Assignment
Details and Requirements:
Assume
you have been hired as an economics analyst by the government. In your role you
are required to produce a state of the economy report to government ministers.
This report provides them with an overview of the economy and current events
that may impact the economy – to help them make policy decisions.
The
assignment will take the form of a report.
The
assignment must be submitted electronically via Canvas and must constitute your
own work (it is not a group assignment). Academic staff are not permitted to
‘check’ or ‘pre-read’ your work. Submission for this assignment is via
Turnitin. You are required to upload the file in .doc or .docx format only; not
as .pdf
If
assignments are late then marks will be deducted at 1 mark per day (as per the
course guide). Of course, if you have encountered some trouble and have been
unable to meet the deadline then please apply for Special Consideration. This
webpage provides instructions about how to go about this: http://www1.rmit.edu.au/students/specialconsideration (Links to an external site.). Information on extension requests are provided here: Extensions of time for submission
of assessable work (Links to an external site.)
Students
are to use the data in the excel file provided to generate the report. Answers
and charts are to be in entered into the word document provided. Follow the
instructions for each section – where you are required to produce ONE chart/diagram
for a section, you must only produce one – if you produce more than one
chart you will receive a zero mark for that rubric requirement.
Remember
that you are producing a report for ministers in government therefore your
writing and expression should be professional and succinct (these are very busy
people – bullet points should not be more than 50 words).
Note: Bullet points that simply describe the chart generated are
duplicating information that is clearly visible and will not earn any marks.
Your
answers must be provided under the 5 sections provided in the word document and
address each of the following components:
Current
Event (5 marks)
In this
section, consider a recent news-worthy event that may have a macroeconomic
effect on the domestic economy.
Provide
a brief summary of the event.
Explain
why this event is macroeconomic in nature. Why is it relevant to the domestic
economy; how may it affect the domestic economy. For example, will it affect a
particular sector(s), what are the implications. Will it affect any of the
major macroeconomic variables? How? Why?
[maximum
250 words]
GDP
Highlights (4 marks)
Using
the GDP data provided in the excel file, generate ONE appropriate
excel chart from March 1990 to the most recent period provided, comparing the
economic growth rate with the per capita growth rate – make sure
your vertical axis is labelled correctly. (2 marks)
The last
recession Australia had was in 1990/91. Examine the two most recent quarters of
data and briefly discuss why a “recession” has not been identified in
this case. [maximum 100 words] (2 marks)
Labour
Market Highlights (4 marks)
Using
the labour market data provided in the excel file, generate TWO appropriate
excel charts. Each chart is to compare the unemployment rate for the
whole economy with the unemployment rate for people aged 15-24 years; the
unemployment rate for people aged 25-34 years; the unemployment rate for people
aged 35-44 years; the unemployment rate for people aged 55 years and
over. Chart One is to display the data from Jan 1990 to Dec
1999 and Chart Two is to display the data fro Jan 2000 to the
most recent period provided. Make sure your two charts are comparable – hint:
look to your axis. Make sure your vertical axis is labelled
correctly. (3 marks)
Using
the labour market data provided in the excel file, consider the underemployed
cohort. Comparing the Dec-2018 quarter to the May-2019 quarter, which age group
experienced the largest percentage increase in underemployment? Which age group
experienced the largest fall? (1 mark)
Note: If
you specify more than 1 group for the increase or more than 1 group for the
fall – marks will not be awarded even if the correct ones are within the
listing.
Price
Movements (3 marks)
Using
the relevant data provided in the excel file, generate ONE appropriate
excel chart comparing the inflation rate for Australia, Darwin, Hobart, and
Melbourne for the period March-2009 to March-2019. (2 marks)
Which
CPI product group contributed the most to Darwin’s most recent decrease in its
inflation rate? (1 marks)
Note: If
you specify more than 1 group – marks will not be awarded even if the correct
ones are within the listing.
Monetary
Policy (4 marks)
Consider
the Reserve Bank Board Meeting scheduled for Tuesday September 3rd. Using
the data you have been provided as well as any updated data available from the
Australian Bureau of Statistics and applying your understanding of the current
conditions in the economy, what do you think the Reserve Bank will do to the
cash rate?
- increase it by 50 basis points
- increase it by 25 basis points
- keep it on hold
- decrease it by 25 basis points
- decrease it by 50 basis points
Explain
why you have reached this decision.
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