Section 1: Modelling the impact of COVID-19 on the Australian economy
• Illustrate the impact of the crisis on the domestic economy using both the AD-AS model and the AE model. Ensure you clearly label all parts of both the diagrams and show any change from the original equilibrium positions.
• Discuss the assumptions reflected in your models that explain the resulting final equilibrium positions demonstrated.
In responding to the health crisis posed by COVID-19 the Australian government at state and Federal level have responded by imposing measures that include borders closures, travel restrictions and lock-downs. Also it is recognised that central to adapting to learn to live with the virus vaccination will play a crucial role. In this section address the economic implications stemming from the governments response to the COVID-19 pandemic. Specifically address each of the dot points provided below:
1. Discuss how efforts to mitigate health risks and contain the spread of the virus (including measures such as lock-downs, social distancing requirements and travel restrictions) have impacted:
the Australian economy in general;
the Arts and Recreational services as an example of a specific industrial sector
2. Discuss why ensuring that Australia achieves a high vaccination rate is important not just for the health of the population but for the economy as well. Focus your discussion on the economic arguments relevant to vaccination.
3. Based on your analysis from both the first assignment and the present one, outline the costs and benefits associated with the government support and stimulus measures provided during the pandemic which have aimed to mitigate the negative economic impacts associated with the COVID-19 pandemic.
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