At the start of 2020 the COVID-19 pandemic led to a large fall in GDP in Australia. How would you depict the COVID-19 induced fall in GDP in an aggregate demand and supply diagram? Which curves move and in which direction? Outline one policy that can be used to address the fall in GDP. What are the costs and benefits of the policy you have chosen?

You might find this article helpful:https://research.stlouisfed.org/publications/economic-synopses/2020/05/20/is-the-covid-19-pandemic-a-supply-or-a-demand-shock