Australia Economic Progress Report Assessment Answer

Australia Economic Progress Report

Assignment Details and Requirements:

Assume you have been hired as an economic analyst by the government. In your role you are required to produce a state of the economy report to government ministers. This report must:

• provide an overview of the economy at present in 2020
• provide a summary using charts on key macroeconomic measures related to GDP and inflation 
• address the impact of COVID-19 on the Australian economy
• make recommendations that government ministers should consider in light of policy responses to facilitate economic objectives

The assignment will take the form of a report.

An overview of the four sectors of the Australian economy in 2020 (6.5 marks total)

In this section, provide an overview of the four sectors in the Australian economy and focus upon their economic outlook for 2020. The relevant sectors include the:

• households sector,
• business sector,
• government sector; and
• external sector. 

In your summary include discussion on issues such as economic confidence, response to policy and economic conditions. Where possible support your arguments with examples and evidence. Be sure to reference any additional sources used to support your answers.

State the word count at the end of the paragraph

Measuring macroeconomic indicators (4.5 marks total)

Using the data provided in the Excel file generate ONE appropriate Excel chart showing the annual Real GDP or RGDP over the period 2000-2019. Note that as your data on GDP is in current prices you will first need to delate using the annualised CPI data provided. Make sure your chart has clearly labelled axes.

Using the data provided in the Excel file generate ONE appropriate Excel chart showing the annual economic growth rate over the period 2001-2019. Make sure your chart has clearly labelled axes.

Using the data provided in the Excel file generate ONE appropriate Excel chart showing the annual inflation rate over the period 2001-2019. Make sure your chart has clearly labelled axes.

Explain why the Real GDP is used to measure economic growth instead of nominal GDP.

State the word count at the end of the section answer

Impact of COVID-19 on the Australian economy (5 marks total)

The economic impacts of COVID-19 have been reported widely. Provide a description of what you consider to be the main economic impacts as a result of COVID-19 on the Australian economy. After discussing the general economic impact, next identify a particular industry of your choice, within the Australian economy that has been adversely impacted and discuss more specific reasons for the negative impact giving relevant examples.  

State the word count at the end of the paragraph for this section answer

Recommendations (4 marks)

You now need to conclude your report with 4 recommendations. In light of what you have prepared in the earlier sections, identify 4 key recommendations for the government minsters who will be using your report. These 4 recommendations should be focused on what you think the government 'should' be doing to aid the objective of long-term economic prosperity and economic recovery from COVID-19.

State the word count at the end of the paragraph for this section answer