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23706 Economics For Management

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23706 Economics For Management

0 Download3 Pages / 675 Words

Course Code: 23706
University: University Of Technology Sydney

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Question:

Knowing that you are undertaking a post-grad business course, your manager has asked you to provide a business report briefing the current Australian economic situation and make a forecast of its economic performance in the next 6 months. Based on this, how would you expect our central bank may move its cash rate.
Use a macroeconomic model that you learnt from this course and apply the key marco variables that drive our economy (with their relevant indicators), and the key macroeconomics indicators to argue your case.
Demonstrated awareness of relevant concepts and issues
Analysis is clear and well structured
– a. Current economic situation in Australia is clearly outlined /described and explained, and focuses on its main features understood using the conceptual frameworks discussed in lectures
– b. Forecast the central bank’s cash rate movements for the first 6 month in 2019, makes effective use of macroeconomic frameworks discussed in the subject and follows logically given the analysis in part (a)
– c. Advice follows logically from the paper’s analysis.
Degree of engagement with ideas of others including appropriate criticism
Effective use of evidence in the form of graphs, diagrams and tables
Paragraphs have clear points and paragraph connections progress the argument

Answer:

Introduction
The trade war takes place when the nation imposes a tariff or quota over the imports and the foreign nations will also hit back on the trade protectionism. Thee trade war imposed by Trump would cost the Australian economy at least $36 billion. At the time when the US China trade war will be persistent, the rate of development of the Australian economy will be at risk. The economic development of Australia could experience a hindrance as the exporters will be captured in the mounting trade war among the China and United States (Bodirsky and Popp 2015). The economy of Australia is at high risk which can take place as a result of US China trade war. It can therefore be said that the economic growth of Australia will be suffering serious setback as the exporter of the country was captured in mounting the trade war between the United States and China. The factor behind this is that Australia’s biggest export market is known to be China.
Analysis of Australian economies
The economy of Australian is known to be one of the largest mixed market economies having a gross domestic product of A$1.69 trillion in the year 2017 (Abs.gov.au. 2018). Australia is also known to be the second wealthiest country in accordance to wealth per adult. The Australian economy is generally dominated by the service sector comprising of 61.1% of the gross domestic product. The two major tools which is used by the Government for stabilizing the economy are the fiscal and the monetary policies. The Reserve Bank of Australia usually designs the monetary policy by using the instrument of the cash rate. The service sector is known to be the largest part of the economy of Australian which accounts for about seventy percent of the gross domestic product. The global financial issue  although have not affected Australia , since the banking system was quite strong which kept inflation under control.(Marchant and Wang 2018).

Figure 1 Forecasted cash rate for next 6 months
Consumption expenditure
In the model of aggregate expenditure, the consumption expenditure will indicate consumption of household (Yueh 2018). The factors which will be influencing the consumption expenditure comprises of income tax, interest rate, wealth level and debit level (Miura and Higashi 2017). The Reserve Bank of Australia have controlled the rate of interest which remained for quite a long time. The value of the consumption expenditure for the household in Australia was known to be 3.21 in the year of 2016 (Data.worldbank.org. 2018)

Figure2 Consumption Expenditure
The consumer spending of Australia have increased to 260656AUD Million in 2018 (Tradingeconomics.com. 2018). The household final consumption expenditure is known as the market value of the goods and services which are purchased by the households (Yueh 2018). The graph below shows the increase in the consumption spending of Australia from the year 2016 to2018. Consumption expenditure is spending by households on the services and goods.  In case of developed countries it have become the largest component of the gross domestic product (Oecd.org. 2018).

Figure 3 Consumer spending in Australia
Reference list
Abs.gov.au. 2018 Browse Statistics. [online] Available at: https://www.abs.gov.au/browse?opendocument&ref=topBar [Accessed 17 Dec. 2018].
Bodirsky, B.L. and Popp, A., 2015. Sustainability: Australia at the crossroads. Nature, 527(7576), p.40.
Data.worldbank.org. 2018. Final consumption expenditure (current US$) | Data. [online] Available at: https://data.worldbank.org/indicator/NE.CON.TOTL.CD [Accessed 17 Dec. 2018].
Lanteigne, M., 2015. Chinese foreign policy: an introduction. Routledge.
Marchant, M.A. and Wang, H.H., 2018. Theme Overview: US–China Trade Dispute and Potential Impacts on Agriculture. Choices, 33(2), pp.1-3.
Miura, K. and Higashi, M., 2017. The Recent Increase in Dual-Income Households and Its Impact on Consumption Expenditure (No. 17-E-7). Bank of Japan.
Oecd.org. 2018. [online] Available at: https://www.oecd.org/sdd/prices-ppp/5-3012041ec007.pdf [Accessed 17 Dec. 2018].
Tradingeconomics.com. 2018. Australia Consumer Spending | 2018 | Data | Chart | Calendar | Forecast. [online] Available at: https://tradingeconomics.com/australia/consumer-spending [Accessed 17 Dec. 2018].
Yueh, L. 2018 How a US-China trade war would hurt us all | Linda Yueh. [online] the Guardian. Available at: https://www.theguardian.com/commentisfree/2018/apr/05/us-china-trade-war-supply-chains-consumers [Accessed 11 Dec. 2018].

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