In my opinion, the first option looks enough. My professor once suggested me not take more Math, but more advanced Econ. And the Math degree isn't really that important, if you have the courses they want. Plus, you will receive an Honors in Economics, so a Math degree barely helps on the margin.
When you have the courses listed in option one, what really matters then is how well you do in it, and strong letters. A research experience can also help.
Btw, I don't see multivariable calc here, so you might wanna do that too.
P.S I traveled to Australia in 2006 and visited the U of M there, pretty nice university and city!