"Buckle up. 2019-2020 survey finds the economy weak and heading down, and that's ahead of surprises." By Peter Martin (from The Conversation of 30th June 2019) is available at:

https://theconversation.com/buckle-up-2019-20-survey-finds-the-economy-weak-and-heading-down-and-thats-ahead-of-surprises-119455

Access the article in the URL above and answer the questions in the spaces below. Use full sentences and show all necessary working.

(1) Considering that Australian GDP per capita amounted to A$77,347 in 2019, compare the effect of the expected growth rate of the Treasury of 3% with the most updated growth rate if they were sustained over a period of 20 years.

(2) According to the article and considering the national income accounting identity, carefully describe how the household sector, the private sector and the public sector performed.

(3) Explain why the panel of economists forecast a rate cut due to the Australian economic situation described in the article.

(4) According to the article "a better measure of livings standards is the real net disposable income per capita". Discuss two limitations of GDP per capita as a measure of economic welfare.

(5) The article suggests that "nominal GDP has grown 5%''. Explain why nominal and real GDP growth rates are different.