5.1: applies consumer, financial, business, legal and employment concepts and terminology in a variety of contexts 5.2: analyses the rights and responsibilities of individuals in a range of consumer,...

ECONOMICS
Table of Contents
1. Summarising the articles    3
2. Economic indicators    3
3. Outlining the trends    4
4. Reasons for change    5
5. Recommendations    5
References    7
1. Summarising the articles
As per the article dated 19-12-2019, of ABC News, the employment rate has decreased considerably in the month of December due to huge employment generation in that month due to Christmas. As per the article, 40,000 jobs were created alone in the month of December. However, the same is going to be again unemployed in the next year as the surge in demand is temporary. The article highlighted that major reasons for increase in rate of unemployment are bad economic condition; youth are getting unemployed as older people work longer and others factors. Due to Christmas, although the unemployment rate has decreased from 5.3 to 5.2 but the same is expected to rise in the next year (ABC News, 2019).
As per the article dated 11-05-2020, of The guardian the Australian economy shall face huge recession in 2020 .The economy of the country is estimated to shrink by 10% in first half of 2020. As a result, the rate of unemployment is expected to increase by 10% in June quarter alone. The Reserve bank of Australia is expected to record a huge decline in GDP growth rate and even a negative growth rate in 2020 but however, the Reserve Bank estimates that the trend will totally reverse in 2021 and 2020 is an exception year (The Gaurdian, 2020).
The Bloomberg in its report dated 29-01-2020 has stated that the Australian economy is set to witnessed its highest inflation in coming days due to huge losses caused by bush fire in the country. The year 2020 has not and will not do any good to the country. Starting with the bush fire, to increase in oil prices, to onset of COVID – 19 has set a drastic effect on the economy leading to increase in inflation. The country has faced severe drought due to bush fire and as result, the food prices in the country is set to rise leading to rise in inflation (Bloomberg.com, 2020).
2. Economic indicators
Unemployment is defined as the condition of people wherein they are ready to work at the prevailing wage rate and have the necessary skills and knowledge but are not getting the work. It has been a major issue in most of the economies including Australia. According to Debelle, there are various types of unemployment like disguised unemployment and total unemployment. When people is getting work but not working in full potential it is known as disguised unemployment. It is also known as hidden unemployment. Rate of unemployment is a macroeconomic indicator, which indicates the condition of economy and the people. High unemployment is bad indicator for any economy.
Economic Growth refers to the growth rate of the country. It is measured by increase in the GDP of the company. The rate of increase of GDP of the economy is known as growth rate of the country. It is one of the most important parameter, which consider all the aspects in the calculations. Like, investments, level of demand and supply others. GDP will increase if the economy expands i.e. increase in production capacity of the country and that is possible if...