Economics at the undergraduate level teaches students to think critically about complex situations, and trains them in the economic way of thinking. This involves taking into account relevant alternatives and carefully weighing up the costs and benefits of decisions. An understanding of economic principles gives students a framework for interpreting and predicting prices and production costs in local and international markets and for understanding why businesses succeed or fail. These principles also enable students to understand the economy-wide factors that affect businesses - such as inflation, interest rates, the exchange rate, and economic growth. The main aims of the Honours year are: To enable students with an adequate background in Economics to pursue further study in one specialist area in more depth than is possible with a pass degree To enhance students' capacity for independent research and to acquire research skills appropriate to their area of specialisation. To train to a standard sufficient for enrolment in postgraduate research degrees, and for a specialist career. Achievement of first class or IIA honours allows direct entry to a PhD program.

The Honours program in Economics allows advanced level study of the economics of business or industrial relations, as well as economic theory, applied economics, statistics, econometrics, history, and Australian and Asian economic studies. An Honours year focuses on developing and consolidating the knowledge and skills acquired during undergraduate study, with particular emphasis on utilising those skills in a sustained and purposeful way by conducting independent research. Apart from content knowledge, employers and professionals value both the reliability and capacity for independent work, and the skill at writing substantial reports which are demonstrated by successful completion of Honours.