Important: This page is an independent reference summary. Verify classification decisions against the official ABS source before using them for tax, licensing, immigration or compliance purposes.

Role overview

Economists in Australia research and analyse how goods and services are produced and distributed, and how people and organisations spend money and manage finances. They use this research to identify trends, develop economic theories, and provide evidence-based advice to governments, businesses and other organisations on economic policy matters.

These professionals work across various Australian contexts, from analysing federal budget impacts to advising on industry-specific economic challenges. Their work helps shape policy decisions on taxation, employment, international trade, and market regulation. Economists may specialise in areas such as health, agriculture, labour markets, or taxation depending on their role and sector.

Key tasks in practice

Economists typically perform these core functions in Australian workplaces:

  • Analysing how economic variables relate to each other and studying the effects of government policies on the economy and community
  • Researching and assessing how labour market programs and industry policies affect economic growth, welfare, and education outcomes
  • Investigating specific aspects of national and international economies such as particular industries, regions, or socioeconomic groups
  • Studying workplace issues including wage determination and how workplace policies affect productivity
  • Advising on economic issues including taxation levels, employment rates, trade patterns, and interest rates
  • Forecasting economic changes to support budgeting, planning, and investment decisions
  • Developing recommendations and policies for economic management and corporate strategy
  • Monitoring economic data to assess the effectiveness of monetary and fiscal policies

Skill level explanation

Economists are classified at Skill Level 1 in the OSCA classification, indicating this occupation requires high-level specialist expertise. In practical terms, this means:

Most economists in Australia hold a bachelor degree or higher qualification in economics, econometrics, or a related field. Some roles may require postgraduate qualifications for advanced research or specialist positions. Skill Level 1 occupations typically involve complex analytical tasks, strategic decision-making, and require several years of relevant experience to achieve full competency.

Industry context

Economists work across multiple sectors in the Australian economy. According to ANZSIC industry classifications, common employment settings include:

  • Government administration (ANZSIC 7550) - policy development and analysis
  • Central government administration (ANZSIC 7520) - treasury and finance departments
  • Other financial services (ANZSIC 8219) - banking and investment analysis
  • Management advice and related consulting services (ANZSIC 9559) - economic consulting

Economists may also work in research organisations, universities, industry associations, and international agencies operating in Australia. The specific industry context often shapes the specialist knowledge required, such as public policy expertise for government roles or market analysis skills for financial sector positions.