Report on ONE of the following two options:i) policy challenges and options identified by the...

Question

Report on ONE of the following two options:

i) policy challenges and options identified by the Australian central bank (the RBA) in the light of COVID-19.

ii) policy challenges and options identified by the Australian Commonwealth Treasury in the light of COVID-19.

In your report, also consider the impact of these policy responses on business conditions in one Australian industry. (Aim for between 100 and 400 words.) This industry may be the one in which you plan or hope to find a future career or find business opportunities. If you are an overseas student, imagine that you are located in Australia.

It is allowable to consider likely interconnections between fiscal and monetary policy, if appropriate. It is allowable to refer to how Australian policy options or debates may differ from those in another country.

Total length: XXXXXXXXXXwords, excluding references and citations.

*Articles used should be from May 2020

One aim is for you to explore key official websites

So I don’t recommend relying solely on reporting what other people (e.g. business
analysts) think
• Or what they claim that policy-makers are thinking
Commentary by chief or senior economists at the major banks is more likely to be reliable than newsletters of consultants to help you understand the basic issues
Commentary by journalists can be spotty
• Ross Gittens in the Sydney Morning Herald is usually above average
• Note: avoid a journalistic tone in your Report
• Be a neutral observer and reporter; go very easy on venting your opinions
Although confirmation by third parties can be useful and reassuring, check the RBA or Treasury websites yourself

The Treasurer’s comments don’t always reflect the Treasury’s views...

Indicative Rubric Assignment One: Draft

Out of the 50 marks available 5 to 10 marks are allocated to the industry analysis [bottom row] depending on the size of its contribution relative to the whole paper. Note that poor style and poor research are likely to cause poor content: the criteria are not entirely independent.

Style 30%

Content delivery 50%

Research 20%

Spelling, punctuation, word selection. (Reasonable allowance is made if English is not the writer’s first language.)

Format and professional appearance (e.g. standard reasonable font, layout on page).

Accurate/reasonable estimate of word count.

Referencing and citation are appropriate and consistent.

Efficient, direct prose (lack of padding).

Appropriate tone (e.g. not dogmatic, emotional or disrespectful etc.)

The report may be written as a formal, structured report or as an essay.

Evidence and viewpoints are presented and well weighed

Well-chosen and well presented evidence

Clarity and focus (relevance)

Shows understanding of the research appropriate to a level 2 course.

Flow, coherence and structure Persuasive

Fair and balanced

Penetrative, not shallow

Shows ability to go into more depth when desirable and compress lower-priority material

Diligence in search: has found useful sources

Well chosen (suitably authoritative) sources directly from the relevant government agency

Is this worthy of being presented to the writer’s boss?

Impact on industry conditions An ability to apply insights about business conditions and likely impacts of government policy in a non-trivial way.

To apply insights specifically to the nominated industry, or a subset of industries affected in a similar way.

Impact on industry conditions

Level of knowledge of the industry is sufficient: research is desirable but direct knowledge is OK

the-macroeconomy-business-conditions-instructions-3wj5vejm.pdf

Alomita · Accepted Answer

A  REPORT ON POLICY CHALLENGES AND OPTIONS IDENTIFIED BY THE RESERVE BANK OF AUSTRALIA IN  THE LIGHT OF COVID-19
INTRODUCTION:
The pandemic has given rise to a chaotic situation world wide. It is primarily a public health issue but it has imprinted major setbacks globally, both financially and socially. Countries have gone under total lockdown from early February. Restriction of movement of people , logistics, aviation, cargo  and any kind of transportation across borders have disturbed the economy. Thew most important challenge to the pandemic is to manage the health of the population  of the world. Apart from the health issue, other important aspects such as financial stability and economic well being  is also to be looked after in order to put the world running again. These policies are to be taken by the individual policymakers of each country. Both fiscal and monetary measures will be play a major role in stabilizing the financial and economical conditions. 
Due to Covid-19, the Australian economy is estimated to shrink by almost 7% which is at its fastest pace in history during the second quarter, whereas, the budget deficit is estimated to be the highest since World War 2[TheJakartaPost]. The Australian government has announced a total of 10 billion dollars to fight the pandemic, which has ravaged global trade and forced the world to experience a complete lockdown. Officials have estimated that it would take time to get complete recovery from this situation but its not impossible. The shrinkage of the economy has already indicated that Australia is slowly entering recession for the first time in nearly three decades. Josh Frydenberg, the Treasurer, said in a press meet that the budget deficit would be about AUs$185 billion , which is almost a tenth of GDP. The huge gap of the deficit is  from the massive stimulus spending formulated to keep the economy afloat and also to prevent a full-blown economic depression. The government has announced aus$289 billion as an economic stimulus to support Australia from falling apart. Unemployment is another major aspect which needs to be looked after.
Keeping in mind all the above mentioned aspects, the government predicts  a quick recovery and the economy returning to grow in the third quarter. In order to curb this unforeseen situation down, the RBA has projected and implemented some policy measures that will help and is helping the economy to go back to normal soon. 
Below are the identified areas and policy measures implemented by the Reserve bank .
 
WAYS BY WHICH THE RESERVE BANK IS SUPPORTING THE ECONOMY :
The first and the most important challenge faced by the government is job crisis. Since, the virus has put the world in a total lockdown, millions of people lost their jobs and many are  on the verge of losing them. This situation is seen in Australia too. The current unemployment rate  prevails around 7.4% [ www.theguardian.com] and is expected to be at peak with 9.3% rate in December. 
The Australian Bureau of Statistics released the data on June 18 , 2020 , where it revealed that the pandemic has led to job losses of women and particularly the younger generation. In this response, the officials has provided a wage subsidy in order to keep  workers finanacially stable and not loose their jobs while the economy embraces complete shutdown for 6 months. Recently, Scott Morrison, the Prime Minister, conveyed in a press meet that he things that the welfare system would be the best way to help Australians get “ real jobs”.  The Australian dollar depreciated 0.3% which is the main reason why Australian shares are going flat and the index is not performing well.

Report on ONE of the following two options: i) policy challenges and options identified by the Australian central bank (the RBA) in the light of COVID-19. ii) policy challenges and options identified...

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