International Monetary Fund (IMF, July 2023) states, "Global headline inflation is expected to fall from 8.7 per cent in 2022 to 6.8 per cent in 2023 and 5.2 per cent in 2024. Underlying (core) inflation is projected to decline more gradually". Given that world inflation can impact Australia's domestic inflation, output, and employment, discuss the outlook of Australia's major macroeconomic variables (inflation, wages, output, and employment). Briefly link the role of price expectation in your essay.