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At the meeting in May 2022, the RBA has decided to increase the cash rate by 25 basis points ending some of the extraordinary monetary

At the meeting in May 2022, the RBA has decided to increase the cash rate by 25 basis points ending some of the extraordinary monetary support that was put in place to help the Australian economy during the COVID-19 pandemic. i. Identify the type of monetary policy enacted in May 2022. (2 marks) ii. Discuss the reasons for the RBA's Official Cash Rate (OCR) decision. (2 marks) iii. Explain the economic impact such an OCR response is intended to have. (3 marks) iv. Discuss the implications of the OCR response on: The disposable income and consumption of families that bear mortgage debt (2 marks) Pensioners who rely on deposit interest income for their livelihood (3 marks

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