Department of Economics
MACQUARIE UNIVERSITY
NSW 2109 AUSTRALIA
PROGRESS REPORT ON THE
EXTERNAL REVIEW OF THE DEPARTMENT OF ECONOMICS
21 October 2009
Implementation of Findings and Recommendations
Prepared by Head of Department
Professor Jeffrey Sheen
3 February 2011
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1. PLANNING, LEADERSHIP AND MANAGEMENT
1.1
ACTION
Finalise/develop Department Strategic Plan
RESPONSIBILITY
HoD
1.2
Continue focus on applied economics and finance through appointments
HoD
1.3
Improve engagement between Department and Faculty/University by invitations
to Department meetings
HoD, Dean,
Associate Deans
1.4
1.5
Strong advocation of removal of illogical 10% extra tax on economics enrolments
Continue to develop coherent plan to manage extra enrolments in 2010 (eg
better management of sessional staff)
Implement new Faculty workload model to establish an equitable distribution of
responsibilities
HoD, Dean
HoD, Faculty HR
Provide additional and streamlined administrative support by PhD students for
peak times (instead of academic staff)
Implement PDR process to manage staff needing special attention
HoD
1.6
1.7
1.8
HoD, Deputy HoD
Supervisors
RESPONSE AND STATUS
2nd edition September 2010
3rd edition to be determined in May 2011
Applied Economics: After a resignation (Freedman) a new
position was approved and advertised, but pulled for
budget reasons in November 2011. Replacement
appointments remain vital for the development of the
Department.
Finance: This strategic direction became null and void
when FBE set up a new Department of Applied Finance.
Continuing. ED attended a Dept meeting in 2010. Many
members of the Dept are engaged in Faculty and
University committees. Continuing.
Inefficient tax removed in budget negotiations in 2010.
In play. Sessional database and coordinated appointments
by HoD has transformed the process.
Teaching and service workload model fully implemented
in 2010; and is ongoing and well-supported within
Department.
Administrative staff are successfully carrying most of this
burden, with some help from senior students.
Fully coordinated staff supervision system in place, with 5
supervisors. Ratings and loadings recommendations
implemented with a coherent model. Performance
management plans for nor-research-active staff
implemented in 2010. Continuing.
2. APPROPRIATENESS OF DEGREES AND UNITS
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2.1
2.2
ACTION
Ensure updating of units with outdated materials by introducing a standing item
in department meetings for review of a few unit contents
Encourage accounting and business/commerce students to take both
introductory micro and macro units (not just micro, which is now the new
model)
RESPONSIBILITY
HoD
RESPONSE AND STATUS
Implemented with working parties of clusters. Continuing.
HoD
BBA students now take ECON111 Microeconomics, rather
than the previous and deleted combined micro-macro 1st
year unit. ECON111 and ECON110 (Macro) are now both
available in both semesters.
2.3
Increase the number of mathematical economics units – ECON131 is a new
planet unit for 2010. Provide students with guidance towards existing math
units.
LIC, HoD,
Advisers,
2.4
Consider ways to identify Honours students earlier eg by providing some
advanced 3rd year units
U/G coordinator,
Hons coordinator
2.5
2.6
More p/g units to be scheduled in the evenings
Continue to promote the new p/g programs – MEc, MCom – to increase
economics enrolments and enhanced p/g education in economics
HoD,
HoD
Successfully advocated for ACCG849 (Economic Analysis)
to move to Economics in 2011. This will significantly help
the budget bottom line, putting the Department into
surplus in 2011.
ECON131 successfully taught in 2010 - by using
applications only in economics and commerce, the FBE
student experience has been significantly enhanced.
Continuing.
Increased coordination between Honours Director and 3 rd
year lecturers. Not economical to introduce new units at
this stage.
Most p/g units are now available in the evenings.
New curriculum for MEc and MCom approved for 2011,
with gateway plus core and electives. This will enhance
the coherence, progression and attractiveness of our p/g
programs.
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3. RESEARCH STRATEGIES
ACTION
Encourage research synergies with Centre for Financial Risk, Centre for Climate
Risk and Centre for Social Inclusion – creating focal points for PhDs.
RESPONSIBILITY
Research
coordinator
Introduce new p/g units in financial/economic literacy and regulation, informed
by current research in the department
Advocate against any funding cuts for conference attendance
P/g coordinator
3.4
Ensure that Faculty understands the ‘lumpiness’ of high quality research in
economics, which may not be properly reflected in its research-active definition
HoD, AD
(Research)
3.5
Increase the number of staff involved in supervision by spreading the associate
supervisory load.
Advocate a reduction of paperwork for expense claims
Research
coordinator
HoD
3.1
3.2
3.3
3.6
Research
coordinator
RESPONSE AND STATUS
Centre for Financial Risk was co-chaired by Stefan Trueck
in 2010. It will move to the new applied finance
department in 2011, but Economics will continue to play a
significant role. Proposed Centre focussing on health
industry is under discussion with ED and external parties.
This has become the responsibility of the new
Department of Applied Finance and AS.
Conference attendance now funded through RIS accounts.
There appears no problem for people wanting to attend
conferences.
In the 2010 ERA report, Economics received a 2. Though
this was an average performance across economics
departments around Australia, we also received a 3 for
Banking and Finance. The Department’s strategy up until
2010 had been to develop areas of banking and finance.
In fact, half of the A* journals in this area came from
Economics, and more than half of all other publications.
Despite the loss of Stefan Trueck to the new Department,
Economics will continue to publish strongly in the areas of
Banking and Finance. However it does need to bring in
new productive staff in the area of Economics if it is to
rise above the 2 in ERA 2012.
Done.
Done.
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4. ALIGNMENT OF THE PROFILE WITH PLANS
4.1
4.2
4.3
ACTION
Advocate the expansion of finance teaching and research in the Department of
Economics as an efficient, relatively low cost and productive solution.
Advocate diverting academic resources from administration towards research –
eg away from student advising, large class management
RESPONSIBILITY
HoD
Advocate for reduction in student-staff ratio from untenable 39:1 towards 20:1.
HoD, Dean
P/g coordinator
TIMEFRAME
This has become redundant with the establishment of the
new Department of Applied Finance and AS.
Less advising was done by academics in 2010. Teaching
workload model has adequately recognised large class
management. However the University continues to
generate large demands on academics’ time with
administrative functions – e.g. Ethics committees have a
massive and unsustainable workload.
Advocated, initially successfully. However not replacing a
staff member that resigned in 2010 has raised the
student-staff ratio further.
The successful move of ACCG849 (Economic Analysis)
from Dept of Accounting to Economics in 2011 will create
a budget surplus, but add students without any new staff,
thus raising the student-staff ratio.
5. EXTERNAL CONTRIBUTION AND REFERENCING
5.1
5.2
5.3
5.4
ACTION
Improve engagement with external stakeholders – eg enhanced annual Walsh
Lecture, hosting ACE2010
RESPONSIBILITY
Research
coordinator
Introduce Macquarie University HSC (Year 12) Economics Essay Competition
directed at low socioeconomic high schools (as defined by the Department of
Education) on topic to be decided.
Introduce an Invited Lecture in the Economics/Business of Leadership (possibly a
Faculty venture)
Develop stronger links with RBA, State Treasury, investment banks through
alumni – invite them to talk to students about career prospects as an economist
HoD, delegated
staff
RESPONSE AND STATUS
Department hosted the Australian Conference of
Economists in 2010. Very successful conference, brilliantly
organised by Prof Lance Fisher. Prof Peter Diamond (MIT)
gave the University’s Walsh Lecture at the conference. 2
weeks later he won the Nobel prize in Economics.
Still under consideration
HoDs, Dean
This is the Walsh Lecture discussed above.
U/g P/g and Hons
coordinators
Ongoing.
As in previous years, a number of our Honours graduates
in 2010 have been employed by the RBA.
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6. DEVELOPMENT OPPORTUNITIES
ACTION
Advocate expansion of finance in Economics as a good option for the Faculty
RESPONSIBILITY
HoD
6.2
Maintain the strength of the Department in macroeconomics, but ensuring that
it is well-balanced in micro, econometrics and finance
HoD
6.3
Improve interaction amongst students at different levels – eg through enhancing
the mentor program.
U/g P/g and Hons
coordinators
6.1
RESPONSE AND STATUS
This has become redundant with the establishment of the
new Department of Applied Finance and AS. Economics
will continue to publish in the areas of banking and
finance.
A very strong case remains for making a relatively senior
appointment in Industrial Economics. Our teaching
commitments in microeconomics demand more staff in
that area, our budget position supports it, and the very
high staff-student ratio justifies it.
Continuing
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