By evaluating the International Macroeconomic context of Australia's 2020 economicperformance- Using current policy challenges and likely future directions. Is Australia well positioned to recover in 2021?

1). Explain using the RER and internal and external balance- automatic mechanisms of adjustment

2).Where is Australia currently on the SWAN diagram (2020)

3) Explain any possible policy interventions?(noting you can make assumptions about relative elasticities of the IB / EB schedules)