Topic
Australia has over the past 20 years been through the different phases of the business cycle on more than one occasion. Phases of the business cycle are identifiable from the data contained in the National Accounts maintained by the Australian Bureau of Statistics.
Representing this data in graph form allows us to more easily discuss Australia's economic performance in the last two decades, and enables comparisons and connections to be made between various indicators and the overall performance.
Your task is to
1. Obtain annual data for a series of economic indicators from the ABS National accounts database. The economic indicators you are required to research are:
a. Annual growth rate for GDP
b. The rate of unemployment a
c. The annual inflation rate
d. The level of investment (not including expenditure on housing)
e. Household consumption expenditure
f. The Reserve Bank's Cash rate (interest rate)
g. The Federal Government Budget deficit or surplus
h. The annual Balance of Payments deficit or surplus
i. The Australian Dollar against U.S. Dollar Exchange rate
2. Having obtained the data, create a series of graph, including some comparison graphs. (For example you may create a graph that includes both inflation and unemployment along with GDP growth)
3. Using the graphs and data comment on the evidence for stages of the business cycle, justifying your comment with specific evidence from the data.
4. Provide a summary paragraph offering your "positive commentary" on Australia's economic performance over the past 20 years.