1. The Federal Budget has reduced the fuel excised tax by half for the next six months to slow down the rising cost of living in Australia. 3) Explain briefly what is excise tax? How much was an excise tax on per litre of petroleum before the 2022 budget announcement? What are the major reasons for imposing the excise tax on petroleum in Australia? (4 marks) b) Using appropriate diagram/s, explain the change in consumer surplus, producer surplus, total surplus, price and total quantity of petrol sold in the Australian economy before and after the budget announcement of reducing excise tax on petroleum. (4 marks) a Briefly analyse whether the federal government's cut in excise tax will have any effect on the rising inflation. (2 marks) 2. i) What is inflation? What are the common measures of inflation? What are the major groups of goods and services included in the Consumer Price Index (CPI) basket in Australia? (3 marks) ii) Discuss the major drivers of CPI changes and their contribution in price rises over the January March quarter of 2022 (2 marks) 3. What are the highlights (predicted) of major domestic macroeconomic variables (growth, inflation, employment) in the 2022-23 Federal Budget? (3 marks) 4. Discuss the recent impact of automotive fuel and owner-occupied new dwellings' prices in increasing the CPI of Australia. (2 marks)