Use the Statement on Monetary Policy $($SMP$)$ May $2024$ of Australia. The SMP sets out the

RBA's assessment of current economic and financial conditions as well as the outlook that

the Reserve Bank Board considers in making its interest rate decisions.

Your task is to use the Statement on monetary policy $2024($SMP$)$ of Australia and write a

brief on the current macroeconomic situation in Australia.

Firstly, your brief should assess the key Macroeconomic Variables and the relevant

factors that influence them.

Secondly, you should apply the key Macroeconomic Variables to the AD$/$AS Model to

determine which phase the Australian economy is in$.$

Conclude your brief by commenting on the key Macroeconomic Indicators and what

these imply for the current state of the Australian macro economy.

Your brief should be structured as follows:

Brief overview

Brief describe the Key Macroeconomic Variables C$,$ I, G$,$ X$,$ M

Briefly describe the $\text{'}$AD and AS Model' $($including diagram$/$s$)$

Brief describe the Key Macroeconomic Indicators $($Nominal and real GDP growth,

unemployment, and inflation$)$

Conclusion

References