1. Describe the evolution, noting trends, episodes and volatility of Australia's Real GDP and Real Wages Growth.

2. Discuss these above observations over the last twenty years in the light of the theory and explain the effect of significant changes of the variable after GFC (Global Financial Crisis) in 2007/08. Compare the GFC induced downturn with the recent global Corona pandemic downturn in 2020/21 and current fuel and food crisis in 2022.

3. Briefly discuss the effect of energy crisis of 2022 on the variable and subsequent rise in cash rate on the variables.

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Evolution of Australias Real GDP and Real Wages Growth Trends Volatility and Recent Events 1 Evolution Trends Episodes and Volatility Australias Real GDP and Real Wages Growth have exhibited a distinc... View the full answer