Essay Australian Recession and its Impact on the Wealth of Households and Businesses – Economics Assignment Help

Assignment Task:

TASK:

Assignment Details: Part 1 (1,000 word limit) – Consider the 1991 Australian recession and its impact on the wealth of households and businesses in Australia and incorporate each of the following elements into your essay: Using the https://www.abs.gov.au/statistics data: ?

Australian National Accounts: National Income, Expenditure and Product: Expenditure on Gross Domestic Product (GDP), Chain volume measures generate one appropriate EXCEL chart illustrating the quarterly seasonally adjusted national growth rate, the percentage change in Household final consumption expenditure, the percentage change in General government final consumption expenditure, and the percentage change in Private gross fixed capital formation from Dec 1990 to Sept 1992

? Australian National Accounts: National Income, Expenditure and Product: Household Final Consumption Expenditure (HFCE) generate one appropriate EXCEL chart comparing the quarterly seasonally adjusted percentage change in final consumption expenditure with 4 other quarterly seasonally adjusted percentage change consumption categories (such as Food, etc) that clearly demonstrate the variability that can occur within the consumption category during recessions from Dec 1990 to Sept 1992.

? Undertake an overview of the conditions that prevailed at that time that led to this recession and how it impacted the nation (remember to use reputable sources in your research and reference), incorporating the information from the charts you generated. Include in your discussion any actions undertaken by the government to combat the recession and restore economic activity.

? Undertake a model analysis using the IS-LM model. Using the IS-LM model, illustrate and discuss the impact of the recession on interest rates and economic activity (and thus the unemployment rate). Remember to explain any changes you have made to the curves and/or any shift(s) you have undertaken.

? Based on the impact on interest rates and economic activity you have demonstrated in the IS-LM model, outline the policy advice you would have given to the government under these circumstances. Include in the discussion how the slopes of the curves may affect your policy advice and the long-run impact of this policy action. Part 2 – 2-minute recorded digital presentation Pitch Consider the following list of possible government policy initiatives for an economy at any point in time. Choose one policy initiative and develop one slide in support or against the policy and record argument(s) with slide – you need to record yourself giving the presentation with the slide in the background. Canvas studio is the method to do this, but you can video record yourself on your phone and then embed the recording into your slide using PowerPoint. Remember to consider the short-term and long-term impacts and how this may impact the overall economy/particular sectors… Policy Initiatives

? Introduce excise taxes on all goods and services entering the nation from all trading partners

? Introduce a universal basic income (UBI)

? Reduce the corporate tax rate

? Reduce personal income tax rates for income threshold above $180,001

? Reduce (or eliminate) the Goods and Services Tax (GST)

? Increase unemployment benefits

? Privatise all energy providers in the country

? Privatise all public modes of transportation

? Change the exchange rate system from flexible to a fixed/pegged