Economic Fundamentals in Australia

ISBN: 978-1-921813-58-0 

New 7th edition for 2021-22

Economic Fundamentals in Australia is currently being revised for a new 7th edition to be released in early 2021. 
CPAP’s original plan at the commencement of 2020 was to rollover the current edition into a third year.  This would have been a departure from our existing policy, which is to ensure that the Unit 3 and 4 text remained a biennial publication.  However, given the VCAA’s decision to extend the life of the current VCE Economics Study Design by one year (i.e. from the year ending 2021 to the year ending 2022), CPAP decided to continue with its original policy and update the textbook for 2021.  This means that the current 6th edition will be replaced by a new  7th edition for the commencement of 2021. 

The new 7th edition is expected to endure for the remaining life of the current study design and will retain all of the features that have made this a popular textbook for students of Units 3 and 4 Economics.  In addition, the new edition will include additional and revised exercises/activities as well us provide a thorough update of the economic events and policy developments that have prevailed over 2019 and 2020. 
The authors will also use the opportunity to respond to teacher feedback and remove excessive detail from some parts of the text, such as content relating to market failure (Chapter 3) and aggregate supply (Chapter 4). To view Chapter 1 proofs, click on the link to the left..

ISBN: 978-1-921813-47-

Digital copies of CPAP textbooks and study guides can only be purchased exclusively from our partner providers Campion and Educational ebooks


Romeo Salla, David MacGregor and Timmee Grinham

The text closely follows the VCE Economics Study Design (2017-2021) and is written by three experienced teachers of VCE Economics. It includes all the information students need to know in order to satisfactorily complete the VCE Economics Units 3 & 4 course. The 6th edition has been fully updated and revised with new engaging activities, updated statistics and support from a stand alone website dedicated to the text [] making it a valuable resource to students of VCE Economics.

Economic Fundamentals in Australia includes the following features:

  • 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
  • Examination advice from the authors, who have a combined 60+ years of experience as Economics Examination assessors for the VCAA

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.

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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.