5. Consider the table below for Australia in 2018-2019 and answer the following questions:

Australia	July 2018	June 2019
Labour Force Participation rate (LFPR%)	64.72%	65.27%
Employed persons (E)	10,000,000	10,100,000
Unemployed persons (UE)	780,000	650,000
Gross Domestic Product (GDP) ($millions)	$............	$224.7
Consumer Spending (C) ($millions)	$118.87	$126.84
Investment Spending (I) ($millions)	$30.75	$44.53
Government Spending (G) ($millions)	$41.8	$38.85
Export (X) ($millions)	$15.2	$17.8
Import (M) ($millions)	$2.96	$3.32
Inflation rate	2.4%	5.5%
Transfer Payments	72.65 B	65.2 B
Saving	6 B	6.4 B

5. a. Calculate the GDP for 2018?

5. b. Calculate the economic growth between July 2018 to June 2019.

5. c. Calculate the unemployment rate (%) in July 2018 and June 2019.

5. d. Given that the LFPR has increased from 64.72% to 65.27% and the changes in the unemployment rate between 2018 and 2019 [from (5.c.) above], what does this indicate about employment in the country?

6. Consider the table below for Australia in 2018-2019 and answer the following questions:

Australia	July 2018	June 2019
Labour Force Participation rate (LFPR%)	64.72%	65.27%
Employed persons (E)	10,000,000	10,100,000
Unemployed persons (UE)	780,000	650,000
Gross Domestic Product (GDP) ($millions)	$............	$224.7
Consumer Spending (C) ($millions)	$118.87	$126.84
Investment Spending (I) ($millions)	$30.75	$44.53
Government Spending (G) ($millions)	$41.8	$38.85
Export (X) ($millions)	$15.2	$17.8
Import (M) ($millions)	$2.96	$3.32
Inflation rate	2.4%	5.5%
Transfer Payments	72.65 B	65.2 B
Saving	6 B	6.4 B

6. a. Is this economy contracting or expanding in 2019? Why? How does this affect the AD curve, SAS curve and the LAS curve in the AD/AS model.

6. b. Refer to Question 6.a. above, what monetary policy might the central bank undertake in 2019 to address the economic problem? How would this policy affect the AD/AS curves in the AD/AS Model?

6. c. How does fiscal policy affect the components of aggregate demand?

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