Business

Graduate Diploma of Economics of Sustainability
(Partnership with Modern Money Lab)

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Graduate Diploma of Economics of Sustainability | Torrens University

What is a Graduate Diploma of Economics of Sustainability?

The Graduate Diploma of Economics of Sustainability teaches the core skills and knowledge essential for a career in economics. This course will cover advanced concepts of ecological economics, modern monetary theory, and monetary and financial systems, and encourage critical thinking.

This unique course offers a professional training in non-neoclassical economics and the ecological economics of sustainability, and is designed to meet the growing global demand for high-quality graduates in the field. You can enter this course from an undergraduate degree and graduation will provide job opportunities or a pathway to the Masters of Economics of Sustainability, and potentially to doctoral studies. This graduate diploma is ideal for those working or intending to work in business, government or not-for-profits, those seeking a background in the new economics and those considering a career as a professional economist.

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Learning outcomes

To meet the learning outcomes of the Graduate Diploma of Economics of Sustainability, you are required to demonstrate:

Oral and written communication skills applicable to present advanced concepts related to ecological economics and modern monetary theory, financial and monetary systems to businesses, policy makers, and broader communities.
Analytical and critical thinking skills in drawing economic insights based on varying schools of thoughts in economics and other disciplines.
Problem solving, quantitative and qualitative reasoning skills in analysing economic and ecological issues.
Listening, comprehension and cognitive skills in discussing economic reform proposals and evaluating consequences of economic policy changes.

Download course guide Start online application

Study mode

Online

Campus locations*

Online

Student

Domestic

International

Course duration

1 year full-time, part-time options available

Start date

05 Jun 2023

18 Sep 2023

View all key dates

Fees

View fees

This is an AQF Level 8 course delivered by Torrens University Australia Ltd.

*For more details on international student study options.

Ultimate flexibility

With the option to study full or part time and all your course materials online, you can tailor your study to suit your lifestyle.

Learn from specialists in their field

Our academics understand where the industry is heading and will guide you on your learning journey.

Become an industry leader

Build the knowledge and practical skills required to manage high-performing teams.

Career opportunities

This graduate diploma is designed to equip you with knowledge and skills that will become increasingly important and in-demand in the years to come. You can find a career in a wide variety of institutions as an economist and in a variety of related roles. Potential employers include regulatory agencies, state or federal governments departments, financial institutions and non-financial corporations, and not-for-profits. While the Graduate Diploma is an excellent qualification in Economics of Sustainability for early or mid-career professionals, if you are seeking to pursue a career as an economist, and are not already employed in that role, you should consider progressing to the Master of Economics of Sustainability. Progression to doctoral studies is necessary if you wish to pursue an academic career.

Potential career paths

Policy Adviser
Average salary: $101,120 - $143,218
Economist
Average salary: $96,895 - $140,231
Sustainable Finance Lead
Average salary: $117,042 - $118,798
Sustainability Development Adviser
Average salary: $111,734

Learn more about careers in Business

Subjects and units

The Graduate Diploma of Economics of Sustainability course structure comprises five core subjects (50 credit points) and three elective subjects (30 credit points). Each subject involves 10 hours of study per week, comprising three hours of facilitated study and seven hours self-directed study.

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Core
Electives

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Requirements

Complete the 5 core subjects listed below. Additionally, you’re required to select 3 electives from the electives tab.

Core subjects

Foundations of Real-World Economics | BECOSD401

In this subject, you will be exposed to the essential features of an economy, both real and financial, and the various actors operating within it. You will become familiar with the true ecological and social/institutional setting of the economy which will challenge the way you perceive and typically analyse an economic problem. Learn about key macroeconomic and microeconomic principles informed by various heterodox schools of thought and why an understanding of these principles is essential for decision making. Throughout the subject, you will be reminded of how framing – that is, the use of words, phrases, and language to describe phenomena – can affect perceptions of reality and the quality of management and policy decisions
Foundations of Modern Money Institutions and Markets | BECOSD402

This subject is a self-contained overview of the institutions and markets that form the basis of modern monetary systems. You will be introduced to some of the main concepts and methods used in modern monetary theory. This provides a powerful lens to analyse and interpret economic data and policy decisions. A range of international economies will be considered with reference to the analysis of financial news and current affairs.
Data Analysis for Economic and Ecological Issues | BANASD501

This subject will equip you with the skills necessary to organise, analyse, interpret and make inferences from quantitative data, in order to practically apply these tools to economic and ecological issues. It introduces essential mathematical concepts and applies the fundamental tools of descriptive and inferential statistics. You will analyse and interpret charts and tables, conduct measures of location and dispersion, apply probability theory and the normal distribution, undertake hypothesis testing and confidence intervals, and carry out and interpret regression and correlation.
Contending Perspectives in Economic Analysis | BECOSD602

This subject is a comparative analysis of the main contending schools of thought in economics, adopting a pluralist perspective throughout. It includes a discussion of the nature of economic enquiry; of what it means to be an economist, and of the shared assumptions which define each school of thought within economics. The intention is to equip students to describe each school of thought as it might be described by one of the leading exponents and evaluate both the main contributions by and criticisms of each school. This is not to argue that all schools of thought are equal, or in some sense right. It is instead to ensure that students emerge with a respectful understanding and ability to critically assess both their own worldview and the worldview of those with a differing perspective to their own.
Ecological Economics | BECOSD603

This subject examines the relationship between human economies and the ecosphere (natural environment). Beginning with an image of the economy as a dependent subsystem of the ecosphere, you will be introduced to the notions of maximum sustainable scale and optimal scale; the steady-state economy; and the distinction between ‘economic’ and ‘uneconomic’ growth. You will be exposed to economic issues central to the sustainable and efficient use of natural resources, which will allow you to make better management and policy decisions. Learn how to measure environment costs and employ benefit-cost analysis to evaluate prospective projects. Throughout the subject, you will be reminded of the enabling role of governments and how international economic factors can impact sustainable development.

Requirements

Electives available to students may be chosen from the elective bank below. Choose 3 electives:

Elective subjects

Real-World Microeconomics | BECOSD604

Real-World Microeconomics deals with the economics of individual components of the larger economy. The subject draws on social psychology to describe consumer behaviour in a realistic way. It also draws on ecological economics and Post-Keynesian price theory to represent business behaviour. Following an examination of interacting demand and supply factors, you will be apprised of actions that governments can take to overcome market failures, especially those relating to public goods, externalities, sunk costs, and anti-competitive business behaviour.
Macroeconomics of the Real World | BECOSD605

The subject begins by placing macroeconomics in the context of planetary boundaries, and concludes by encouraging you to examine the implications of ecological sustainability for the macroeconomist. It equips you with the analytical tools that enable you to investigate the determinants of key economy-wide aggregates and to advise on policies designed to influence those aggregates over time. You will apply a Post-Keynesian framework, based on institutional realism and avoiding unrealistic assumptions. You will contrast this with the neoclassical approach which has been so influential in recent decades but is now increasingly under challenge. Modern monetary theory will be used to develop and justify appropriate policy advice within the Post-Keynesian framework.
International Finance and Modern Monetary Theory | BECOSD607

International financial flows, exchange rate volatility, and a variety of financial crises have had major impacts on national and regional economies and on the global economy for many decades. This subject provides you with an understanding of the mechanics of the foreign exchange market and of international financial flows. It draws on a variety of approaches to explain how international investment decisions are made and on the driving forces behind changes in market exchange rates over time. You will identify three regular trigger points for financial crises, examine how they are linked, and apply them to better understand historical and contemporary crises. The significance of exchange rate policy for the freedom of action of governments with respect to fiscal and monetary policy will be explored. You will examine the history of European monetary union and critique the design and sustainability of the eurozone. Formal stock-flow consistent modelling will be introduced, allowing you to construct your own simplified stock-flow consistent macroeconomic model and to interpret and evaluate a more sophisticated model with applications to international finance.
Sustainable Development Indicators | BSUSSD601

This subject will introduce a suite of indicators to assess the sustainable development performance of jurisdictions at all levels. Upon making the distinction between ‘ends’ and ‘means’, you will examine the sustainable development concept which calls for separate sustainability and development indicators. You will consider what might serve as summary and panel indicators, and justify their appropriateness as indicators to inform decisions. Throughout the subject, you will examine the worthiness of well-established and newly emerging indicators and evaluate the performance of nation states and other jurisdictions.
Inequality, Equity and Employment | BECOSD608

In many countries inequalities of income and wealth have increased significantly over the past 40 years. In this subject you will explore the measurement and history of income and wealth inequality and the history of economic thought on the causes of inequality. Interrogate a variety of perspectives on the impact of inequality and relative poverty on well-being, and the measurement and history of underemployment. You will assess the potential impact of underemployment and insecure employment on well-being and investigate comparative institutional structures and policy regimes and inequality across modern societies; and the future of work and inequality.

Entry details

Domestic
International

Fees

Check the domestic course fee schedule for the cost of your course.

FEE-HELP

Eligible Australian students may choose to defer some, or all, of their tuition fees through FEE-HELP, a loan scheme repaid through the tax system based on income.

Learn more about fees and FEE-HELP

Admission criteria

Before you begin your application to study as a domestic student, check that you meet at least one of the requirements listed below.

An Australian bachelor’s degree (AQF Level 7) or equivalent in a business (or related) discipline from a recognised tertiary institution;

OR
Any Australian Bachelor degree (AQF Level 7) or equivalent AND at least 2 years post degree professional work experience;

OR
Completion of Graduate Certificate of Economics of Sustainability;

OR
Three (3) years of relevant work experience.

View full course admission information

Guaranteed pathway and Recognition of Prior Learning

If you have already completed a qualification you may be able to credit this against your degree with us, even if it’s from another institution. This is called Recognition of Prior Learning. We also offer pathway opportunities to further your learning.

Learn more about study pathways

Fees

Check the international course fee schedule for the cost of your course. Onshore international students requiring a student visa should choose campus-based / blended options.

Fee payment

Course fees can be paid across three study periods. Each instalment to be paid before the beginning of the academic stage census date.

Admission criteria

Before you begin your application to study as an international student, check that you meet the requirements listed below.

An Australian Bachelor degree (AQF Level 7) or equivalent, or higher-level qualification, in a business (or related) discipline from a recognised tertiary institution;

OR
Any Australian Bachelor degree (AQF Level 7) or equivalent AND at least 2 years post degree professional work experience

OR
Completion of Graduate Certificate of Economics of Sustainability;

OR
Three (3) years of relevant work experience;

AND
Academic IELTS 6.5 (no band less than 6.0) or equivalent.

View full course admission information

*For more details on international student study options.

Learn more about study pathways

Frequently asked questions

What are Torrens University Australia’s ATAR requirements for domestic students?

Torrens University Australia no longer considers ATAR (Australian Tertiary Admission Rank) as our primary entry requirement. We have removed ATAR as the key admissions criteria for applicants aiming to study at Torrens University Australia. We strongly believed an alternative to the ATAR system should be found, which more broadly assesses students, especially when soft skills are emerging as important employability attributes. So, students with a recent secondary school education are now considered for admission if they have a Year 12 (Australian secondary school) certificate. Exceptions may apply to some courses.
What if  I don’t meet the entry criteria for a degree?

Torrens University Australia has a range of application pathways to help you gain entry into our degrees based on different criteria.

To find out more, visit Study Pathways or contact our Future Student Advisors.
Am I eligible for FEE-HELP?
If you are a domestic student attending university or an approved higher education provider, you can get a FEE-HELP loan to pay all or part of your tuition fees.

You are eligible for FEE-HELP assistance for a unit of study (i.e. subject) if you:

Undertake study with an approved provider.

Meet the citizenship and residency requirements:

An Australian citizen or a New Zealand Special Category Visa holder who meets the long-term residency criteria and who will undertake, in Australia, at least one unit of study contributing to your course; OR

A permanent humanitarian visa holder who will be a resident in Australia for the duration of your unit; OR

Are a permanent visa holder who is undertaking bridging study for overseas-trained professionals, and will be a resident in Australia for the duration of the study.

Enrolled in an eligible unit of study by the census date for the unit.

Have not exceeded the FEE-HELP limit.

For full details, visit the Australian Government website Study Assist.

If you are still unsure, please contact our Future Student Advisors who can talk you through the information.

Can I get course credit for previous experience?

Yes, course credit is available for most courses upon application and academic approval (excluding Higher Degree by Research programs). 

If you have already completed a qualification or have relevant work experience, you may be eligible for credit towards your course. This credit can take the form of credit transfer, block credit or Recognition of Prior Learning (RPL). Review our Course Credits page or chat to our Future Student Advisors.
What are Recognition of Prior Learning (RPL) and Credit Transfer (CT)? How do I apply?

Recognition of Prior Learning (RPL) is an assessment process that recognises experience, previous study and qualifications, and other forms of informal and non-formal learning, to determine if you meet course requirements.

If you have relevant qualifications or experience, you may be eligible for credit towards your course and a reduction in tuition costs.

Please speak to our Future Student Advisors to discuss your prior learning experiences.

For more information, please visit Course credits.
How do I apply for a scholarship?

Torrens University has a wide range of scholarship options to support new, returning, international and Australian students. They all include a reduction in tuition fees, and some scholarships include a mentoring component with our industry partners.

Domestic students

When you speak to our Future Student Advisors, let them know you wish to be considered for a scholarship in your application form. They will show you how to apply for a scholarship.

International students

Please contact your Education Agent for further information. Alternatively, you can call us on 1300 575 803 or by email.

For more details, explore our range of scholarships.

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Graduate Diploma of Economics of Sustainability
(Partnership with Modern Money Lab)