Economics for Business: Australia Macroeconomic Analysis Report

This report provides a comprehensive analysis of the Australian economy, focusing on macroeconomic indicators and their interrelationships. The first section examines the trends in inflation and unemployment rates in Australia from 2001 to 2016, and explains the observed inverse relationship between these two variables using the Phillip's Curve theory. The second section analyzes the effects of various economic events on the aggregate demand and aggregate supply in the Australian economy, including India's tariff on chickpeas, China's increased demand for Australian wine, government spending on electric power generation, changes in oil prices, and immigration. The report utilizes macroeconomic models to illustrate the impact of these events on real GDP and price levels, providing a detailed understanding of the Australian economic dynamics. The report also includes relevant references to support its analysis.