A plasma arc torch is provided that comprises a set of torch consumable components secured to a torch head, wherein a supply of cooling fluid flows coaxially through the torch to cool torch components and a supply of plasma gas and secondary gas flows through the torch to generate and stabilize a plasma stream for operations such as cutting workpieces. The torch consumable components, in part, comprise an electrode and a tip that include a variety of configurations for improved cooling, electrical contact, and attachment to adjacent torch components. Further, a consumables cartridge is provided for ease of use and replacement of the torch consumable components. Additionally, methods of operating the plasma arc torch at relatively high current levels are also provided by the present invention.