Essay award for Monash Business School student
Monash Business School student Hugh Oliver was awarded second place in the 2015 RBA/ESA Economics competition.
The RBA/ESA Economics Competition, which is held annually, is open to undergraduates studying economics at an accredited Australian university.
Hugh explains that, for the competition, students are invited to write an essay on a topical economic issue affecting Australia.
"This year, we were asked to discuss the implications of falling commodity prices and the transition of Australia's mining industry from the investment phase to the production phase," Hugh says.
In his essay "Falling Commodity Prices: Riding the Rollercoaster", Hugh discusses weak demand and over-supply in the mining sector, and an expected rebalancing of the economy as the 'other-tradables sector' and 'non-tradable sector' will grow in importance over time.
He argues that this rebalancing process will be facilitated by a flexible exchange rate, mobile labour markets, productivity-enhancing reform and accommodative monetary policy.
Hugh was awarded second prize for his essay and received his award during a ceremony at the Reserve Bank of Australia on 26 October.
"It was a great experience. We were awarded our prizes by the Governor of the Reserve Bank, Mr Glenn Stevens."
"I am indebted to Monash Business School for the excellent teaching I received and for providing such a stimulating learning environment, which has certainly contributed to this success," Hugh added.
More information on the competition can be found on the RBA website.