Part A Australian and Chinese business cycle. Examine the data relating to the economies of Australia and China and answer Parts A to B. 1. Complete the table / data sheet below for both Australia and China and include this as an attachment to your report. Answers must be accurate to two decimal places. This is taken from the complete data sheet that is available on canvas. The Australian economy: Economic data 2016 - 2019. Indicator 2016 2017 2018 2019 Nominal Gross Domestic Product (A$ billions) 1,703.6 1,808.9 1,897.7 1,990.3 GDP deflator 95.86 99.26 101.44 104.58 Calculate RGDP (for 2016 to 2019) 1,777.2 1,822.4 1,870.8 1,903.1 % change in RGDP (for 2017 to 2019) 2.54% 2.66% 1.72% Inflation rate (%) for 2017 to 2019 - use GDP deflator 3.55% 2.2% 3.1% The Chinese economy: Economic data 2016 - 2019. Indicator 2016 2017 2018 2019 Nominal Gross Domestic Product (RMB billions) 74,358 82,712 89,425 98,115 GDP deflator 101.15 105.35 106.85 110.35 Calculate RGDP (for 2016 to 2019) 73,512.6 78,511.6 83,692.1 88,912.6 % change in RGDP (for 2017 to 2019) 5.8% 5.6% 6.24% Inflation rate (%) for 2017 to 2019 - use GDP deflator 4.15% 1.42% 3.28% 2. What phase of the business cycle was the Australian economy in over the period 2018 to 2019? Briefly explain. What contribution did the following components of Aggregate Demand; Consumption spending, Investment spending and Net exports make to the cycle over this period? 3. What phase of the business cycle was the Chinese economy in over the period 2018 to 2019? Briefly explain. What contribution did the following components of Aggregate Demand; Consumption spending, Investment spending and Net exports make to the cycle over this period? (4 + 3 + 3 = 10 marks)