Topic 2: Australian fiscal and monetary policies in 2022 a) Evaluate the following statement: "To overcome the economic crisis arising from the pandemic, both the Australian fiscal and monetary governments implemented expansionary policies in 2022". You should provide the evidence for your answer from primary sources (e.g. the RBA or the Australian government). (5pts) b) Using the IS-LM and AD-AS models, explain how the Australian monetary and fiscal policies in 2022 affected output, unemployment, price level, and interest rate. Explain why the Australian fiscal government and the RBA chose these policies. (5pts)

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