Assess the overall performance of the Australian economy by providing a detailed discussion on the macroeconomic indicators. Highlight how the development of the Australian economy has been affected. Explain how long will it take for the economy to recover. The answer should be briefly explained with statistical data and diagrams.

Also, consider India and compare with Australia of how the two have applied macroeconomic policies to minimize the negative impact on the economies. How effective has it been? The focus of the answer should be on the steps taken by the two nations to manage the economic activities. The answer should be briefly explained with figures and data.