economics for business

Question 5 (10 marks) Australia hiked its interest rate in more than a decade for the first time. The recent hike of 25 basis points will increase the cash rate to 0.35%. According to Philip Lowe, governor of the Reserve Bank of Australia (RBA), it is the right time to begin withdrawing some of the "extraordinary monetary support" that was put in place to help the Australian economy during the pandemic. i. What "extraordinary monetary support" RBA provided during the pandemic? How does that help the Australian economy during the pandemic? (5 Marks) ii. Why does the governor believe it is the right time to begin withdrawing the "extraordinary monetary support"? How will it impact the broader economy