Economic Analysis: Australia and China's Performance Amidst COVID-19

This report examines the economic performance of Australia and China, with a specific focus on the impact of the COVID-19 pandemic. The report analyzes the Reserve Bank of Australia's shift in policy towards prioritizing employment over inflation targets, highlighting the challenges of slow wage growth and underemployment. It also delves into the economic repercussions of the pandemic on China, including losses in vulnerable industries like tourism and entertainment, declines in household expenditure, and disruptions to global supply chains. The report concludes by emphasizing the interconnectedness of global economies and the need for coordinated international responses to overcome the long-term disruptive effects of the pandemic, which has significantly impacted both countries' economies. The report uses data from 2017-2020 to show economic indicators such as GDP, inflation, unemployment rates, and other key economic metrics.