Discuss and evaluate this government’s focus on how it wishes to a promote a stronger economy and economic growth in the context of the typical determinants of economic growth.

Question 1:
Using data from the Australian Bureau of Statistics (ABS) http://www.abs.gov.au/ collect information on real GDP per capita over the period 1960 to 2018 inclusive. Employ quarterly data. Be explicit and define and provide sources for the data obtained, cite the ABS catalogue and table numbers. Plot real GDP per capita against time. Comment on the reasons for the time series movements in real GDP per capita.

Question 2:
In the 2019-2020 Federal Budget, the Government announced: “The Government’s economic plan and this Budget are building a stronger economy and securing a better future for all Australians.” In part, the policies designed for building a stronger economy consist of a focus on the following elements:
– guaranteeing the essential services that Australians rely on
– lower taxes for hardworking Australians
– investing in economic and community infrastructure
Details can be found here:
https://www.budget.gov.au/2019-20/content/overview.htm (accessed 16/07/19)
Discuss and evaluate this government’s focus on how it wishes to a promote a stronger economy and economic growth in the context of the typical determinants of economic growth. That is, compare and contrast the standard economic determinants of economic growth with these articulated policies in the 2019-20 Federal Government Budget.

Question 3:
Using data from the Australian Bureau of Statistics (ABS) http://www.abs.gov.au/ collect information on Australian real GDP and the unemployment rate over the period 2000 to 2018 inclusive. Employ quarterly data. Be explicit and define and provide sources for the data obtained, cite the ABS catalogue and table numbers. Plot the relation between the change in real GDP against the change in unemployment rate and discuss the meaning of this relationship.

Question 4 :
Employ the aggregate demand and supply model to analyse the consequences for real GDP and the general price level of the following scenarios for the Australian economy. Evaluate these scenarios assuming: i) the economy initially operates in the intermediate range of the aggregate supply curve; and ii) the economy initially operates in the vertical range of the aggregate supply curve. In your response clearly state your assumptions and illustrate your answers with diagrams.
(a) Growth in the Chinese economy reduces substantially,
(b) The ‘deeming rate’ for determining pension payments to older Australians is reduced,
(c) A substantial fall in iron ore production from Brazil historically major supplier.