Masters in Economics in Australia: Top Universities, Deadlines, Admission Requirements, Fees, Scholarships, Placements

A master's degree in economics in Australia offers a solid scholarly background with applied research experience to prepare students to develop profound analytical, policy, and quantitative expertise. The graduate degree programs offer preparation for high-impact careers in government policy-making, financial markets, international institutions, and academic research.

Indian and other global students prefer the Australian educational system, as their education system is well known worldwide due to its strict emphasis on independent study and research practices. Studying economics in Australia with top-ranked faculty, internationally recognized curricula, and a strong multicultural learning environment offers intellectual growth and professional preparation for the modern global practice that is data-driven.

Master's in Economics in Australia: Quick Highlights 

Master's in Economics in Australia: Important Dates and Events

Here are the Economics about Master's in Economics in Australia, important dates, and events:

Application Start & End Dates for Top Universities

Here is a list of top universities and their expected application deadlines: 

Visa Application Timeline

Once you have a Confirmation of Enrollment (CoE), you can apply for a Subclass 500 student visa. 

Timeline suggestion:

• Document collection should start in October (in February) or April (in July).
• Apply for a visa six weeks before you want to travel within India.
• The visa outcome is typically available in 21–45 days, though it may take longer during busy times.

Scholarship Deadline for 2025

Some scholarships are automatically applied when you apply to the course (e.g. Melbourne Graduate Research scholarship and RTP). The others involve making individual applications accompanied by other supporting documents such as personal statements and references.

Master's in Economics in Australia Fees

Tuition Fees

The range of tuition costs for an overseas student enrolled in an Australian university in the Master's in Economics program is 25 to 36 lakhs per year, depending on the university and program of study. 

Living Cost: 

A monthly outline of the fundamental living expenses is provided below for international students:

Why Choose a Master’s in Economics Degree in Australia?

The Australian degrees have worldwide recognition, particularly those degrees awarded in the Group of Eight (Go8) institutions. Such programs combine theory and data-intensive programs. The nation has close associations with the Asia-Pacific economy, which exposes you to international trade, economics of resources, and development studies. Students are exposed to actual data and econometric methods, which makes students well-equipped to take various positions in consultancy, public policy, finance, and international development.

In addition, the Australian Graduate Route enables the students to work in the country during the period of 2-3 years following the completion of the studies. The greater attractiveness to Indian students is further provided through cultural diversity, safe campuses, and high quality of life.

Also Check:

Other Popular Countries for Studying Masters in Economics

Master's in Economics in Australia: Qualification

Generally, to apply for an M.Sc. Economics program applicants will require:

• Most often, applicants must hold a bachelor's degree in Economics or a related field (e.g., Finance, Statistics, Mathematics) or a related field with a minimum GPA of 65% or above.
• Non-native English speakers usually need to provide proof of English language proficiency, typically through IELTS or TOEFL (minimum 6.5 overall with no band less than 6.0) or equivalent scores. 
• Some Universities require a minimum of a 305 score with 160 in Verbal and 164 in Quantitative Reasoning.
• Supporting documents, such as a resume, statement of purpose (SOP), and letters of recommendation (LOR), are also generally required.

Master's in Economics in Australia: Eligibility Criteria 

An overview of the basic eligibility criteria is given below. Students need to note that these criteria may change according to different universities.

Application Process: 

SOP, LOR, and Resume

• The SOP is supposed to explain their passion for academics, quantitative background experience, and future ambitions.
• Your LORs ought to be sent by professors or other people with an insight into your working/learning potential.
• Quantitative internships, research, work experience, or coursework should be targeted at the resume.

University-Specific Admission Steps

• Australian National University (ANU) may need to submit a research proposal.
• The University of Melbourne favors any candidate who records good results in mathematical economics.
• Applicants (finding themselves in English-speaking schools) may be nominated without language tests by Macquarie University in case their percentage in English-speaking schools is above 70.

Top Master's in Economics in Australia: Entrance Exams for Australia

Entrance Exams Tips:

• GRE: Learn about the structure of the exam, train quantitative thinking, verbal thinking, and analytical writing, and make sure to use the prep books and other learning options.
• GMAT: You should learn to solve problems, as well as become analytical, and also train your time management skills when taking the test.
• IELTS: You may also consider conducting a preparation course or searching the Internet resources to improve your reading, listening, writing, and speaking skills.
• TOEFL: Be conversant with the computer-based format and practice answering questions with a time limit.
• PTE: Utilize the speed of delivery of results and concentrate on your speaking and writing abilities. 

Master's in Economics in Australia: Cut-Offs in Australia

IELTS / TOEFL / PTE  Score Cut-Offs:

A GRE score of above 320 is appreciated at some universities like the Australian National University (ANU), University of Melbourne, University of Sydney, University of New South Wales (UNSW), and more.

Cutoff Scores for other entrance exams as per the universities are provided below:

Master's in Economics in Australia: Seats in Australia

Seats in Public Universities

No specific seat numbers for programs have been published; however, hundreds of international students are enrolled in education faculties per year.

Master's in Economics in Australia: Syllabus

Here is the Master's in Economics basic syllabus for students: 

Core Modules

• Microeconomics
• Macroeconomics
• Econometrics
• Mathematical Economics

Electives & Projects

• Financial Economics
• Development Economics
• Behavioural Economics
• International Economics
• Public Economics
• Game Theory

Best Universities/Colleges for Master's in Economics in Australia

Public and private schools (in Australia and internationally) are listed below:

Public Universities

• University of Melbourne
• Australian National University (ANU)
• University of Sydney
• University of New South Wales (UNSW)
• Monash University
• University of Queensland

Private Institutions

• Bond University
• Torrens University Australia

Global Rankings for Indian Applicants

Master's in Economics in Australia vs India (Comparison Table)

Here is a quick overview of the comparison of master's degrees in economics in Australia and India, based on features such as duration, course outcomes, career opportunities, tuition, and living costs. 

Career Scope After a Master's in Economics Degree in Australia

Graduates with an M.Sc. Economics from Australia, find roles in:

• Economist
• Analyst
• Consultant
• Policy Advisor
• Banking and Finance
• Academic/Research

Top Recruiters / Placement Companies

Top recruiters for Master of Economics graduates in Australia include government agencies like the Reserve Bank of Australia, the Australian Treasury, and the Productivity Commission, as well as international organizations like the World Bank and the IMF. Major banks, consulting firms, and financial institutions also actively seek economists.

Salary Packages for Master's in Economics Graduates in Australia

Entry-level roles start around AUD 60,000, with mid-career professionals reaching AUD 115,500+.

Frequently Asked Questions

Ques: Which are the best universities in Australia where I can consider doing a master's in economics?

Ans: Top universities are the University of Melbourne, Australian National University (ANU), the University of Sydney, Monash University, the University of Queensland, and UNSW Sydney. These are ranked universities worldwide, and their programs are competitive in terms of economics.

Ques: How long does it take to complete a master's in economics in Australia?

Ans: The average duration of most programs ranges between 1.5 and 2 years full-time, based on the university of choice and whether you want a research- or coursework-based program.

Ques: What are the normal requirements of admission for international students?

Ans: On average, you require a 4-year degree in economics or a relevant major with a cumulative average/GPA of 65%, English proficiency (IELTS=6.5, TOEFL=79+), and, in some cases, GRE (the top universities are interested in 305+).

Ques: What are the main deadlines for the application?

Ans: All universities have varied deadlines for application, but they all range between January and May in the case of July intake and August and October in the case of February. The precise dates may be accessed on the official site of the university.

Ques: What is the cost of doing a master's in economics in Australia?

Ans: Tuition fees can vary between AUD 34,000 and AUD 54,000 per year, depending on the university. There is the additional expenditure of living expenses of AUD 20,000 to AUD 25,000 a year.

Ques: Is there any scholarship for international students?

Ans: Yes, the Australia Awards, ANU Chancellor International Scholarship, University of Melbourne Graduate Research Scholarship, and UNSW Business School Scholarships are popular scholarships. These could be scholarships for tuition, living expenses, or partial dismissal of fees.

Ques: What are the different specialization programs in a master's in economics?

Ans: Popular specializations are applied economics, financial economics, health economics, development economics, and econometrics. There are also some programs in which elective programs in public policy and international trade.

Ques: What type of placement or jobs in the future do you expect after graduation?

Ans: The most common careers of the graduates include becoming an economist, policy analyst, financial analyst, consultant, or government employee. Employers such as the Treasury, the Reserve Bank of Australia, Deloitte, PwC, and international bodies such as the World Bank and the IMF are among the employers.

Ques: Can we work in Australia during our studies?

Ans: Yes, international students with current student visas are allowed to work 48 hours every fortnight when the semester is on and full-time during holidays. Internships and industry projects are also provided in many universities.

Ques: Is the Australian Master of Economics accepted everywhere in the world?

Ans: Absolutely. Australian degrees are very well regarded; many graduates work or further study in Europe and North America as well and Asia.