Business Management 

Incursion by Reserve Bank of Australia

New and exciting things have been happening within our college this term as there was another incursion  on 27th February by Reserve Bank of Australia.

 

The main purpose of this incursion was to provide engaging information and a valuable learning experience for our Year 10 World of Business students and a snapshot of the Australian economy and the role of Australia's central bank in economic growth. These incursions not only provide a range of information, resources and learning experiences to support students with their learning but also guide them to choose their future pathways. This incursion was an important event for the Year 10 World of Business course as it was very much relevant to their first assessment task.

Following are some highlights of this event.

 

Students learnt about Government banking that include Centrelink payments, old age pensions, Medicare payments, and how welfare payments during times of crisis like floods or bushfires are made by the RBA on the behalf of the Australian Government.

 

The presenter also mentioned about the importance of financial stability, types of payment systems in Australia and the concept of cash rate, which helps the government to decide the Monetary Policy in the country.

 

It was interesting for our students to understand how the recent data and graphs indicate the country’s growth and helps in making future government policies and predictions.

 

Another interesting fact mentioned was that new 20-dollar notes are going to be in circulation by October 2019, designed and produced by RBA. Another fact they learnt is that RBA is also the lender of last resort. The presenter also discussed with our students how to become an economist and make their carrier in RBA.

 

Overall, students and staff found this incursion a valuable learning experience 

 

Parminder Kaur

Mathematics and Business Management Teacher

 

Here are few words from our students who attended this event.

 

Year 10 World of Business cohort this term got an opportunity to understand how the RBA or the Reserve Bank of Australia works. We had a guest speaker Ms Sharon who talk to us about the non commercial bank, RBA. The main focus for this incursion was to interpret the different policies and role of an economist in society. We further learned about financial stability and monetary policy. During the session, we were told the different job options that could be ideal for an economics student. The incursion was really helpful and gave all of us a better idea of why the Reserve Bank is important in our economy.

 

Chhavi Goel Year 10

 

 

On 27th February Sharon, an economist from RBA came to GEC to give us knowledge about the economy. We were informed about the monetary policies, which involves cash rates, exchange, circulation of money and the production of notes. We also discussed the difference between unemployment and underemployed; it was shown via two graphs. Overall we think these incursions are a good learning experience and we should organise for more to come in.

 

Zac, Lilli and Phoenix Year 10

 

 

In our World of Business incursion on 27th February, we learnt about the role of Reserve Bank of Australia. The unemployment rate was very high in the late 80s the unemployment rate since has dropped to under 5%. What we learnt in the topic of GDP was the GDP formula, which is Consumer + Investment + Government spending + Net imports. We also learnt the Head Office of Reserve Bank of Australia is based in Sydney but has its branches in Brisbane, Melbourne, Perth and Adelaide. RBA also have branches overseas in London and New York.

 

Overall it was an informative event for all of us. I enjoyed this event.

 

Peter Haritos Year 10

Australian Tax Office (ATO) Incursion

On Thursday 21st February 2019, Year 11 Business Management and Year 11 Accounting students had an excellent opportunity by having an incursion hosted by Australian Tax Office. The School Education Program helps prepare students to enter and interact with the tax and super systems by teaching the topics in an engaging way.The purpose of this program is to provide a chance for students to be able to extend their subject knowledge on Tax, Super and Businesses in Australia.

 

Following were the topics that were discussed during this presentation

  1. An introduction to the tax and super systems
  2. Why you need a tax file number (TFN) – How to get one
  3. Information on tax and HECS/HELP scheme, when preparing to enter the workforce or study
  4. Understanding tax bracket and how to lodge tax returns
  5. What type of information ATO wants from businesses in Australia
  6. Taxable deductions in the businesses
  7. Cash economy in the country
  8. How to spot if there is a SCAM under the name of ATO, what strategies can be used to avoid such scams
  9. An overview of superannuation.

 

It was a very informative presentation through PowerPoint and videos to engage students. It was very nice to see that our students were asking questions of the presenter about how they can prepare themselves to work in ATO in their future careers. 

 

The students and staff who attended found the incursion to be an invaluable learning activity.

 

Parminder Kaur

Business Management and Mathematics Teacher

Here are few words from our students on this Business Incursion

 

On Thursday 21st February, the Year 11 Business Management and Year 11 Accounting classes had the opportunity to learn and gauge new skills in relation to tax and managing our money as we mature, from an expert Mr Chris Ramsden, who works at the Australian Taxation Office.

 

At the beginning of the incursion, we were all extremely interested to learn about what was involved in transitioning into working life, getting a job and how all this related to how we will ultimately give back to our cities and country as a whole. We were assisted to understand why taxes are important and how they benefit the nation and communities.The whole year level found it extremely important and helpful to learn about tax file numbers in depth as this is something that I personally will be coming across in my future very soon as will many fellow students who are in the same position.

 

Mr Ramsden also explained how we should be protecting the security of our Tax file numbers and why this is important. In today's modern world it is crucial to understand where personal information should and should not be shared and we were extremely glad this was discussed in relation to the personal income we will be receiving when entering the workforce.

 

The incursion was largely a powerpoint presentation, however Mr Ramsden included videos, helping to visually explain what he was talking about in a simpler form. I believe everyone who attended the incursion found these videos really interesting and I thought this gave us a unique and memorable way to understand what we were learning about.

 

Overall, this presentation was extremely informative for me and my fellow students who are keen to study business and economics. From learning about topics ranging from tax returns to student loans, the information presented in this incursion was highly beneficial and will guide me in this important area long term.

 

Bridie Skinner Year 11

 

Last week a representative from the ATO (Australian Taxation Office) came and gave all the Year 11s who are doing Business Management an incursion oh what the ATO is about and what rights and responsibilities we as citizens of Australia have regarding taxation. We learnt the reasons for paying tax including how tax funds many parts of our infrastructure including hospitals, schools and roads as well as that the amount of tax we pay depends on our annual income. The main part of the presentation was about your tax file numbers. He explained the reasons of having a tax file number, these include being taxed the right amount according to your wage, superannuation, the ability to defer your higher education fees, lodge your tax return and lastly the ability to access Centrelink allowances such as a Youth Allowance and Newstart. After explaining the reasons for getting a tax file number he then showed the appropriate way to protect your tax file number from scams and other persons. Overall I found this incursion by the ATO extremely helpful in widening the range of my business knowledge.

Noah Loven Year 11