What phase of the business cycle was the Australian economy in in 2020 and in 2021? Briefly explain for each year.

Indicators 2019 2020 2021 RGDP- Annual Growth rate (%) 2.0 -1.9 4.2 Inflation rate (% change) - GDP deflator 2.1 0.6 5.7 Consumer Price Index - (% change) 2.2 0.9 3.5 Unemployment rate (%) - June Qtr 5.2 7.4 4.9 Natural rate of unemployment (%) *estimate 4.5 4.5 4.25 Index of production costs / Producer costs of prod'n - Annual % change 1.9 - 0.4 2.2 Labour productivity index 99.9 102.2 103.0 % change in Consumption spending 0.6 - 5.72% 5.0 Consumer confidence (Index) - June Qtr 100.7 93.7 107.2 % change in Investment spending (Private Capital Expenditure) - 0.4 - 3.3 9.3 Index of Producer / Business confidence 104.0 92.1 101.2 Exports (goods & services) ($ millions) 492.4 435.4 519.0 Imports (goods & services) ($ millions) 424.4 365.6 395.3 Net Exports = Xg&s - Mg&s 68.0 69.8 123.7 Exchange rate - USD per AUD; a AUD 75 (June). buys, 30 June 70 68 72 (Dec) Export price index and (%) change 1 11.5 108.3 138.8 12.7 - 2.9 28.2 Import price index and (%) change 113.25 109.2 112.2 2.6% 3.6% 2.7