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Australian Economics Assessment Task

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Australian Economics Assessment Task

Read the self-contained scenario and data, then answer the questions. Use economic terms and evidence from the material. All figures are simplified for this classroom activity.

A city under pressure

In the fictional Australian city of Banksia, more people are looking for homes than there are homes available to buy or rent. A shortage can push prices and rents up. The council is considering ways to increase the number of homes, while the Reserve Bank of Australia (RBA) sets interest rates that affect borrowing costs across the country.

Year

Homes available to buy

Households looking to buy

Median weekly rent

2022

900

1,000

$420

2025

920

1,180

$510

Part A: Read the market

Use the scenario and Banksia snapshot to investigate what is happening in this housing market.

1.In 2025, how many more households are looking to buy homes than there are homes available? Show the subtraction.

2.Which statement best describes the change from 2022 to 2025?

The number of homes grew faster than the number of households looking to buy.
The number of households looking to buy grew faster than the number of homes available.
Both figures stayed the same.
More homes were available than households looking to buy in 2025.

3.Median weekly rent rose from $420 to $510. Calculate the dollar increase and explain what this change may mean for renters.

4.Complete the idea: When demand for homes is greater than supply, competition between buyers or renters can put pressure on prices and rents.

5.True or false? If the RBA raises interest rates, mortgage repayments may become more expensive for borrowers with variable-rate loans.

TrueFalse

Part B: Choose and evaluate a response

Banksia is considering three actions. Think about how each might affect supply, demand, costs and different groups in the community.

Option 1: Review planning processes to allow suitable higher-density housing near public transport.

Option 2: Fund construction of more social and affordable rental homes.

Option 3: Offer first-home buyers a grant toward a deposit.

6.Which option most directly adds homes for people who need lower-cost rentals? Explain why.

7.A deposit grant may help some first-home buyers compete, but it does not directly build extra homes. Give one possible benefit and one possible drawback of this policy.

8.Charlie says, “Banksia should only focus on building more homes.” Give one reason this could help and one practical challenge the city might need to address.

9.Recommend one action, or a combination of actions, for Banksia. Use at least two economic ideas—such as supply, demand, affordability, incentives or opportunity cost—and refer to the snapshot.

10.In one or two sentences, explain why housing affordability is an economic issue as well as a personal concern.