economics
• ECON8038  Industrial Organisation
• ECON8047  Law and Economics
• ECON8040  Resource and Environmental Economics
• ECON8015  International Economics
• ECON8006  International Trade Theory

PhD research component

Upon successful completion of the compulsory courses and electives, PhD candidates proceed to the research component of their program. PhD candidates with two or more fails in their coursework cannot proceed to the research component.

The research component normally takes 36 months of full-time research. During this time, candidates write their thesis.

In each of the three years of research (when studying full-time), each candidate is expected to present their research at one of the  seminars run by RSE .

Research supervisory panel

When a PhD candidate is admitted to the program, a provisional supervisor – usually the HDR convenor – oversees the candidate’s progress until a primary supervisor is appointed. The Director of the School and the HDR convenor determine the primary supervisor and supervisory panel in consultation with the candidates.

Sometimes candidates change their topic, and this could necessitate changes in the supervisory panel. These changes are coordinated by the primary supervisor or the HDR convenor. All supervisory changes have to be approved by the convenor of the program and the Delegated Authority in accordance with ANU HDR policies and procedures.

RSE research seminar program

The RSE  research seminar series  consists of weekly seminars presented by national and international researchers. PhD candidates are expected to attend and participate regularly in the seminars throughout their candidature. Beginning with their thesis proposal review, candidates are also expected to present in the seminar series at least once every year.

Research integrity training

Within three to six months of enrolment, all PhD candidates must complete the  Research Integrity Training  and pass the exam. Completion of this course and exam is a compulsory milestone for all PhD candidates.

Thesis proposal review

In their second year of study, PhD candidates must submit a thesis proposal for review by their supervisory panel. The purpose of the review is to assess the originality, significance, adequacy and achievability of the candidate’s thesis plan.

The candidate generally submits their thesis proposal in conjunction with their first seminar presentation. The proposal includes a description of the research to be undertaken in the thesis, and a summary of the thesis structure and time plan. Successful completion of the thesis proposal review is required to continue in the program.

Annual progress review

It is University policy that each candidate’s progress be reviewed periodically. In each year of their program, PhD candidates are required to submit an  annual plan and report  as a basis for periodic progress review. This document provides details on work completed by the candidate since the previous review, current progress, and any problems that may impact their research. It also outlines the coursework and research the candidate intends to undertake in the following 12 months.

Oral Presentation

In their final year, candidates are required to give a final  oral presentation  on their research, usually three months before submitting their thesis.

Read more about  research candidate milestones .

Thesis submission and examination

The culmination of the PhD in Economics is a written thesis which, upon completion, is submitted for examination. The thesis is examined by two or three experts in the relevant field.

The PhD degree is awarded on the basis of the examination of the thesis. The examiners would be aware that the candidate has completed coursework requirements, but the level of performance in coursework is not taken into account in examining the candidate’s thesis for the award of the degree.

For more information on the process, visit our page on  submitting a thesis .

For information about scholarships available to HDR candidates, visit our page on  scholarships and fees .

Read details of some of our alumni’s recent  job placements .

A list of current PhD candidates in Economics is available on the RSE website .

Personalise your experience

Graduate Research

Doctoral Program in Economics

• Arrow-right #8 Globally for graduate employability

Course overview

What is it about.

The Doctoral Program in Economics at the University of Melbourne is the leading PhD program in the region and sits among the world’s top graduate research programs. This program is jointly offered by the Department of Economics and Australia’s pre-eminent economic and social policy research institution, the Melbourne Institute of Applied Economic and Social Research . The diversity and depth of available research advisors and research topics in theoretical and applied economics in Australia is unparalleled in the region.

The Doctoral Program in Economics is made up of a 2-year Master of Commerce coursework program followed by a 3-year PhD.

Generous scholarships are available for high achieving applicants, including full fee waivers and a stipend of AUD 37,000 per year (2024 RTP rate).

Research conference travel funding of AUD$15,000 is available to all confirmed PhD candidates.

Our students have access to state-of-the-art experimental labs, funding support for national and international conference travel and access to all major research databases. Each year’s intake consists of up to 15 domestic and international students, providing a solid cohort learning experience.

In the Doctoral Program in Economics, we provide a collegiate environment in which all aspects of being an economist, from technical skills, the ability to formulate and undertake independent research, and to clearly communicate your findings, are developed to the highest level.

Register to attend an information session

Who is it for?

This program is designed for students with prior training in economics or a related discipline with a strong analytical/mathematical component, who wish to gain advanced skills necessary to practice as a professional economist in the public or private sectors.

Related study areas

• Arts, humanities and social sciences
• Business and economics
• Data and analytics
• Economics, econometrics and analytics
• Information technology and computer science
• Social and political science

PhD Economics jobs in Australia

Phd opportunity, centre for transformative innovation.

Swinburne University of Technology

• Hawthorn, VIC

Education Fellow In Economic & Strategic Planning

The University of Melbourne

• Parkville, VIC
• $80,258-108,906 per year

Sydney PhD & Postdoc Discovery Day 2024

SIG Susquehanna

• Sydney, NSW

Education Focused Academic Roles - Faculty of Business and Economics

• Melbourne, VIC

Lecturer, Health Economics

Deakin University

• Burwood, VIC
• $108,804-128,689 per year

Quantitative Researcher - PhD Hire

Quantitative systematic trader- phd hire, quantitative research intern - phd hire, quantitative systematic trading intern - phd hire, associate researcher, biostatistics.

The University of Sydney

• $83,454-112,462 per year
• Camperdown, NSW

Academic Positions in Management (Level B or C)

Academic positions in marketing (level b or c), research fellow.

Australian National University

• Canberra, ACT
• $110,162-124,903 per year

Department Support Officer

• $79,961-91,844 per year

Post-Doctoral Research Fellow in Gender Equality at Work

• $118,390 per year

Postdoctoral Research Associate / Research Fellow in Social-Ecological Modelling

• Forest Lodge, NSW
• $105,350 per year

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• Careers Guide

How To Become An Economist In Australia: A Complete Guide

  By OzStudies Editorial Team

Last Updated: 29 Mar 23

Are you a detail-oriented and methodological person who likes researching and analysing data?

Economists research, evaluate, and advise businesses and governments about the country's economic state. They analyse the manufacture, consumption, and distribution of goods, resources, and services.

To become an Economist in Australia, you must complete an undergraduate three-year degree in economics or commerce. A postgraduate qualification will improve your skillset and help you specialise as an economist.

This article will help you jumpstart your profession as an economist. You will learn about what Economists do, their qualifications, courses, degrees, salary, job prospects, graduate jobs, and how to become one in Australia.

1. Who Is An Economist?

An Economist, also called an economic analyst, studies data and economic research findings to identify economic trends and offer guidance on issues affecting society and business.

They study the international economic situation, advise MNCs and governments, and evaluate a small firm's economy to help them maximise their profits.

Economists also examine the socioeconomic groups, industries, the regional, national, and global economy to offer advice and predictions to businesses and governments. These include taxation, wages, imports and exports, interest rates, exchange rates, and employment and unemployment.

It helps them make informed decisions on economic policies and investments.

2. What Does An Economist Do?

Economists analyse the behaviour and interaction of people and organisations. Based on this, they predict economic conditions, make, and implement policies, formulate corporate strategies, and offer guidance on investment decisions.

Here is a comprehensive list of tasks and duties of economists in Australia:

Use historical data to evaluate economic trends, map changes with time, and forecast future movement.

Help create government economic policies.

Examine the impact of economic and financial policies of the government and budgetary policies, such as taxation, and expenditure, on the economy

Implement economic concepts in real-time financial projects to evaluate relationships between demand and supply and the manufacture and distribution of goods.

Develop and implement theories on the spending behaviour of people and the manufacture and supply of goods and services. 

Prepare recommendations, plans, and policies for the nation's economy, business investment, and strategies and perform feasibility studies.

Study workplace issues that include wage fixation, enterprise bargaining, economic growth, and the impact of workplace programs on productivity.

Predict fiscal environment changes for investment, short-term accounting, and long-term planning.

Prepare charts and reports forecasting market trends, including housing consents, retail spending, government spending, business investment, imports, and exports.

Guide on economic matters, including taxes, financial planning, and budgeting 

Conduct surveys and gather macro and microeconomic data to predict an upsurge or decline in economic growth.

Organise and understand complex data and information, including fluctuations in exchange rates and terms and conditions of trade.

Communicate research findings in visual forms such as charts and reports to make them easily understandable for investors.

Recognise opportunities to enhance efficiency and global competitiveness

Analyse and document the impact of the labour market and industry programs and policies on monetary growth, social welfare, training, and education.

Evaluate the types of services and goods manufactured and consumed in Australia and worldwide and report it to concerned management personnel.

Read regular reports from other economists and government departments to stay updated on current economic issues, including import and export figures, interest rates, etc. 

3. Skills To Become An Economist

Employers in Australia generally look for the following skill in a job applicant set to hire them as an economist:

Interest in Economics

Good research abilities

Good communication skills

Logical thinking

Computer literacy

Numerical skills

Analytical approach

Problem-solving skills

Able to discuss opinions clearly

Able to write briefly

Good knowledge of statistical analysis

Methodological

Able to offer advice on economic matters

Able to work independently or as a team

4. Qualifications For An Economist in Australia

Interesting in pursuing a career as an Economist in Australia? You will need a tertiary qualification from an accredited training institute to seek an entry-level role in this profession.

A  Senior Secondary Certificate  of Education in Maths and English

A degree in economics or commerce, such as a 3-year Bachelor of Commerce or a Bachelor of Economics. Those with a commerce degree can pursue a Master of Economics or even a PhD within the Economics discipline for advanced knowledge and career progression.

Membership in an industry association like  The Economic Society of Australia  will help build professional connections and stay updated with industry news.

4. Steps To Become An Economist In Australia

Here is a complete roadmap on how you can become and work as an Economist in Australia:

Step 1: Get Qualified

Earn an  undergraduate  course in economics or commerce, such as a 3-year Bachelor of Commerce or a Bachelor of Economics.

As the economics degree gets mathematical around the third year, students should have a mathematics background, completed Year 12 in mathematics. An honours degree is beneficial to gaining employment as a professional economist.

If you are a commerce graduate, a  postgraduate  qualification in economics or commerce is ideal for boosting your employment prospects.

Knowledge of finance can also improve your employability for a private financial sector role. With these qualifications, you can start applying for economist jobs in Australia.

Step 2: Put Theoretical Knowledge Into Practice

Many universities run  internships  and group consulting project programs. This help apply your academic learning via practical experience and empower you to use your leadership skills and economic knowledge to deal with real-life scenarios.

Step 3: Join An Industry Association

It is beneficial to become a member of  The Economic Society of Australia  to stay informed of the latest industry news and economic trends and developments.

5. Relevant Courses for Economists in Australia

A Bachelor In Economics helps the student understand human behaviour and how peoples' and institutions' decisions interact to govern economic and societal consequences.

The degree explores policymaking, regulation, property rights, inflation, government interaction, strategic interaction, and labour markets, helping develop distinct insights and transferable analytical skills.

Along with knowledge of conventional economic issues such as taxation, trade policy and unemployment, economics enables people to understand and find solutions for human challenges, including bribery, global inequality, climate change, political divergence, and health care and education.

You will benefit from a degree at any of the Australian universities and training institutes:

Sydney University

University of Tasmania

University of Western Australia

Deakin University

University of South Australia

6. What Is Economist Stream Program, And How To Apply For It?

The Economist Stream is a centrally co-led program by the Treasury and the  Australian Public Service Commission .

This program allows working with the leading Macroeconomic Forecasters and Economic Policy Analysts of Australia. Further, it will enable contributing to making decisions on macroeconomic, global economic, and national economic policies for the welfare of Australians.

An Economic graduate can  apply for APS Economist Stream . The Treasury will lead the hiring of the Economist Stream with the support of an outsourced provider and volunteering agencies.

Shortlisted candidates will undergo a graduate program in an agency or a department. It will provide them with development and training to progress their skills, confidence, and knowledge as valued APS members and contributors.

Trained candidates can work for several Economist roles across agencies and departments in the  Australian Public Service sector .

You will be eligible to work in the government's monetary policies, domestic and global economic situations, budgetary policies, and predicting changes in the fiscal environment.

Eligibility Criteria:

Australian citizenship

Complete an Australian-recognised undergraduate or master's degree with a major or minor in Economics. It should be at most five years old on the date of application.

A credit average , or higher, to stay competitive throughout the selection procedure.

Willingness to  relocate to Canberra  for the entire duration of the graduate program.

Willingness to get a valid  Australian Government Security Clearance  before commencing the program.

7. How To Become An Economist Without A Degree?

Looking into history, you will find that most of the Nobel Prize winners in Economics had a Mathematician or statistician background. Thus, to make a career in this sector, you should have a highly quantitative background in Physics, Math, and Statistics.

Most candidates with an undergraduate degree in a non-related field should pursue a Master's, MBA, or PhDs in economics. The key is to gain a good grasp of quantitative methods and mathematics to make a professional career as an Economist.

8. Work conditions For Economists in Australia

Economists work in offices in various settings, such as government departments, universities, and businesses.

Most Economists' workforce is in  New South Wales .

Nature of Employment

According to Job Outlook, around 84% of economists work full-time. 

It shows that there are fewer opportunities for part-time workers.

Full-time workers in this sector work 44 hours, the same as the industry average.

They may even work overtime to meet stringent deadlines, such as when yearly reports are due.

Economists may conduct research and prepare reports either independently or as a team.

Tools and Technologies

Use computers to perform research and generate reports.

Work on spreadsheets, database management programs, and software programs to create mathematical models and perform statistical analysis to predict upcoming economic developments.

The average age of employed economists is 37 years.

Around 33% of the employed workforce comprises females.

It is an opportunity for aspiring female Economists who wish to pursue this profession.

9. Employment For Economists In Australia

Economists are sought after by state, territory, or federal government departments, trade unions,  policymakers  at all government levels,  financial institutions , private consulting firms, international organisations, commercial organisations, and non-profit organisations.

Combining an Economics major with other fields such as environmental science, philosophy,  accounting ,  finance , psychology,  history , mathematics, and  politics  is great for diverse careers such as researchers ,  analysts ,  journalists , advisors ,  consultants , and forecasters.

The public sector departments in Australia that recruit Economists:

The Reserve Bank of Australia

Productivity Commission

Federal Treasury

Key Private Sectors in Australia That Recruit Economists:

Investment and Commercial banks

Energy firms and regulators

Economics, Engineering, and Management consulting organisations

Areas of Specialisation Include:

Environmental Economist

Financial Economist

Labour Market Economist

Resource Economist

Taxation Economist

Transport Economist

Applied Industry Economist

Econometrician

10. Prospects For Economists In Australia

The job prospects for economists depend on economic activity and the levels of government. As there is competition for available job roles, postgraduate study is beneficial to enhance employment prospects.

Economic graduates work for public and private sector companies in marketing, public administration, financial and insurance, professional, technical and scientific, and management services.

Though economist professionals work throughout Australia, NSW and VIC are the top hiring states. 

Here is the breakup of the employment percentage of Economists in prominent states of Australia:

New South Wales: 34.1% 

Victoria: 26.0%

Australian Capital Territory: 15.4%

Queensland: 12.6%

Western Australia: 6.7%

South Australia: 3.5%

Tasmania: 1.0%

Northern Territory: 0.8%

11. Salary Of An Economist In Australia

The job vacancies for economists range between $80k and $100k in Australia.

Based on Indeed 2022 data, the average economist salary in Australia is $92,400 per year. The weekly and hourly economist salary is $1,691 and $47.26 in Australia.

The earnings of economists are higher than that of professionals working in other areas of business. The strong earnings of economist graduates come from their quantitative skills and analytical thinking.

Where the starting salary of an economics graduate is similar to that of other business graduates, their wages tend to rise at a pretty fast rate with the increase in experience.

According to PayScale 2022 data, the average graduate economist salary for an entry-level economist (1 to 3 years of experience) is $107,541 and the average senior economist salary in Australia (8+ years of experience) is $193,289.

The Top Paying Cities For Economists In Australia Are:

Economist salary Sydney NSW: $118,230 per year

Melbourne VIC: $116,851 per year

Economist salary Brisbane QLD: $110,062 per year

Hobart TAS: $102,712 per year

Melbourne City Centre VIC: $101,910 per year

St Lucia QLD: $91,913 per year

Canberra ACT: $89,135 per year

12. Conclusion

As an Economist, you get the opportunity and responsibility to formulate and implement policies in the nation's best interest.

This generalised qualification educates you on the financial crisis, exchange rates, the employment market, stock markets, and house prices, which leads to various career opportunities.

Now that you know everything about the job role, it is time to get qualified and make a lucrative career as an Economist.

Useful Links to Explore:

• English Language Requirements for Australia
• Cultural differences you may experience in Australia
• How to find Part-Time work as a Student in Australia
• Seven Tips for Students on a Budget in Australia
• How to get a Scholarship to Study in Australia
• Driving in Australia as an International Student
• How to change your Course or Institute in Australia
• The Benefits of a Professional Year Program (PYP)
• A Complete Guide to Study in Australia
• Types of Education in Australia
• What to Study in Australia?

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