You are a reputed Business Economist. A team from the Reserve Bank of Australia (RBA) have approached you and have asked you to explain how the Australian economy is likely to improve now that the federal government is planning to open the international borders shortly and restrictions are slowly easing: 1) How will opening of borders affect the housing sector in particular? Analyse how this change will affect the macroeconomic variables; will it lead to a fall in unemployment as expected by RBA? Will there be a change in AD-AS patterns and inflation? Explain this process of change using suitable diagrams. 2) How should the RBA use monetary and fiscal policies to control and guide the Australian economic activities. Based on earlier discussion, make relevant recommendations for interest rate and government spending and briefly discuss the implications. 3) What are your recommendations apart from the opening of borders and easing of restrictions that can build consumer confidence, increase AD-AS and lead to a higher GDP?