11–12Economics 11–12 Syllabus (2025)

Role of government in the economy, including redistribution, reallocation, stabilisation and correction of market failure

Role of Aboriginal and Torres Strait Islander advisory bodies in shaping government policy for economic outcomes

Governments as social welfare-maximising agents, including improving quality of life

Features of the Australian federal Budget and tax-transfer system

Regulation as a government tool to manage the economy and minimise, mitigate or eliminate harm

Government use of nudges and incentives to alter the economic behaviour of households and businesses

Arguments for and against the privatisation and nationalisation of businesses

Purposes of taxation for the economy and society

Major sources of Australian Government revenue

Features of the tax base, including income, wealth and consumption

Types of taxation, including personal income, profit, sales taxes and excise duty

Characteristics and types of direct and indirect taxes, including the economic and legal incidence of tax

Features of a good tax, including simplicity, fairness and efficiency

Rationale for reform of the Australian taxation system

Purpose of recurrent and non-recurrent government spending, including transfer payments, essential services and infrastructure

Major areas of Australian Government expenditure

Rationale for reform of Australian Government spending