The fundamentals of economics and business will be taught in Years 5 and 6 for the first time nationally under the latest Australian Curriculum shape paper released today.

The shape paper extends the learning of vital consumer and financial skills into primary schools, giving students a strong base for senior school studies of economics and business.

School Education Minister Peter Garrett said the release of the Shape of the Australian Curriculum: Economics and Business, prepared by the Australian Curriculum Assessment and Reporting Authority (ACARA), is another important step in the development of the Australian Curriculum.

“Economics and business are fundamental for a productive economy and the wellbeing of all Australians. This shape paper recognises that economics and business are inter-related disciplines.  As well as preparing students for employment, the curriculum will also teach students how to manage their personal finances.” Mr Garrett said.

“This curriculum will equip the next generation of entrepreneurs, innovators and business people to continue to grow the Australian economy as well as take advantage of the global business opportunities the Asian Century will bring.”

The Economics and Business curriculum is underpinned by four ideas based on economic and business concepts:

• resource allocation and making choices;
• the business environment;
• consumer and financial literacy; and
• work and work futures.

The shape paper was developed with input from a range of stakeholders, including state and territory and non-government education authorities, teacher associations, schools, businesses, universities, teachers and parents.

“I thank everyone who has contributed to the shape paper so far. Feedback from this shape paper will guide the writing of the Australian Business and Economics Draft Curriculum, which will be released for public consultation later this year,” Mr Garrett said.

The shape paper is available at http://www.acara.edu.au.