Consider the following figures showing the situation of the Australian labour market in 2018 (figures are per thousand and in percentage). Employed persons ('000) 12 620.7 Unemployed persons ('000) 711.9 Unemployment rate (%) 5.4 Participation rate (%) 65.6 a. What is the labour force participation rate? Briefly checking some online sources is it lower or higher than in other countries? Try to provide some explanation for the difference. b. Assume that the participation rate in Australia changes to 63%, but the adult population and the number of employed remain unchanged (hint: if the adult population is not reported, you can calculate it easily from the labour force and participation rate). What would be the labour force, the number of unemployed, and the unemployment rate? c. Go to the latest LFS by the ABS at: w..s@.nsf/mf/6202.0. How does the current situation compare with 2018? Spend about 10 minutes going through the website and report at least one observation you find interesting or surprising, and a possible explanation for it.