ContextYour topic will be an ongoing issue that affects the Australian economy from a Macroeconomic perspective. You are required to identify,discuss and analyse the core macroeconomic contents and...

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ContextYour topic will be an ongoing issue that affects the Australian economy from a Macroeconomic perspective. You are required to identify,discuss and analyse the core macroeconomic contents and write a report covering all the relevant concepts discussed in class. Your focuswill purely touch the macroeconomic environment to address the issue. Your reportshould have sound academic references (minimum 6 references); your references cannot be from blogs. The purpose of this assignmentis to test• your understanding of the basic and core Macroeconomic concepts besides,• your ability to analyse and apply the core concepts to the current issues affecting the Australian economy from a Macroeconomicperspective• your ability to use relevant theories and diagrams to support your answer

ECON6000 Assessment 2 Report – T2 2020 Word limit: 2,500 words Due date: End of Week 10 (Module 5) – Sunday 11:59pm (AEST) Weighting: 40% Report guidelines. Please read the instructions carefully and then answer the questions.  Cover page – ensure you include your name, student number and word count.  Table of Contents (use the Word automatically generated table of contents).  Body of report with answers to each question, including headings for each question and part of question: executive summary (250 words); macroeconomic performance and social impact (1,500 words); conclusions and recommendation (750 words).  References: when you use another person’s wording or another person’s idea, statistical data or any other information taken from any other source, you need to include an in-text citation and then provide the full reference in the Reference List. Torren’s online referencing guide:  Ensure that your report contains a minimum of 15 academic references (standard government websites are accepted; blogs may not be used to support your answer).  Use APA 6 reference style.  Use a minimum 11 point font.  Use page numbers.  Appendices (only if required). The weight on the marks is evenly distributed, but we mark according to the rubric, which is:  Knowledge and understanding of the core areas of macroeconomics (30%)  Critical reasoning, defence of argument and clear display of understanding of relevant macroeconomic concepts (25%)  Analysis and Application (25%)  Quality of the answers with application of new macroeconomic concepts (10%)  Managing time and purpose of the assessment (10%) Table of Contents Ensure you use the Word automatic table of contents with style guides. Guide to constructing a Table of Contents: table-of-contents-in-word Guide to using heading styles: 3eb8b917-56dc-4a17-891a-a026b2c790f2?ui=en-us&rs=en-us&ad=us Page numbers Page numbering starts after the table of contents (i.e. page 1 will contain your first answer). You should not have a page number on your covering page. Your table of contents page should have the roman numeral “i”. Guide to page numbering: in-your-document-c73e3d55-d722-4bd0-886e-0b0bd0eb3f02 ECON6000 Assessment 2 Report – T2 2020 Background You are an independent economic consultant. The Commonwealth Government of Australia has asked for your recommendations that will help prevent an economic slowdown as a consequence to COVID-19 quarantine restrictions. Task You are required to assess the performance of the Australian economy and compare with the economic profile of another country. Your report should incorporate the most recent data. You can obtain the required data from the sources mentioned below. Data Primary data sources: (a) Australian Bureau of Statistics (b) Reserve Bank of Australia (c) Multinational agencies (e.g. the World Bank, the United Nations, the International Monetary Fund, or the OECD). Report Structure Executive summary (250 words): (5 marks) This section should focus on the essential findings and your key recommendations. Macroeconomic performance and social impact (1,500 words): (25 marks) a) Assess the overall performance of the Australian economy by providing a detailed discussion on the relevant macroeconomic indicators. Highlight how the development of Australian economy has been affected. Explain how long it will take for the Australian economy to recover. You must use the relevant statistical data, graphs or diagrams to support your arguments (10 marks) b) Choose your home country (or a country of your choice) for this section. Compare and contrast how Australia and your home country have applied macroeconomic policies to minimise the negative impact of COVID-19 on their economies. How effective has it been? Your focus must be on the steps taken by the TWO countries to manage the economic activities and not to control the spread of COVID19 (15 marks) Conclusions and Recommendation (750 words): (10 marks) What are your recommendations to ensure that these macroeconomic policy measures work successfully for Australia? Discuss any recommendations that could help revive the Australian economy as quickly as possible. End of Assignment &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&
Answered Same DayAug 10, 2021ECON6000

Answer To: ContextYour topic will be an ongoing issue that affects the Australian economy from a Macroeconomic...

Komalavalli answered on Aug 11 2021
116 Votes
ECON6000 Assessment 2 Report – T2 2020
Student Name:
Student Number:
Word count: 2,025
Table of Contents
Executive Summary:    3
Macroeconomic performance and Social impact    4
a)Performance of Australian Economy    4
Real Gross Domestic Product:    4
Labour Force Participation rate    5
Unemployment rate    6
Inflation Rate:    7
Australia’s Real GDP forecaste    8
b) Macroeconomic policies of USA and Australia:    9
ustralia Policy    9
Fiscal Policy    9
Monetary Policy    9
Policies of USA:    10
Fiscal Policy    10
Monetary Policy    10
Conclusion:    11
Refrences:    12
Executive Summary:
The report tries to identify the Australian economic performance before and after corona virus outbreak. It is found that the economic performance of Australia pre corona virus situation was positive and the growth rate of an economy is at increasing trend. After virus outbreak the economy suffered from high unemployment rate, deflationary situation and growth rate decreases. Policies measures announced by the Australian government is compared with the USA government policy measure in order to identify how well the Australian government tackling the situation of recession in the economy. By comparing the time taken for recovering economic growth of pre corona virus situation it is found that Australia takes much more time to recover compared to U.S. This indicates that the Australian government policies took longer time to show the effectiveness.
Macroeconomic performance and Social impact
a)Performance of Australian Economy
Overall performance of Australian Economy is examined by looking into three major macroeconomic indicators. They are Real Gross Domestic Product (GDP), Inflation rate and unemployment rate of the economy.
Real Gross Domestic Product:
Source: Australian Bureau of Statistics
Real Gross domestic product (GDP) tells us about the value of final good and services produced in Australia.
From above Gross domestic Product graph it is clear that before Corona virus outbreak Australia is experiencing positive growth rate from March 2012 to March 2019.Australia government implemented measures like lockdown and social distancing in order to control the spread of COVID 19 in the nation. These measures affected the economy badly lead to closure of business activities and slowdown economic growth rate. In March quarter 2020 Australian economy was contracted by 0.3% in seasonally adjusted chain volume terms. Based on the previous of same quarter GDP of Australia declined from 2% in March quarter 2019 to 1% in March quarter 2020.Contraction of GDP is due to lack business activities in the nation as a result of lockdown imposition.
Labour Force Participation rate
Source: Australian Bureau of Statistics
Labour force participation rate is measure used to measure working age population in the economy. Participation rate tells us about the total number of people or individual who are currently in search of a job or employed.
From above Seasonally Adjusted labour force participation rate graph it is clear that Australia’s Labour force participation was increased from June 2017 to June 2020 and the rate is maintained around 65 to 66 per cent. The participation rate drastically fell down from 65 to 62 per cent after corona virus outbreak. Participation rate started to rise before June 2020 and reached around 64 per cent.
Unemployment rate
Source: Australian Bureau of Statistics
Unemployment rate tell us the percent of labor of who are jobless in the nation. High unemployment rate indicates that the nation economic condition is weak while low unemployment rate indicates the nation economic condition is strong.
Above unemployment graph was maintained between 4.5 to 5 percent which indicates the Australian economy was strong from June 2017 to Dec 2019.At the beginning of January 2020 unemployment rate increased from 5 percent to 7.5 percent by the end of June 2020.This indicates that the Australian economy is weak after corona virus outbreak
Inflation Rate:
Source : Resrve Bank of Australia
Inflation rate is indicated by consumer price index of an economy. If consumer price index is rising...

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