Economic Fundamentals in Australia

Economic Fundamentals in Australia (8th edition)

Romeo Salla, David MacGregor, Timmee Grinham and Rachelle Simpson

Economic Fundamentals in Australia is currently being revised and updated for the new VCE Economics Study Design 2023.  The new 8th edition will continue with the same style and themes as the 7th edition, packed with exercises, case studies, updated statistics, review questions and support from a stand-alone website dedicated to the text making it a valuable resource to students of VCE Economics. It will continue to closely follow the new Study Design and will continue to cater to students of all abilities, assisting them to learn the key knowledge and develop key skills through the collection, interpretation and analysis of economic data.  The authors have also taken the opportunity to respond to feedback and remove excessive detail from some parts of the text, such as content relating to market failure (Chapter 3) and consolidation of the chapters relating to budgetary and monetary policies (i.e. condensing four chapters into two chapters, one for budgetary policy and one for monetary policy).

The 8th edition will also include contributions from a new author, Dr Rachelle Simpson, who brings new insights from years of private sector experience as an Economist.  You can read Rachelle’s biography at the bottom of this page.

The 8th edition will remain valid until the end of 2024. A new 9th edition will be published for the 2025-26 academic years.

ISBN: 978-1-921813-70-2

The 8th edition includes the following features that will help to make the teaching and learning of Unit 3 & 4 Economics relevant, challenging, contemporary and enjoyable:

  • Comprehensive coverage of all five Areas of Study in Units 3&4
  • Chapter summaries and review questions throughout the publication

  • Hundreds of multiple choice questions
  • Glossary of terms/dictionary
  • Case studies/analysis tasks and other activities throughout the text
  • ‘Activity Centres’ relating to each Area of Study containing sample SAC + Practice Exam questions and crossword puzzles
  • Up-to-date statistics for the Australian economy with key charts from text updated on the website supporting the text []
  • Examination advice from the authors, who have a combined 70+ years of experience as VCE Economics Examination assessors for the VCAA.

Digital copies of CPAP textbooks and study guides can only be purchased exclusively from our partner provider Campion Education

About The Authors

Romeo Salla completed Honours and Masters degrees in Commerce (Economics major) at the University of Melbourne before moving to Canberra to work as an Economist with the Commonwealth Department of Treasury. After a few years he was promoted within the federal bureaucracy to the position of Senior Economist with the Industry Commission (now Productivity Commission). Since 1996 he has been employed as a Senior Teacher and Head of Faculty at large private schools in Melbourne, most recently having taught VCE and IB Economics at Geelong Grammar. Romeo has held positions of responsibility with the Victorian Curriculum and Assessment Authority (VCAA) as an assessor of final examinations and is also the founder of the website He is also a co-author of the CPAP Study Guide to VCE Economics, co-author of Monumental Humanities 3 (Cambridge) and co-author of Economics from the ground up (CPAP). Romeo regularly presents to Economics teachers and students on behalf of the VCTA and CPAP and is a prolific writer of assessment tasks and practice examinations. He has also developed the popular smartphone App (Economics Tutor), containing 1000+ multiple choice and short answer questions.

David MacGregor completed Honours and Masters degrees in Commerce (Economics major) at the University of Melbourne. He was employed by the University as an Assistant Lecturer in the Institute of Education as well as a Tutor in 1st and 2nd year Macroeconomics, Microeconomics and Econometrics. Since completing his Diploma of Education he has taught at Ballarat Grammar, Lauriston Girls’ School, Camberwell Grammar and Mazenod College. Currently, David is Head of Commerce at Presbyterian Ladies’ College and teaches both IB and VCE Economics. He has held positions of responsibility with the Victorian Curriculum and Assessment Authority (VCAA) as a State Reviewer and as an examination assessor. He has also contributed to various publications and regularly presents to economics teachers and students on behalf of the VCTA and CPAP. David was a member of the panel of experts that developed the new VCE Economics study design.

Timmee Grinham completed a Bachelor of Economics (Economics and Politics majors) with Honours in Politics and a Graduate Diploma in Education at Monash University, Melbourne. Following her undergraduate studies, Timmee worked towards a PhD in Women’s Studies, during which time she was employed as a Tutor and sessional Lecturer. Timmee was the Assistant Editor of the Australian Tax Forum during her undergraduate studies, and she worked as an editor for the Monash Postgraduate Association, acquiring skills she brought to the co-editing of this textbook. Since completing her Graduate Diploma in Education, Timmee has worked as a senior Commerce (Economics and Business Management) and Humanities teacher at several government and independent schools. Timmee contributes to various publications and presents professional development sessions to other teachers of Economics. She is also author of the quarterly CPAP Updates for VCE Economics Units 3 and 4 and co-author of Economics from the Ground Up (CPAP, 2017). Timmee has worked as an assessor of final examinations in VCE Economics and Business Management, and chairs the Economics Advisory Group of the VCTA. In 2017, Timmee was appointed as a member of the inaugural Reserve Bank of Australia Educators Advisory Panel. Timmee currently teaches at Fintona Girls’ School.

Rachelle Simpson discovered her passion for Economics in high school in NSW and went onto complete at a Bachelor of Economics at the Australian National University. Following this she completed a Master of Business in Marketing at Charles Sturt University and then a PhD in Applied Economics at Victoria University where she examined the relationship between globalisation and development in the world’s poorest countries. Rachelle’s particular areas of interest are trade, how countries achieve economic progress and economic history. Prior to becoming a teacher, Rachelle worked in the finance industry sectors of banking, superannuation and insurance and held leadership roles in operations, compliance, business transformation and project delivery. Since becoming a teacher Rachelle has taught in both independent and catholic schools in Victoria. Her teaching experience encompasses a range of Commerce and Humanities subjects including the VCE subjects of Economics, Accounting, Business Management and Australian and Global Politics. Rachelle is on the Victorian Commercial Teacher’s Association Economics Advisory Committee (VCTA). She has also contributed to VCTA’s Compak journal and is an assessor of VCE Economics examinations for the Victorian Curriculum and Assessment Authority (VCAA).