ECON 11026: Take Home Essay - The Current Macroeconomic Environment in Australia - Economics Assignment Help

Assignment Task:

Task:

Objectives
This assessment item relates to unit learning outcomes 1 and 4 as listed in the unit profile.
 

Assignment Overview
This assessment task requires you to write an essay that demonstrates your theoretical and applied knowledge relating to the macro economy, monetary policy, and fiscal policy. It focuses on the macroeconomic section and builds on the economic fundamentals learnt in the first half of the term. You will need a sound understanding of the GDP, long-term economic growth, business cycle, unemployment, inflation, and macroeconomic fiscal and monetary policies.

Assessment Topic
Discuss the current macroeconomic environment in Australia given the economic impact of global COVID-19 coronavirus pandemic. Critically discuss the application of Monetary Policy by Reserve Bank of Australia and complementary Australian Government’s Fiscal Policy measures taken, as a stabilising tool for economic recovery.

Task Description: In this task, you will write an essay dealing with macro-economic objectives, functions of RBA monetary policy interest rate decisions in 2020 and Australian Government’s Fiscal Policy October 2020 budgetary measures for economic recovery plan from Covid-19 pandemic. Guiding questions, will help you structure your response. Do not forget to apply the DADA framework, using data-tables and graphs to support your response by applying theory to real life economics. A marking rubric is posted on the Moodle site, which can help you to understand what is required to reach your desired level of achievement.

Question 1: List, define, and explain the key macro-economic goals, and provide an overview of the Australian economy in current COVID-19 global pandemic? Note: Discuss with tables and graphs the main macroeconomic indicators for the Australian economy. Conduct research on the current trend in economic growth, GDP, inflation rate, unemployment rate, exchange rate, government debt and other macroeconomic indicators using multiple sources.
 

Question 2: Define, draw, and explain the four stages of business cycle, focusing on the current stage of the Australian economy. Discuss the circumstances under which contractionary and expansionary fiscal and monetary policies are applied. Draw graph and explain.
 

Question 3: Explain the main objectives and functions of the RBA monetary policy. Discuss the effect of transmission mechanism of RBA’s monetary policy low interest rate supply of credit in supporting the economy and financial system in response to Covid-19, on household consumption, business investment, employment, exports, and housing market for economic recovery. Note: Students need to do some research on RBA monetary policy decisions in 2020. Graphs/tables can be obtained from the ABS and RBA websites for 2019-2020 to see the trends, when answering this question.
 

Question 4: Explain the main objectives and functions of Australian government fiscal policy. Discuss the Australian government income support and October budget 2020-21 to stimulate economic recovery from the negative economic impact of global pandemic?
 

Question 5: What are the determinants of long-run economic growth? Is the expansionary monetary policy response of RBA, to coronavirus driven recession sustainable to meet macro-economic objectives and long-run economic growth for Australia? Or complementary fiscal policy of Australian government is also required for economic recovery and long-run economic growth? Yes/No, justify your answer with reasons, using several references.

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