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Economics: the RBA Snapshots are a great study tool

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Economics: the RBA Snapshots are a great study tool

It’s up-to-date data that you should be constantly checking in on.

There are plenty of timeless concepts in Economics – like “supply and demand” – but so much of your understanding of the subject will be tied to what’s actually happening in the real world.

In terms of Australia’s economy, the trends and information, there’s possibly no better source of information than the Reserve Bank’s regularly updated Snapshots. Here, you’ll find a great, broad overview of the statistics that drive our nation’s money. Even better, once you get in the habit of checking in to see what’s changed, you’ll have a sense of trends and flows.

This is a long-term study plan

It’s probably not much use checking on the site the night before an exam and hoping you’ll remember that household debt is 189% as a share of income at the moment – then cramming that figure into every answer.

These snapshots are more like knowing which football teams are having a bad run, who’s injured, who’s suspended, who thinks they should’ve been captain… the sort of knowledge that builds and builds.

It probably won’t all make sense – at first

Some of these figures are going to go straight over your head, but that’s okay. Read through them all anyway and you’ll notice, as you go back again and again, that more of what you’re reading will make sense. Before you know it, you’ll be arguing with bank tellers about inflation and ranting on Twitter about wage growth to household saving ratios. Next minute: you’re a bank manager who nailed the HSC.

If you have questions, ask

This is the perfect time to ask your teacher how the theory stuff they’re showing you connects to the real-world information you’re reading. They might not have all the answers, but hopefully they point you in the right direction to get your head around this stuff.

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