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Australian Bureau of Statistics Real GDP data ($bn) June 2023

Consumption 289

Investment 127

Government Spending 124

Exports 130

Imports 110

The above data are the GDP expenditure components (in $bn) for the June quarter 2023 published by the Australian Bureau of Statistics.

i.From the data, calculate the level of GDP (in $bn) in June 2023. (2 Marks)

ii. If GDP was $549bn in the June quarter 2022, calculate the annual rate of economic growth in June 2023. (1 Mark)

iii. What was the latest quarterly rate of economic growth, using the real, seasonally adjusted series published by the ABS? (1 Mark)

iv. From your answer to (iii), what phase of the business cycle do you believe the Australian economy is in, and why? (2 Marks)