Policy Analyst Application and Analysis

This assignment delves into the applicant's desire to become a policy analyst, highlighting their analytical skills, adaptability, and communication abilities. They analyze an economist interview video, drawing insights about career paths in economics. The document outlines their action plan, including seeking mentorship and internships to achieve their goal of working at the National Australia Bank.

Running Head: GLOBAL ECONOMY
Global Economy
Name of the Student
Name of the University
Author note

1GLOBAL ECONOMY
Table of Contents
Part A.........................................................................................................................................2
Answer 1................................................................................................................................2
Answer 2................................................................................................................................3
Australia.............................................................................................................................3
New Zealand......................................................................................................................7
India..................................................................................................................................11
Germany...........................................................................................................................15
Answer 3..............................................................................................................................20
Consumer Price Inflation.....................................................................................................20
Unemployment rate for population aged 15 and over..........................................................21
Part B........................................................................................................................................23
Part C........................................................................................................................................26
Introduction..............................................................................................................................26
Desired Job Role......................................................................................................................26
Why Policy Analyst?................................................................................................................27
Video Interpretation.................................................................................................................28
Action Plan...........................................................................................................................28
References................................................................................................................................30

2GLOBAL ECONOMY

3GLOBAL ECONOMY
Part A
Answer 1
Table 1
6th, 7th, 8th,9th and 10th position in bilateral trade with Australia in 2014
Rank Country Trade volume (A$ million)
6th New Zealand 23,484
7th Singapore 29,580
8th Thailand 18,986
9th India 15,763
10th Germany 17,504
(Source: dfat.gov.au 2016)
Table 2
Rank of the previous countries in Australia's top export in 2015
Country Position Export Volume (A$ Million)
New Zealand 7th 12,498
Singapore 9th 11,012
Thailand 14th 5,307
India 6th 13,395
Germany 15th 3,127
Table 3
Top ten exports from Australia in 2016
Rank Commodity Values of export(A$
million)
Percentage
share
1 Iron ores & concentrates 53,757 16.3
2 Coal 37,999 12.8
3 Education-related travel services 21,966 6.6
4 Gold 18,857 5.7
5 Natural gas 17,912 5.4
6 Personal travel (excl education)
services
17,412 5.3
7 Beef, f.c.f. 7,401 2.2
8 Aluminium ores & conc (incl
alumina)
6,460 2
9 Wheat 4,853 1.5
10 Professional services 4,779 1.4

4GLOBAL ECONOMY
Answer 2
Australia
i) GDP (2010 U.S. Dollars, Annual, Not Seasonally Adjusted)
Table 4
observation_date
Constant GDP per capita
for Australia, 2010 U.S.
Dollars, Annual, Not
Seasonally Adjusted
1/01/2000 44223.59124
1/01/2001 44473.40861
1/01/2002 45626.62203
1/01/2003 46449.84519
1/01/2004 47817.89923
1/01/2005 48702.73469
1/01/2006 49418.68632
1/01/2007 50952.46704
1/01/2008 51788.44015
1/01/2009 51651.22326
1/01/2010 51874.08048
1/01/2011 52372.15454
1/01/2012 53348.38897
1/01/2013 53798.35851
1/01/2014 54394.33427
(Source: fred.stlouisfed.org 2018)
1/1/2000
1/1/2001
1/1/2002
1/1/2003
1/1/2004
1/1/2005
1/1/2006
1/1/2007
1/1/2008
1/1/2009
1/1/2010
1/1/2011
1/1/2012
1/1/2013
1/1/2014
0
10000
20000
30000
40000
50000
60000
GDP for Australia
Observation date
GDP
Figure 1

5GLOBAL ECONOMY
ii) Total central government debt, total (% of GDP, Annual, Not Seasonally
Adjusted)
Table 5
observation_dat
e
Central government debt, total (% of
GDP) for Australia, Percent of GDP,
Annual, Not Seasonally Adjusted
1/01/2000 29.57453724
1/01/2001 27.77455166
1/01/2002 25.98683687
1/01/2003 25.16258372
1/01/2004 22.94080738
1/01/2005 22.49565203
1/01/2006 21.60331231
1/01/2007 20.30456853
1/01/2008 18.37447797
1/01/2009 24.07725049
1/01/2010 29.34085956
1/01/2011 30.72086622
1/01/2012 40.11420213
1/01/2013 38.25786614
1/01/2014 42.43556361
1/1/2000
1/1/2001
1/1/2002
1/1/2003
1/1/2004
1/1/2005
1/1/2006
1/1/2007
1/1/2008
1/1/2009
1/1/2010
1/1/2011
1/1/2012
1/1/2013
1/1/2014
0
5
10
15
20
25
30
35
40
45
Central government debt, total (% of GDP) for
Australia
Figure 2

6GLOBAL ECONOMY
iii) Imports: Value Goods (Percent of GDP, Annual, Not Seasonally Adjusted)
Table 6
observation_date
Imports: Value Goods for
Australia, Percent of GDP,
Annual, Not Seasonally
Adjusted
1/01/2000 17.03
1/01/2001 16.15
1/01/2002 16.34
1/01/2003 15.71
1/01/2004 15.7
1/01/2005 16.21
1/01/2006 17.02
1/01/2007 16.58
1/01/2008 18.15
1/01/2009 15.93
1/01/2010 15.46
1/01/2011 15.56
1/01/2012 16.05
1/01/2013 15.43
1/01/2014 15.74
1/1/2000
1/1/2001
1/1/2002
1/1/2003
1/1/2004
1/1/2005
1/1/2006
1/1/2007
1/1/2008
1/1/2009
1/1/2010
1/1/2011
1/1/2012
1/1/2013
1/1/2014
14
14.5
15
15.5
16
16.5
17
17.5
18
18.5
Imports: Value Goods for Australia
Observation date
Imports
Figure 3

7GLOBAL ECONOMY
iv) Government Final Consumption (nominal, Annual, Not Seasonally Adjusted)
Table 7
Observation Date
Gross Domestic Product by Expenditure in Constant
Prices: Government Final Consumption Expenditure for
Australia, National Currency, Annual, Not Seasonally
Adjusted
2000-01-01 196200000000
2001-01-01 200700000000
2002-01-01 205800000000
2003-01-01 213800000000
2004-01-01 221700000000
2005-01-01 227700000000
2006-01-01 235800000000
2007-01-01 243100000000
2008-01-01 253400000000
2009-01-01 257400000000
2010-01-01 266200000000
2011-01-01 275700000000
2012-01-01 282600000000
2013-01-01 285700000000
2014-01-01 288400000000
2000-01-01
2001-01-01
2002-01-01
2003-01-01
2004-01-01
2005-01-01
2006-01-01
2007-01-01
2008-01-01
2009-01-01
2010-01-01
2011-01-01
2012-01-01
2013-01-01
2014-01-01
0
50000000000
100000000000
150000000000
200000000000
250000000000
300000000000
350000000000
Government Final Consumption Expenditure for
Australia
Observation date
Government final consumption
Figure 4

8GLOBAL ECONOMY
New Zealand
i) GDP (2010 U.S. Dollars, Annual, Not Seasonally Adjusted)
Table 8
observation_date
Constant GDP per capita for
New Zealand, 2010 U.S.
Dollars, Annual, Not
Seasonally Adjusted
2000-01-01 29525.1203253083
2001-01-01 30363.3211189093
2002-01-01 31233.9109642132
2003-01-01 32019.1455497404
2004-01-01 32792.1654022348
2005-01-01 33494.5805268678
2006-01-01 34016.6202858532
2007-01-01 34674.0102448102
2008-01-01 33996.0772420506
2009-01-01 33555.4656671981
2010-01-01 33691.3483689734
2011-01-01 34194.4455859056
2012-01-01 34771.2940650370
2013-01-01 35350.4437813159
2014-01-01 36006.0214992661
2000-01-01
2001-01-01
2002-01-01
2003-01-01
2004-01-01
2005-01-01
2006-01-01
2007-01-01
2008-01-01
2009-01-01
2010-01-01
2011-01-01
2012-01-01
2013-01-01
2014-01-01
0.0000000000
5000.0000000000
10000.0000000000
15000.0000000000
20000.0000000000
25000.0000000000
30000.0000000000
35000.0000000000
40000.0000000000
Constant GDP per capita for New Zealand
Obsevation date
GDP
Figure 5

9GLOBAL ECONOMY
ii) Total central government debt, total (% of GDP, Annual, Not Seasonally
Adjusted)
Table 9
observation_
date
Central
government
debt, total (% of
GDP) for New
Zealand,
Percent of GDP,
Annual, Not
Seasonally
Adjusted
2002-01-01 32.77614179
2003-01-01 48.24533847
2004-01-01 43.86723279
2005-01-01 44.17012017
2006-01-01 42.92628509
2007-01-01 36.94151271
2008-01-01 36.05583888
2009-01-01 47.18888152
2010-01-01 49.2045015
2011-01-01 62.57289131
2012-01-01 67.1484011
2013-01-01 59.37423329
2014-01-01 56.78293776
2002-01-01
2003-01-01
2004-01-01
2005-01-01
2006-01-01
2007-01-01
2008-01-01
2009-01-01
2010-01-01
2011-01-01
2012-01-01
2013-01-01
2014-01-01
0
10
20
30
40
50
60
70
80
Central government debt, total (% of GDP) for
New Zealand
Observation date
Central Govrnment debt
Figure 6

10GLOBAL ECONOMY
iii) Imports: Value Goods (Percent of GDP, Annual, Not Seasonally Adjusted)
Table 10
observation_date
Imports: Value Goods
for New Zealand,
Percent of GDP,
Annual, Not
Seasonally Adjusted
2000-01-01 25.9
2001-01-01 25.12
2002-01-01 24.19
2003-01-01 22.47
2004-01-01 22.73
2005-01-01 23.2
2006-01-01 24.15
2007-01-01 22.84
2008-01-01 25.46
2009-01-01 21.02
2010-01-01 21.03
2011-01-01 22.24
2012-01-01 21.87
2013-01-01 21.21
2014-01-01 21.38
2000-01-01
2001-01-01
2002-01-01
2003-01-01
2004-01-01
2005-01-01
2006-01-01
2007-01-01
2008-01-01
2009-01-01
2010-01-01
2011-01-01
2012-01-01
2013-01-01
2014-01-01
0
5
10
15
20
25
30
Imports: Value Goods for New Zealand
Observation date
Imports
Figure 7

11GLOBAL ECONOMY

12GLOBAL ECONOMY
iv) Government Final Consumption (nominal, Annual, Not Seasonally Adjusted)
Table 11
observation_date
Gross Domestic Product by Expenditure in
Constant Prices: Government Final
Consumption Expenditure for New Zealand,
National Currency, Annual, Not Seasonally
Adjusted
2000-01-01 27000000000
2001-01-01 28200000000
2002-01-01 28700000000
2003-01-01 29700000000
2004-01-01 31200000000
2005-01-01 33400000000
2006-01-01 34900000000
2007-01-01 36400000000
2008-01-01 38000000000
2009-01-01 38300000000
2010-01-01 38500000000
2011-01-01 39600000000
2012-01-01 39400000000
2013-01-01 40000000000
2014-01-01 41300000000
2000-01-01
2001-01-01
2002-01-01
2003-01-01
2004-01-01
2005-01-01
2006-01-01
2007-01-01
2008-01-01
2009-01-01
2010-01-01
2011-01-01
2012-01-01
2013-01-01
2014-01-01
0
5000000000
10000000000
15000000000
20000000000
25000000000
30000000000
35000000000
40000000000
45000000000
Government Final Consumption Expenditure for
New Zealand
Observation date
Government Final Consumption
Figure 8

13GLOBAL ECONOMY
India
i) GDP (2010 U.S. Dollars, Annual, Not Seasonally Adjusted)
Table 12
observation_date
Constant GDP per capita for
India, 2010 U.S. Dollars, Annual,
Not Seasonally Adjusted
2000-01-01 762.313
2001-01-01 785.345
2002-01-01 801.508
2003-01-01 850.293
2004-01-01 902.906
2005-01-01 971.230
2006-01-01 1044.894
2007-01-01 1130.090
2008-01-01 1156.933
2009-01-01 1237.340
2010-01-01 1345.770
2011-01-01 1416.403
2012-01-01 1474.968
2013-01-01 1550.142
2014-01-01 1646.781
2000-01-01
2001-01-01
2002-01-01
2003-01-01
2004-01-01
2005-01-01
2006-01-01
2007-01-01
2008-01-01
2009-01-01
2010-01-01
2011-01-01
2012-01-01
2013-01-01
2014-01-01
0.000
200.000
400.000
600.000
800.000
1000.000
1200.000
1400.000
1600.000
1800.000
Constant GDP per capita for India
Observation date
GDP
Figure 9

14GLOBAL ECONOMY
ii) Total central government debt, total (% of GDP, Annual, Not Seasonally
Adjusted)
Table 13
observation_date
Central government debt, total (%
of GDP) for India, Percent of GDP,
Annual, Not Seasonally Adjusted
2000-01-01 55.75
2001-01-01 59.82
2002-01-01 63.40
2003-01-01 63.03
2004-01-01 63.44
2005-01-01 63.11
2006-01-01 60.96
2007-01-01 58.25
2008-01-01 57.87
2009-01-01 56.01
2010-01-01 52.18
2011-01-01 51.56
2012-01-01 50.68
2000-01-01
2001-01-01
2002-01-01
2003-01-01
2004-01-01
2005-01-01
2006-01-01
2007-01-01
2008-01-01
2009-01-01
2010-01-01
2011-01-01
2012-01-01
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
Central government debt, total (% of GDP) for
India
Observation date
Central government debt
Figure 10

15GLOBAL ECONOMY
iii) Imports: Value Goods (Percent of GDP, Annual, Not Seasonally Adjusted)
Table 14
observation_date
Imports: Value Goods for
India, Percent of GDP,
Annual, Not Seasonally
Adjusted
2000-01-01 11.03
2001-01-01 10.48
2002-01-01 11.26
2003-01-01 12.24
2004-01-01 14.26
2005-01-01 17.60
2006-01-01 19.42
2007-01-01 19.83
2008-01-01 25.34
2009-01-01 20.48
2010-01-01 21.85
2011-01-01 25.49
2012-01-01 27.15
2013-01-01 25.05
2014-01-01 23.15
2000-01-01
2001-01-01
2002-01-01
2003-01-01
2004-01-01
2005-01-01
2006-01-01
2007-01-01
2008-01-01
2009-01-01
2010-01-01
2011-01-01
2012-01-01
2013-01-01
2014-01-01
0.00
5.00
10.00
15.00
20.00
25.00
30.00
Imports: Value Goods for India
Observation date
Imports
Figure 11

16GLOBAL ECONOMY
iv) Government Final Consumption (nominal, Annual, Not Seasonally Adjusted)
Table 15
observation_date
Government Final Consumption
Expenditure in India, Billions of
Indian Rupees, Annual, Not
Seasonally Adjusted
1/01/2000 2459
1/01/2001 2756.3
1/01/2002 2781.5
1/01/2003 3077.5
1/01/2004 3097.4
1/01/2005 3633.5
1/01/2006 3956.4
1/01/2007 4343.7
1/01/2008 5539.1
1/01/2009 6684.9
1/01/2010 7839.1
1/01/2011 9048.9
1/01/2012 10548.9
1/01/2013 11779.2
1/01/2014 13122.8
1/1/2000
1/1/2001
1/1/2002
1/1/2003
1/1/2004
1/1/2005
1/1/2006
1/1/2007
1/1/2008
1/1/2009
1/1/2010
1/1/2011
1/1/2012
1/1/2013
1/1/2014
0
2000
4000
6000
8000
10000
12000
14000
Government Final Consumption Expenditure in
India
Observation date
Government final consumption
Figure 12

17GLOBAL ECONOMY
Germany
i) GDP (2010 U.S. Dollars, Annual, Not Seasonally Adjusted)
Table 16
observation_date
Constant GDP per capita for
Germany, 2010 U.S. Dollars,
Annual, Not Seasonally Adjusted
2000-01-01 37998.43
2001-01-01 38577.73
2002-01-01 38512.92
2003-01-01 38218.35
2004-01-01 38673.89
2005-01-01 38969.32
2006-01-01 40456.86
2007-01-01 41831.87
2008-01-01 42365.10
2009-01-01 40086.10
2010-01-01 41785.56
2011-01-01 44125.33
2012-01-01 44259.26
2013-01-01 44354.74
2014-01-01 44874.88
2000-01-01
2001-01-01
2002-01-01
2003-01-01
2004-01-01
2005-01-01
2006-01-01
2007-01-01
2008-01-01
2009-01-01
2010-01-01
2011-01-01
2012-01-01
2013-01-01
2014-01-01
34000.00
36000.00
38000.00
40000.00
42000.00
44000.00
46000.00
Constant GDP per capita for Germany
Observation date
GDP
Figure 13

18GLOBAL ECONOMY
ii) Total central government debt, total (% of GDP, Annual, Not Seasonally
Adjusted)
Table 17
observation_date
Central government debt,
total (% of GDP) for
Germany, Percent of GDP,
Annual, Not Seasonally
Adjusted
1/01/2000 38.31
1/01/2001 36.77
1/01/2002 38.14
1/01/2003 39.79
1/01/2004 41.69
1/01/2005 43.31
1/01/2006 42.31
1/01/2007 39.61
1/01/2008 41.99
1/01/2009 46.12
1/01/2010 54.33
1/01/2011 53.94
1/01/2012 55.61
1/01/2013 52.68
1/01/2014 53.53
1/1/2000
1/1/2001
1/1/2002
1/1/2003
1/1/2004
1/1/2005
1/1/2006
1/1/2007
1/1/2008
1/1/2009
1/1/2010
1/1/2011
1/1/2012
1/1/2013
1/1/2014
0.00
10.00
20.00
30.00
40.00
50.00
60.00
Central government debt, total (% of GDP) for
Germany
Observation date
Central government debt
Figure 14

19GLOBAL ECONOMY
iii) Imports: Value Goods (Percent of GDP, Annual, Not Seasonally Adjusted)
Table 18
observation_date
Imports: Value Goods for Germany, Percent of
GDP, Annual, Not Seasonally Adjusted
1/01/2000 25.28
1/01/2001 24.81
1/01/2002 23.37
1/01/2003 23.98
1/01/2004 25.16
1/01/2005 26.93
1/01/2006 30
1/01/2007 30.54
1/01/2008 31.36
1/01/2009 26.89
1/01/2010 30.6
1/01/2011 33.11
1/01/2012 32.47
1/01/2013 31.35
1/01/2014 30.87
1/1/2000
1/1/2001
1/1/2002
1/1/2003
1/1/2004
1/1/2005
1/1/2006
1/1/2007
1/1/2008
1/1/2009
1/1/2010
1/1/2011
1/1/2012
1/1/2013
1/1/2014
0
5
10
15
20
25
30
35
Imports: Value Goods for Germany
Observation date
Imports
Figure 15

20GLOBAL ECONOMY
iv) Government Final Consumption (nominal, Annual, Not Seasonally Adjusted)
Table 19
observation_date
Gross Domestic Product by
Expenditure in Constant Prices:
Government Final Consumption
Expenditure for Germany, National
Currency, Annual, Not Seasonally
Adjusted
2000-01-01 437800000000
2001-01-01 440000000000
2002-01-01 445300000000
2003-01-01 447800000000
2004-01-01 444200000000
2005-01-01 446400000000
2006-01-01 450700000000
2007-01-01 457300000000
2008-01-01 472800000000
2009-01-01 487000000000
2010-01-01 493300000000
2011-01-01 498000000000
2012-01-01 503200000000
2013-01-01 510000000000
2014-01-01 517900000000
2000-01-01
2001-01-01
2002-01-01
2003-01-01
2004-01-01
2005-01-01
2006-01-01
2007-01-01
2008-01-01
2009-01-01
2010-01-01
2011-01-01
2012-01-01
2013-01-01
2014-01-01
380000000000
400000000000
420000000000
440000000000
460000000000
480000000000
500000000000
520000000000
540000000000
Government Final Consumption Expenditure for
Germany
Observation date
Government final consumption
Figure 16

21GLOBAL ECONOMY
Gross Domestic Product of Australia has shown a continuous upward trend from 2000
to 2000 to 2014.The four main components of GDP are Consumption expenditure,
investment expenditure, government expenditure and net export. The government in Australia
has spent a significant amount for final consumption expenditure over time as reflected from
the sharp upward trend. The increased government expenditure is one factor contributing to
rise in GDP of Australia. The similar trend is observed for New Zealand. GDP measured in
constant base year accounted a continuous rise in GDP. Like Australia, government
expenditure in New Zealand is rising continuously. Government consumption expenditure
being one important component of GDP has a positive contribution in GDP. India, being a
developing nation has recorded a significant growth rate in GDP. The growth rate of GDP in
India is even greater than Australia and New Zealand. Indian government has made
significant contribution in GDP with its increasing expenditure of final consumption. For
Germany, again an increasing trend is found for GDP and in government expenditure on final
consumption.
GDP of a nation is one important indicator of economic performance. A growing
trend in GDP ensures a growth for the economy. As far as GDP is concerned all the four
nations accounted a rising trend in their GDP. Government debt in Australia continue to
decline from 2000 to 2008. Since then, the share government debt increases. For New
Zealand, government debt first declines and then rises from 2008 onwards and starts falling
again from 2012. India accounted a distinct trend from the two previous two nations.
Government debt continuously decreases in India. Central government’s debt in Germany has
a similar trend than that of Australia and New Zealand. Movement of import in Australia has
gone through a fluctuating trend with import reaching peak in 2008. The imports in India
constitute an upward rising trend. While for Germany, import grows at a relatively slow rate
and the trend is slowly declining in New Zealand.

22GLOBAL ECONOMY
Answer 3
Consumer Price Inflation
Table 20
observation_date Consumer Prices ( not seasonally
adjusted)
1980-01-01 10.126582278481000
1981-01-01 9.691745035788930
1982-01-01 11.145510836231100
1983-01-01 10.113563316949300
1984-01-01 3.950184860883230
1985-01-01 6.739049045139430
1986-01-01 9.084531743821910
1987-01-01 8.488745980707390
1988-01-01 7.231772377000620
1989-01-01 7.559425096738520
1990-01-01 7.272260053963770
1991-01-01 3.222679912769580
1992-01-01 0.985915492957734
1993-01-01 1.813110181311030
1994-01-01 1.894977168949780
1995-01-01 4.638135783105530
1996-01-01 2.612419700214130
1997-01-01 0.250417362270427
1998-01-01 0.853455453788537
1999-01-01 1.465428276573790
2000-01-01 4.475183075671270
2001-01-01 4.380841121495340
2002-01-01 3.003171050177200
2003-01-01 2.770735240854760
2004-01-01 2.343612334801750
2005-01-01 2.668732782369140
2006-01-01 3.538487338587980
2007-01-01 2.332361516034990
2008-01-01 4.352643241532100
2009-01-01 1.820112240254820
2010-01-01 2.845225681513470
2011-01-01 3.303850156087440
2012-01-01 1.762780156131930
2013-01-01 2.449888641425390
2014-01-01 2.487922705314030
2015-01-01 1.508366721659190
(Source: fred.stlouisfed.org 2018)

23GLOBAL ECONOMY
1980-01-01
1982-01-01
1984-01-01
1986-01-01
1988-01-01
1990-01-01
1992-01-01
1994-01-01
1996-01-01
1998-01-01
2000-01-01
2002-01-01
2004-01-01
2006-01-01
2008-01-01
2010-01-01
2012-01-01
2014-01-01
0
2
4
6
8
10
12
Consumer Price Inflation in Australia
Observation data
Inflation rate
Figure 17
Consumer price inflation is Australia is showing a fluctuating trend. In 1980, inflation
rate was as high as 10%. It then continuously fall until 1984 and attained a low level at 4%.
In the next two years, unemployment rate rises and reaches to a point slightly higher than 8%.
From 1986 onwards there is an overall decline in the unemployment rate and finally settled in
between 0 to 2 percent in 2015.
Unemployment rate for population aged 15 and over
Table 21
observation_dat
e
Unemployment rate for aged 15 and over (Not seasonally adjusted)
1980-01-01 6.1
1981-01-01 5.8
1982-01-01 7.2
1983-01-01 10.0
1984-01-01 9.0
1985-01-01 8.3
1986-01-01 8.1
1987-01-01 8.1
1988-01-01 7.2
1989-01-01 6.2

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1990-01-01 6.9
1991-01-01 9.6
1992-01-01 10.7
1993-01-01 10.9
1994-01-01 9.7
1995-01-01 8.5
1996-01-01 8.5
1997-01-01 8.4
1998-01-01 7.7
1999-01-01 6.9
2000-01-01 6.3
2001-01-01 6.7
2002-01-01 6.4
2003-01-01 5.9
2004-01-01 5.4
2005-01-01 5.0
2006-01-01 4.8
2007-01-01 4.4
2008-01-01 4.2
2009-01-01 5.6
2010-01-01 5.2
2011-01-01 5.1
2012-01-01 5.2
2013-01-01 5.7
2014-01-01 6.1
2015-01-01 6.1
1980-01-01
1982-01-01
1984-01-01
1986-01-01
1988-01-01
1990-01-01
1992-01-01
1994-01-01
1996-01-01
1998-01-01
2000-01-01
2002-01-01
2004-01-01
2006-01-01
2008-01-01
2010-01-01
2012-01-01
2014-01-01
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Unemployment rate for aged 15 and over
Observation data
Unemployment rate
Figure 18

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Unemployment rate in Australia has accounted an overall declining rate.
Unemployment increases slightly from 1980 to 1984 but since 1994 unemployment rate
declining continuously until 2008. After the global financial crisis, unemployment rate
increases from 4 percent to 6 percent.
The concept of Phillips curve explains an inverse relation between inflation and
unemployment. Inflation arising from demand side lead to expansion of productive activity
and hence, creates new employment opportunity and reduces unemployment (Bernanke,
Antonovics and Frank 2015). However, for Australia the Phillips curve relation is not
satisfied. As shown from the inflation and unemployment trend above, both inflation and
unemployment reduces simultaneously over time.
Part B
Figure 19: Effect of a decrease in government expenditure on long run equilibrium
(Source: as created by Author)

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The macroeconomic equilibrium occur at the intersection point of aggregate demand
and aggregate supply curve. Corresponding to the equilibrium, real GDP and price level is
determined. Aggregate demand curve is downward sloping both in the short run and in the
long-run. However, shape of the aggregate supply is different in short run and that in the long
run. In the long run, as the economy has already reached to the potential level of output, it is
generally not possible to increase output further (Scarth 2014). Therefore, the long run
aggregate supply curve is a given by a vertical straight line as shown in the above figure. The
figure above explains the effect of a decrease in government expenditure in the long-run.
Government expenditure is an important determinant of aggregate demand. A decrease in
government expenditure decreases aggregate demand causing a leftward shift of the
aggregate demand curve. The aggregate demand curve shifts from AD to AD1. The long run
equilibrium point moves from point A to point B. At the new equilibrium price level declines
from P* to P1 and output remains fixed at the potential level of Y*.
Figure 20: Equilibrium adjustment in the short run
(Source: as created by Author)

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The short run supply curve is upward rising. The reduced price level in the long-run,
decreases supply in the short run because of the positive relation between price and output
(Heijdra 2017). SRAS denotes the short run supply curve. In response to a reduced price
level, short run supply curve shifts leftward from SRAS to SRAS1. The short run equilibrium
shifts from E to E1. Consequently, there is a contraction in economic output from Y1 to Y2
and an increase in price level from P1 to P2. The high price in the short run again encourages
aggregate supply and the output gradually move to the potential level.
Figure 21: Effect of a decrease in government expenditure on short run equilibrium
(Source: as created by Author)
The effect of a decrease in government expenditure in the short run is different from
that in the long-run. In the short run, the aggregate supply curve is positively sloped and the
economy has not reached to the full employment level (Mankiw 2014). A decrease in
government expenditure in this situation shift aggregate demand from AD to AD1. There is

28GLOBAL ECONOMY
contraction in both equilibrium output and price level. Output declines from Y* to Y1 while
price decreases from P* to P1.
Part C
Introduction
Economics being one of the most dynamic and cognitive subjects in the contemporary
period, the same has been increasing its domain of operations impressively. An economics
graduate, therefore, can therefore explore various professional domains for career building.
Keeping this in mind, I, as a macroeconomist, want to explore the opportunities I have in the
banking and financial sector existing in the economy of Australia. Given that the banking and
financial sector is one of the flourishing sectors in the industrial scenario of the country, this
sector appears to be immensely prospective for my professional growth. The organization I
specifically want to work for, in this sector, is the National Australia Bank.
Desired Job Role
There are several lucrative and exciting job roles for me in this sector. However, the job
role in the banking and financial sector which I find to be most interesting and relevant for
my future career growth is the role of a policy analyst in the concerned bank. As the name
suggests, the main job responsibilities held by a policy analyst of any bank in general
includes the following:
 Elaborate research of the different economic and financial policies existing and
introduced which can affect the clients of the organization and in other countries with
whom the banks have business tie-ups.
 To find the solutions to different problems encountered by banks and their clientele in
the aspect of policy implications.
 To recommend legislations and other ways of addressing policy related issues.

29GLOBAL ECONOMY
For carrying out these responsibilities, strong economic knowledge is required, especially for
understanding the depth of the issues cropping up and for suggesting feasible and affordable
way outs for the clientele as well as for the banks. Strong persuasive power and writing skills
are also required for prospering in this job role.
To apply for the same successfully, it is important for me to put my research and writing
skills along with my ability to think in the depth of such situations and the ability to suggest
productive and economic solutions have to be put forward the recruiter of the National
Australia Bank.
Why Policy Analyst?
The main attributes of the job of a policy of National Australia Bank, which attracted me to
apply for the same, are the huge scopes of learning, exploring, researching in this field along
with the aspect of applying personal insights and of thinking out of the box in finding
solutions to the problems.
Values- Personally, I believe in working for a mission and can endure flexible working hours
also for the purpose.
Interests- I enjoy analyzing and working with numerical data and in interpreting their trends.
Personality- I am equally comfortable with working alone as well as in a team and can also
work in a dynamic schedule.
Skills- According to my perceptions, my key abilities include analysis of complex data,
prediction of trends, interpretation of policies and their implications and also writing and
communication abilities.
As can be seen from my MWL101 test, my personality appears to be creative. It also seems
to be able to engross in any kind of work situations, evolve new ideas and communicate the

30GLOBAL ECONOMY
same, I find myself to be suitable as an applicant for the job of policy analyst in the
concerned organization, which may also develop my long-term communication and data
interpretation skills.
Video Interpretation
Some of the most interesting aspects of the interview video includes the fact that the
respondent, Jeff Hole, an economist by profession shares his insights about the role and
importance of economics as a subject in the contemporary world. He also shares his views on
what eminent roles economists can play in the constantly changing and evolving global
economic and commercial scenarios. The person also shares several crucial tips for the
budding economists, which can help them to prosper and build their career in this field.
The primary concern, which the video raises, is that with the continuous evolution of
economics as a subject and the changing global pattern, there exit a plethora of opportunities
for economists in the aspect of professional domain. However, there remains confusion
regarding which industries are prospective and how to venture in the same for building ones
career.
In the interview, Jeff Holes advices the students to get professional experiences, while
pursuing their graduation, which may help them in the process of job finding after completion
of the course. However, it does not mention the organizations and industries where the
student should explore and the procedure for applying in these organizations while pursuing
their graduation.
Action Plan
Based on my learning and on my goals to pursue my dream of becoming a policy
analyst I have done extensive groundwork on the job roles and prospects of a policy analyst. I
have also started to look for the appropriate channels and ways to progress in this aspect.

31GLOBAL ECONOMY
However, I have to look for a mentor to guide me to pursue my aims. I also need to apply for
internships in those organizations and for those job roles, while pursuing my academic
coursework, which will in future help me in getting my desired job in the National Australia
Bank.
Personality test

32GLOBAL ECONOMY
References
Bernanke, B., Antonovics, K. and Frank, R., 2015. Principles of macroeconomics. McGraw-
Hill Higher Education.
Department of Foreign Affairs and Trade. (2018). Australia's trade in goods and services
2016. [online] Available at:
http://dfat.gov.au/about-us/publications/trade-investment/australias-trade-in-goods-and-
services/Pages/australias-trade-in-goods-and-services-2016.aspx [Accessed 12 Jan. 2018].
Fred.stlouisfed.org. (2018). Federal Reserve Economic Data | FRED | St. Louis Fed. [online]
Available at: https://fred.stlouisfed.org/ [Accessed 12 Jan. 2018].
Heijdra, B.J., 2017. Foundations of modern macroeconomics. Oxford university press.
Mankiw, N.G., 2014. Principles of macroeconomics. Cengage Learning.
Scarth, W., 2014. Macroeconomics. Edward Elgar Publishing.