Economic

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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