Consumer Choice Excursion
On Friday 21st February, Year 9 Commerce students made their way into Sydney CBD for an excursion to the Reserve Bank of Australia, Westfield shopping centre and Paddy’s Markets.
The Reserve Bank of Australia (RBA) provided the students with an opportunity to engage with leading economists, improve their understanding of the Australian economy, and learn about Australian currency security features, the lifecycle of retired bank notes and Australia’s impact on the evolution of bank notes. William Hickey reflected on his time at the R.B.A and enjoyed the presentation at the Reserve Bank of Australia as it went in depth about how businesses work and develop, and how money is made to avoid counterfeit notes. Students were shown the security features of the Australian bank notes and enjoyed using, ‘spy pens’ to uncover invisible inkings on the notes; to keep consumers and businesses safe from counterfeit notes.
Students impressed the RBA with their enthusiasm, inquisitive questions and their knowledge of the economy and history of Australia’s currency.
Westfield and Paddy’s Markets put students’ knowledge to the test. They were required to enter into an informed commercial transaction and think about the different factors and influences that made them choose to buy the item they did. Students were asked to reflect and compare the different shopping centres, and consider things such as buyer safety; consumer protection; the relationship between quality and price; and how they might be able to educate their fellow peers and consumers on making smart purchasing decisions. Hirav Ghandi particularly enjoyed this part of the excursion, saying, “I liked how we got the opportunity to learn interesting facts about consumer decisions and investigate our own experiences and choices to either spend our money or save it”.
The excursion provided students with invaluable first-hand information from the Reserve Bank of Australia and a hands-on experience to make purchasing decisions as informed consumers.