(Solved): Answer the following questions Use the Statement on Monetary Policy (SMP) May 2024 Overview by the ...

Answer the following questions Use the Statement on Monetary Policy (SMP) May 2024 Overview by the Reserve Bank 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) Overview by the Reserve Bank of Australia and other information as relevant - to 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 The Key Macroeconomic Variables C, I, G, X, M The ‘AD/AS Model' (including diagram/s) The Key Macroeconomic Indicators (Nominal and real GDP growth, unemployment, and inflation) Conclusion References