Answer 1:
The following table will show those countries, which have ranked the 6th, 7th, 8th, 9th and 10th in terms of bilateral trade with Australia in 2014.
Table 1: Bilateral trading partners of Australia, in 2014Source: (Department of Foreign Affairs and Trade, 2018) In the below table, the ranking of the previous countries in terms of Australia’s top exports destination will be shown for the year 2015.Table 2: Ranking of the previous countries as Australia’s top exports destination, 2015Source: (Department of Foreign Affairs and Trade, 2018) The top ten exporting countries of Australia is shown in below table for the year 2016.Table 3: Top ten exporting countries of Australia, 2016Source: (Department of Foreign Affairs and Trade, 2018) Figure 1: Annual GDP of Australia (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018)Table 4: Annual GDP of Australia (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018) Figure 2: Annual GDP of New Zealand (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018)Table 5: Annual GDP of New Zealand (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018) Answer 2:i)Gross Domestic Products (GDP) of Australia, New Zealand, India and Germany based on 2010 (U.S. Dollars), Annual, Not Seasonally Adjusted.Figure 3: Annual GDP of India (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018) Table 6: Annual GDP of India (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018) Source: (Fred.stlouisfed.org, 2018) Table 7: Annual GDP of Germany (2010, U.S.D)Source: (Fred.stlouisfed.org, 2018)ii)Total central government debt of
Australia, New Zealand, India and Germany, total (% of GDP, Annual, Not Seasonally Adjusted) Figure5: Total central government debt of Australia, total (% of GDP)Source: (Fred.stlouisfed.org, 2018)Table 8: Total central government debt of Australia, total (% of GDP)Source: (Fred.stlouisfed.org, 2018) Figure6: Total central government debt of New Zealand, total (% of GDP)Source: (Fred.stlouisfed.org, 2018)Table 9: Total central government debt of New Zealand, total (% of GDP)Source: (Fred.stlouisfed.org, 2018) Figure7: Total central government debt of India, total (% of GDP)Source: (Fred.stlouisfed.org, 2018) Table 10: Total central government debt of India, total (% of GDP)Source: (Fred.stlouisfed.org, 2018) Figure8: Total central government debt of Germany, total (% of GDP)Source: (Fred.stlouisfed.org, 2018)Table 11: Total central government debt of Germany, total (% of GDP)Source: (Fred.stlouisfed.org, 2018)iii)Imports: Value Goods for Australia, New Zealand, India and Germany (Percent of GDP, Annual, Not Seasonally Adjusted); Table 12: Imports: Value Goods for Australia (Percent of GDP)Source: (Fred.stlouisfed.org, 2018) Figure10: Imports: Value Goods for New Zealand (Percent of GDP)Source: (Fred.stlouisfed.org, 2018)Table 13: Imports: Value Goods for New Zealand (Percent of GDP)Source: (Fred.stlouisfed.org, 2018) Figure11: Imports: Value Goods for India (Percent of GDP)Source: (Fred.stlouisfed.org, 2018)Table 14: Imports: Value Goods for India (Percent of GDP)Source: (Fred.stlouisfed.org, 2018) Figure12: Imports: Value Goods for Germany (Percent of GDP)Source: (Fred.stlouisfed.org, 2018)Table 15: Imports: Value Goods for Germany (Percent of GDP)Source: (Fred.stlouisfed.org, 2018)iv)Government Final Consumption of Australia, New Zealand, India and Germany (nominal, Annual, Not Seasonally Adjusted) Figure13: Government Final Consumption of Australia based on 2010Source: (Fred.stlouisfed.org, 2018)Table 16: Government Final Consumption of Australia based on 2010Source: (Fred.stlouisfed.org, 2018) Figure14: Government Final Consumption of New Zealand based on 2010Source: (Fred.stlouisfed.org, 2018)Table 17: Government Final Consumption of New Zealand based on 2010Source: (Fred.stlouisfed.org, 2018) Figure15: Government Final Consumption of India based on 2010Source: (Fred.stlouisfed.org, 2018) Table 18: Government Final Consumption of India based on 2010Source: (Fred.stlouisfed.org, 2018) Figure16: Government Final Consumption of Germany based on 2010Source: (Fred.stlouisfed.org, 2018) Table 19: Government Final Consumption of Germany based on 2010Source: (Fred.stlouisfed.org, 2018) Using above data, gross domestic product (GDP) and government final consumption of Australia, New Zealand, India and Germany will be described from the year 2000 to 2015. GDP of each country is measured on the basis of 2010 price level. Moreover, this report is based on annual data. But those are not seasonally adjusted. After analysing the whole data set, it can be seen that GDP of Australia, New Zealand and India are increasing continuously. GDP of New Zealand has also been increasing since 2000.
However, GDP of Germany has been fluctuating since 2000. In 2003 and in 2009 the GDP of this country has decreased.On the other hand, government final consumption of Australia, New Zealand, India and Germany has also been measured, based on the 2010 price level. This final consumption level of Australia, New Zealand and India has been increasing at a continuous rate since 2010. However, this consumption level of Germany decreased in the year 2004.
But after that, this consumption level has been increasing continuously. From those collected data, it can be said that the economic condition of Australia, New Zealand and India are almost same. Each country has been facing similar economic conditions since 2000. As the GDP of those countries have been increasing continuously, the government have been increasing their consumption level as well. However, economic condition of Germany is quite different.
Its GDP and government expenditure have been fluctuated for the last few years. Moreover, it can be stated that the government of Australia, New Zealand and India have performed efficiently. Hence, they do not face any decline in GDP growth rate. However, due to external reason, the government of Germany could not perform efficiently. As a result, the country has faced some fluctuations within their economic system.Answer 3:The annual inflation rate of Australia using consumer prices (Not Seasonally Adjusted) is shown below. Figure15: Annual inflationrate of Australia using consumer pricesSource: (Fred.stlouisfed.org, 2018) Unemployment rate corresponding to Australian citizens aged 15 and over for the period 1980-2015 is shown below. Figure 18: Unemployment rate of Australia (age 15 and above)Source: (Fred.stlouisfed.org, 2018) There is a relationship between inflation rate and unemployment level. Due to inflation, a country can face recession period and higher level of unemployment. That means inflation and unemployment rate of a country has inverse relationship.
However, this scenario cannot be seen in Australia (Argy and Nevile 2016). As inflation rate has been fluctuated since 1980, the unemployment rate of this country has also been changed. However, the change of direction for both inflation and unemployment rate is not equal. During 1980 to 1983, the level of inflation was low. On the other hand, the level of unemployment was also very low during this period. However, after 1984, the level of inflation has increased in Australia. But the level of unemployment rate was remained low. After 1990, again both inflation rate and unemployment rate of this country was increased.
Moreover, this unemployment rate has been fluctuated to a large extend compare to unemployment rate of Australia. Hence, after analysing the whole trend a conclusion can be drawn. It can be said that there is not such relationship between inflation rate and unemployment rate in Australia. As this relationship among inflation rate and unemployment rate is describing a long-term between these two factors, there is no relation between these.
Part B:Answer 4: Under long-run economic conditions, this aggregate supply curve is vertically straight line. Hence, there is a unique level of wage, where employment level reaches to its natural level (Cover, Enders and Hueng 2006, pp.777-790). Under this situation, prices and wages are flexible. By equating this aggregate demand and supply curve in the long-run, an equilibrium price level and real GDP level will be determined.When government expenditure of a country decreases, the aggregate demand curve will be shifted to the left. As, government expenditure is the component of aggregate demand. Figure19: Shifting of Government expenditure in Long-runSource: (created by author)In figure 20, shifting of government expenditure is shown. The initial aggregate demand curve was LAD1. As government has decreased its expenditure, the new demand curve of the country will be LAD2. In this equilibrium situation, the aggregate price will be decreased.
The initial price level was P0. After shifting of AD curve, the new price level is P1. However, the wage and price level are flexible in the long-run. Hence by adjusting both price and wage level, the economy will produce its potential level of out by Y0.Under short-run, the demand curve will be shifted to the left due to shortage of governmental expenditure. Price and wage rate are not flexible. Hence, due to decrease in demand curve, aggregate price level and GDP level will also be decreased Figure20: Shifting of Government expenditure in short-runSource: (created by author) In the above figure, aggregate demand curve shift to the left and the new demand curve is SAD2. The new equilibrium level of price will be P1 and the new level of GDP will be Q0. As price and wage are not flexible, potential output cannot be achieved in this short-run period.Part C:Introduction Mining sector of Australia is an important component for its economy.
This primary industry has huge contribution on national income of this country. This mining industry has exported its outputs to other countries. The country has supplied large amount of iron ore, aluminium, nickel, copper, gold and silver and other important materials to other countries. There are almost 270 mining sites all over the Australia. As the mining industry is developing its export and the sector is developing itself, it is very important for a macroeconomist to operate this sector carefully. For international trade, the economist needs to take important policies.Summary of role:
The role of a graduate student is to address economic data with its typical problems that an economist normally faces. Moreover, a graduate student can implement some basic empirical processes and also can interpret those statistical outcomes with economical concept. Within this mining industry, the role data analyst is very important. A data analyst analyse all statistical data to get an outcomes. Moreover, to analyse those data, statistical knowledge is essential. Without, those calculated data, a macroeconomist cannot implement any policy. At present, there are various software tools that help a data analyst to analyse small data and big data easily. These software tools are R, SAS and Python and so on. .
There are some well-known institutions and online courses from where a student can learn basic knowledge about these software tools. Moreover, for a data analyst, some basic concept of economics is also needed along with statistical knowledge. During graduation period, every economic student learns about basic concept of statists. As a graduate student of economics, I have learnt basic statistical concepts related to economics. Moreover, I have learnt SAS, SPSS and advanced excel during my study period. However, my do not have any experience. Hence, I want an entry level job.
Values Data analytics has a great value in modern business environment. As there are huge numbers of firms under an organisations, it is very difficult track all economical activities without statistical analysis. Moreover, data analysis helps an organisation to trade internationally.InterestI want to work as a data analyst as it has great career opportunity in upcoming years. The demand for a skilled data analyst is growing day to day.Personality By becoming a data analyst, I can implement my theoretical and practical knowledge by analysing various statistical data and its implications on a company.
Skills have learn SPSS and advanced excel. Moreover, I have learnt about statistical analysis.Video Refection:In this interview, the economist has nicely described that why we study economics. For describing this concept, the economist has described various interesting factors of economics related to business. Moreover, he has discussed about the various career opportunities that I can follow after completing my graduation degree in economics.
He has positively stated that economics has various applications to create different career opportunities. The chief aim of an economist is to solve various problems related to business. The student can choose his or her career as a business analyst, project manager or as an economic officer. At the same time, understanding of economic concept is also very important. Secondly, the economist gives tips to get a good job. He has suggested students to achieve good professional experience. Moreover, to achieve this experience, a good and experienced mentor is needed.
This interview actually helps me to understand various important areas related to economics and career opportunities related to this subject. However, the economist does not give any suggestions that how one can start his or her career as a data analyst. Hence, to know more about this career, I need to talk with some experienced persons, who are well established in this field. Moreover, he does not tell about the future aspect of a data analyst. Career Action Plan:After completing my graduation degree, I have to grab knowledge on any one of the data analytics software, that is, SAS, R, SPSS, Hadoop or Python. For doing this, I will do a certificate course on data analytics from any recognised institutions. As I am a fresher in the field of data analyst in a well recognised industry, this certificate will enrich my resume and also helps me to get a job in this field. Moreover, I will enrich my knowledge on statistics and commerce.
Argy, V.E. and Nevile, J. eds., 2016. Inflation and Unemployment: Theory, Experience and Policy Making. Routledge.Cover, J.P., Enders, W. and Hueng, C.J., 2006, Using the aggregate demand-aggregate supply model to identify structural demand-side and supply-side shocks: Results using a bivariate VAR. Journal of Money, Credit, and Banking, 38(3), pp.777-790.Department of Foreign Affairs and Trade 2018, Australia’s trade in goods and services 2016,<https://dfat.gov.au/about-us/publications/trade-investment/australias-trade-in-goods-and-services/Pages/australias-trade-in-goods-and-services-
|
Rank |
Country |
|
6 |
New Zealand |
|
7 |
Malaysia |
|
8 |
Thailand |
|
9 |
Germany |
|
10 |
India |
|
Country |
Rank |
|
New Zealand |
6 |
|
Malaysia |
10 |
|
Thailand |
13 |
|
Germany |
15 |
|
India |
5 |
|
Rank |
Country |
|
1 |
China |
|
2 |
Japan |
|
3 |
United States |
|
4 |
Republic of Korea |
|
5 |
United Kingdom |
|
6 |
India |
|
7 |
New Zealand |
|
8 |
Hong Kong |
|
9 |
Singapore |
|
10 |
Taiwan |
|
Year |
GDP Value ( 2010, USD) Index (2010= 1) |
|
2000 |
0.74000 |
|
2001 |
0.76000 |
|
2002 |
0.79100 |
|
2003 |
0.81300 |
|
2004 |
0.84600 |
|
2005 |
0.87100 |
|
2006 |
0.89500 |
|
2007 |
0.93400 |
|
2008 |
0.95800 |
|
2009 |
0.97600 |
|
2010 |
1.00000 |
|
2011 |
1.02700 |
|
2012 |
1.06700 |
|
2013 |
1.09100 |
|
2014 |
1.11800 |
|
2015 |
1.14700 |
|
Year |
GDP Value ( 2010, USD) Index (2010= 1) |
|
2000 |
0.76400 |
|
2001 |
0.78100 |
|
2002 |
0.82100 |
|
2003 |
0.85800 |
|
2004 |
0.89600 |
|
2005 |
0.91900 |
|
2006 |
0.94400 |
|
2007 |
0.98100 |
|
2008 |
0.97700 |
|
2009 |
0.98100 |
|
2010 |
1.00000 |
|
2011 |
1.01900 |
|
2012 |
1.04500 |
|
2013 |
1.06700 |
|
2014 |
1.09700 |
|
2015 |
1.13300 |
|
Year |
GDP Value ( 2010, USD) Index (2010= 1) |
|
2000 |
NA |
|
2001 |
NA |
|
2002 |
NA |
|
2003 |
NA |
|
2004 |
NA |
|
2005 |
NA |
|
2006 |
NA |
|
2007 |
NA |
|
2008 |
NA |
|
2009 |
NA |
|
2010 |
1.00000 |
|
2011 |
NA |
|
2012 |
1.3200 |
|
2013 |
1.20100 |
|
2014 |
1.28500 |
|
2015 |
1.38200 |
|
Year |
GDP Value ( 2010, USD) Index (2010= 1) |
|
2000 |
0.91400 |
|
2001 |
0.93000 |
|
2002 |
0.93000 |
|
2003 |
0.92300 |
|
2004 |
0.93400 |
|
2005 |
0.94000 |
|
2006 |
0.97500 |
|
2007 |
1.00700 |
|
2008 |
1.01800 |
|
2009 |
0.96100 |
|
2010 |
1.00000 |
|
2011 |
1.03700 |
|
2012 |
1.04200 |
|
2013 |
1.04700 |
|
2014 |
1.06700 |
|
2015 |
1.08600 |
|
Year |
Total central government debt total (% of GDP) |
|
2000 |
29.57454 |
|
2001 |
27.77455 |
|
2002 |
25.98684 |
|
2003 |
25.16258 |
|
2004 |
22.94081 |
|
2005 |
22.49565 |
|
2006 |
21.60331 |
|
2007 |
20.30457 |
|
2008 |
18.37448 |
|
2009 |
24.00725 |
|
2010 |
29.34086 |
|
2011 |
30.72087 |
|
2012 |
40.11420 |
|
2013 |
38.25787 |
|
2014 |
42.43556 |
|
2015 |
47.16824 |
|
Year |
Total central government debt total (% of GDP) |
|
2000 |
NA |
|
2001 |
NA |
|
2002 |
32.77614 |
|
2003 |
48.24534 |
|
2004 |
43.86723 |
|
2005 |
44.17012 |
|
2006 |
42.92629 |
|
2007 |
36.94151 |
|
2008 |
36.05584 |
|
2009 |
47.18888 |
|
2010 |
49.20450 |
|
2011 |
62.57289 |
|
2012 |
67.14840 |
|
2013 |
59.37423 |
|
2014 |
56.78294 |
|
2015 |
56.73015 |
|
Year |
Total central government debt total (% of GDP) |
|
2000 |
55.74789 |
|
2001 |
59.81582 |
|
2002 |
63.39847 |
|
2003 |
63.03085 |
|
2004 |
63.43922 |
|
2005 |
63.10969 |
|
2006 |
60.95971 |
|
2007 |
58.24545 |
|
2008 |
57.86867 |
|
2009 |
56.00546 |
|
2010 |
52.18357 |
|
2011 |
51.55655 |
|
2012 |
50.67803 |
|
2013 |
50.31183 |
|
2014 |
NA |
|
2015 |
NA |
|
Year |
Total central government debt total (% of GDP) |
|
2000 |
38.31347 |
|
2001 |
36.76872 |
|
2002 |
38.14062 |
|
2003 |
39.79055 |
|
2004 |
41.68602 |
|
2005 |
43.30620 |
|
2006 |
42.31146 |
|
2007 |
39.60632 |
|
2008 |
41.98689 |
|
2009 |
46.11890 |
|
2010 |
54.32626 |
|
2011 |
53.94481 |
|
2012 |
55.6056 |
|
2013 |
52.67787 |
|
2014 |
53.53316 |
|
2015 |
50.46999 |
|
Year |
Imports: Value Goods (Percent of GDP) |
|
2000 |
17.04 |
|
2001 |
16.16 |
|
2002 |
16.35 |
|
2003 |
15.74 |
|
2004 |
15.74 |
|
2005 |
16.23 |
|
2006 |
17.06 |
|
2007 |
16.63 |
|
2008 |
18.20 |
|
2009 |
15.93 |
|
2010 |
15.46 |
|
2011 |
15.49 |
|
2012 |
15.99 |
|
2013 |
15.37 |
|
2014 |
15.68 |
|
2015 |
16.27 |
|
Year |
Imports: Value Goods (Percent of GDP) |
|
2000 |
25.90 |
|
2001 |
25.12 |
|
2002 |
24.19 |
|
2003 |
22.47 |
|
2004 |
22.73 |
|
2005 |
23.20 |
|
2006 |
24.15 |
|
2007 |
22.84 |
|
2008 |
25.46 |
|
2009 |
21.02 |
|
2010 |
21.03 |
|
2011 |
22.24 |
|
2012 |
21.87 |
|
2013 |
21.21 |
|
2014 |
21.38 |
|
2015 |
21.15 |
|
Year |
Imports: Value Goods (Percent of GDP) |
|
2000 |
11.03 |
|
2001 |
10.49 |
|
2002 |
11.27 |
|
2003 |
12.24 |
|
2004 |
14.26 |
|
2005 |
17.61 |
|
2006 |
19.42 |
|
2007 |
19.81 |
|
208 |
25.36 |
|
2009 |
20.49 |
|
2010 |
21.83 |
|
2011 |
25.49 |
|
2012 |
27.17 |
|
2013 |
25.04 |
|
2014 |
23.15 |
|
2015 |
18.90 |
|
Year |
Imports: Value Goods (Percent of GDP) |
|
2000 |
25.29 |
|
2001 |
24.83 |
|
2002 |
23.38 |
|
2003 |
24.00 |
|
2004 |
25.18 |
|
2005 |
26.95 |
|
2006 |
30.02 |
|
2007 |
30.57 |
|
2008 |
31.38 |
|
2009 |
26.89 |
|
2010 |
30.62 |
|
2011 |
33.13 |
|
2012 |
32.50 |
|
2013 |
31.37 |
|
2014 |
30.89 |
|
2015 |
30.98 |
|
Year |
Government Final Consumption Index (2010=1) |
|
2000 |
0.73600 |
|
2001 |
0.74900 |
|
2002 |
0.77100 |
|
2003 |
0.80000 |
|
2004 |
0.83800 |
|
2005 |
0.85600 |
|
2006 |
0.89000 |
|
2007 |
0.91200 |
|
2008 |
0.94900 |
|
2009 |
0.97100 |
|
2010 |
1.00000 |
|
2011 |
1.03900 |
|
2012 |
1.05400 |
|
2013 |
1.07500 |
|
2014 |
1.07500 |
|
2015 |
1.12200 |
|
Year |
Government Final Consumption Index (2010=1) |
|
2000 |
0.70200 |
|
2001 |
0.73200 |
|
2002 |
0.74600 |
|
2003 |
0.77100 |
|
2004 |
0.80900 |
|
2005 |
0.86700 |
|
2006 |
0.90700 |
|
2007 |
0.94600 |
|
2008 |
0.98600 |
|
2009 |
0.99600 |
|
2010 |
1.00000 |
|
2011 |
1.02800 |
|
2012 |
1.02300 |
|
2013 |
1.03700 |
|
2014 |
1.07200 |
|
2015 |
1.09900 |
|
Year |
Government Final Consumption Index (2010=1) |
|
2010 |
1.00000 |
|
2011 |
NA |
|
2012 |
1.14300 |
|
2013 |
1.17300 |
|
2014 |
1.25300 |
|
2015 |
1.26900 |
|
Year |
Government Final Consumption Index (2010=1) |
|
2000 |
0.88700 |
|
2001 |
0.89200 |
|
2002 |
0.90300 |
|
2003 |
0.90800 |
|
2004 |
0.90000 |
|
2005 |
0.90500 |
|
2006 |
0.91400 |
|
2007 |
0.92700 |
|
2008 |
0.95800 |
|
2009 |
0.98700 |
|
2010 |
1.00000 |
|
2011 |
1.00900 |
|
2012 |
1.02000 |
|
2013 |
1.03400 |
|
2014 |
1.05000 |
|
2015 |
1.08000 |
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