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FNSINC601 Apply Economic Principles to Work in The Financial Services Industry Assignment - RMIT University, Australia

Portfolio Activity 4 - Fundamentals of the Australian Economy

Your employer requires a Trade & Economic Fact Sheet/Report of the Australian Economy. Prepare a table including $ amounts. Identify the sources of each of these figures. Note you should be using official Government based sites.

In the following table, we will be discussing the economy of Australia in the following aspects

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Portfolio Activity 5: a. What was Australia's GDP for 2018-2019?

b. What was the Economic Growth rate during this period?

c. Complete the Calculation of nominal GDP and Real GDP Self-Test Exercise 6.1 on page 174 of the text. Show all your workings.

d. Complete the Activity on the Human Development Index on page 176 of the text.

e. How many Australians are: Employed, unemployed and what happened with the participation rate during March 2019.

f. What was the 2019 March quarter rise in the CPI?

g. What was the annual rate of inflation in 2019?

h. What were the main factors contributing to the change in this period?

i. Using the inflation calculator calculate the value of $100 (the ave wage) compared to today. Print screen your result. Which amount would you be better off with?

Ans - a) Australia GDP for the year 2018-19 was measured. The details are being given here

b) The Economic growth rate during this period 2017-18 in Australia was 2.9%. It was the real GDP growth and the latest figures released by the year 2017-18. Between the year of 2019 and 2023, the financial system will be forecast to do better than the previous economy

c) The calculation of nominal and real GDP can be demonstrated through the following equation.

GDP: GDP= C+I+G+(X-M) or GDP = private consumption + gross investment + government investment + government spending + (exports - imports).

Nominal value changes due to shifting in quantity and price

In economics, the real value is not influenced by the changes in price; it only impacts the changes in the quantity. Real values measure the purchasing power net of any price changes over time

Real GDP accounts for inflation and deflation. It transforms the money-value measure, nominal GDP, into an index for quantity of total output.

d) The comparison of Life Expectancy, GDP and Education of Vietnam to Australia. In this context, we will be first discussing Vietnam.

Life Expectancy of Vietnam: In the above graph we have represented the birth rate of Vietnam from the year 1990 to 2017.

Life Expectancy of Australia: In the above graph we are going to represent the birth rate of Australia from the year 1990 to 2017.

After comparing life expectancy or the birth rate, we will now be comparing the GDP of Education. First, we will be comparing the Vietnamese education system.

Australia GDP in Education: The Australian GDP in Education can be seen as the one as it had a distinct graph which had a growth in the following years.

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e) Unemployment

The rates of unemployed employed rate of the Australian people are as follows. The pace of unemployed people is near about 5.1% as of Apr 2019, and the rate of employed people is near about 12,822.9, and the participation rate is near about 65.8% in the year Apr'19.

Inflation

f. The 2019 March Quarter rise of CPI is near about 1.3%

g. The rate of inflation is near about 1.3% in the year 2019 month of January

h. The main factors contributing to change in the period were because it was the slowly increase pace while 2016 because of hold back in gas and accommodation costs. The customer value is very level in March. The increasing pace within Australia average 4.98% from 1951 to 2019.

i. The inflation calculator to calculate the value compared to today is as follows

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Portfolio Activity 6: a. Total Federal Budget revenue receipts for 2019-2019.

b. The six main sources of revenue.

c. Total Federal Government Outlays/Expenses for 2019-2019.

d. The six main areas of outlays/expenses.

e. The expected budget outcome (deficit or surplus).

f. How will the changes in the Budget impact on super?

g. Describe changes in interest rates since March 2008.

h. Outline factors that explained the movement in interest rates during the period 2008-2019.

i. How will these figures impact on super?

a. Total Federal Budget revenue receipts 2018-19

Ans - The total Federal Budget revenue receipts for the year 2018-19 is being given here. The federal government have given the budget and the total expected budget is to be around $448.6 billion an increase of 4.2%.

The total budget had been invested in different sectors. Lets look at this sectors where the budget has been implemented.

Individuals income tax $222.9 billion, Non-tax revenue $34.1 billion, Customs duty $16.5 billion, Fuels excise $19.5 billion, Sales tax $72.1 billion, Other Excises $3.6 billion, Other taxes $10.1 billion, Company and resources rent taxes $92.6 billion, Super annunation taxes $10.4 billion, Fringe benefits $4.3 billion.

b) What are the six main sources of revenue?

Ans - The six main sources of revenue are as follows (1) human beingprofitedduty (2) business profits duty (3) communal assurance (Payroll) duty (4) Excise duty (5) Other duty (6) Share of Total Revenue.

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c) Total Federal Government Outlays or Expenses

Ans - The Federal Government Outlays or Expenses can be shown by the following data. The data are given as follows:

In the general public services, $23.07 billion is being estimated to be spent the following pic will help to understand which area it will be spent.

In Defence near about $31.22 billion is estimated to be spent. The following data will help to know the details.

In public order and safety, an estimate of $5.32 is being spent. The details are being given below

In education, about $34.74 billion is being estimated to be spent. The details are being given below

In the health sector, around $78.83 billion dollars are being spent in different fields. The details are being given below

In housing and community amenities, $5.38 billion dollars are being spent, and they are being spent in different fields. So the details are being listed here as to where they are being spent

In recreation and culture, $3.64 billion is being spent, and there are many areas in recreation and culture club where it is being spent

In fuel and energy, an estimate of $7.54 billion is being spent, and this is spent on the development of the country

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The next field where the budget is spent is in the agricultural, forestry and fishing sector near about $3.07 billion. So the details are given here

The next field where the budget is being invested will be in the field of mining, manufacturing and construction is $3.26 billion. The details are being given here

Transport and Communication $9.06 billion is being spent

Other economic affairs have been spent near about $9.47 billion

For another purpose, near about $98.02 billion is being spent. The details are being here

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d) The six main areas of outlays/expenses

Ans - The six main areas of expenses of the budget are as follows (1) Equipping Australian with higher skills and authority (2) Giving medical facilities to the old people and ensuring safe health for them (3) Increase in the freight and supply chain of Australia (4) Panning out Australia future population (5) Supporting Australian farmers, businesses and communities through natural disaster (6) Maintaining the integrity of the borders

e) The expected budget outcome (deficit or surplus) ?

Ans - The2019-20 budget is surplus for the country comparedto previous year budget 2018-19 which was deficit.

In the given table we have compared some datas of the year 2018-19 and 2019-20 the details are here given below

f) How will the changes in the Budget impact on super?

Ans - The changes in the budget didn't have a great impact on super because there were only some changes in the policy of the super. The policy which was changed is (1)Insurance (2) Retirement Income Products (3) Self-Managed Super Funds. So these are the only changes it had affected.

Interest Rate Decision

g) Click on cash rate, and Interest rate changes will appear.

Ans - The cash rates and the interest rates both are being released together, and as the cash rates change the interest rates also changes.

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h) Describe the change in interest rates since March 2008

The changes are being given here; it as follows:

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This chart represents the trend of changing interest rates trends from the year of Marcgh 2008 to the year April 2019 the graph represents the trend and the downfall of the interest rates in the years as it shows how the trends have been declining. From the year 2008 the interest rates have been higher till January 2009 but after the interest rates have a significant fall till March 2010 but after that it had a uprising trend but after that increase it fell down significantly and it remained constant declining.

h) Outline factors that explained the movement in interest rates during the period 2008-2019.

Ans - The factors which explained the movement in interest rates during the period of 2008-2019 was due to the changes in the market, and there has been rapid development in the interest rates and the development happened due to the increase in the unemployment level increase in inflation level. As the inflation level increases the bank interest rates goes down.

i) How will these figures impact on super?

Ans - These figures will not have a great impact on super because the changes in the super are very marginal and it didn't have a great impact on the budget.

Portfolio Activity 7: Free Trade

Under the current administration, the USA has done a U-turn and is pursuing a more Protectionist line with trade relationships. Give 3 arguments for and against 3 Protectionism versus Free Trade.

Ans - The 3 arguments for and against Protectionism versus Free Trade

Advantages

(1) Protectionism:- As the name implies, protectionism means a process where governments imply taxes, tariffs and a number of rules and policy on the merchandise that extracountry wants to sell abroad. (2) In the protectionism scheme, the people can do their trades with the protection of the government and the government will help them in doing the trades (3) In protectionism the goods that are going to be import or export are legal and they don't carry any illegal things over there

Disadvantages

The cost of trade in goods rises up to 5%, The dealing associates retailed and shortened the goods send abroad, The global deal shrink due to not capable of completing the debt

Advantages of free trade

(1) Free trade is good for the global economy (2) Free trade doesn't, t limit up to the choice of buying as done by protectionism (3) Free trade allows the consumer to buy goods at a very small price.

Disadvantages of free trade

(1) Free deal augments deal shortfall in some nation to very catastrophicheight (2) There are a number of illegal goods are also being traded within the barrier of traded goods (3) The free trade also decreases the availability of the workers were going there.

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Portfolio Activity 8: Balance of Payments & Exchange Rates

a) Complete the Exchange rate activity on page 292 of the text.

Ans - The currency of Vietnam Dong to Australian Dollar, is being given here according to the latest reports, we can compare the value through this.

1 Vietnamese Dong equals to 0.000062 Australian dollar

b) What is the Trade Weighted Index, and why is it a better measure of the purchasing power of the $A?

Ans - Trade biased switch rates provide a direct to the national trade pace alongside the money of its dealing associates are frequently used while the pointer of global competition. The weighted trade guide has been implemented next to RBA with the weight of each nations money in the guide resolute by the worth of nation two-sided merchandise deal within Australia. The RBA also periodically reviews if there is an alternative to TWI. Both the goods and service trades are used to determine currency weights. The ATWI indulgence merchandise trade unconnectedly in the building of the money weights.

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c) Complete question 14 on page 317 highlighting the diminishing importance of the USA economy and the increasing importance of the Chinese economy.

Ans - In the below table we have compared the details of China, Australia and America in the following table

The outcome from the table is that China has a greater influence on Australia and America as we can see in the table that the growth of real GDP is quite higher of China than the GDP of America and Australia if we look at the current account balance then also we can see that China has a balance of 97.5 US $ whereas if we look comparatively at the balance of America it is very shocking to see their balance whereas America is running in minus balance and Australia is at 10.2 $ only. China has the highest population in the world but still they are having a stable economy compared to countries like America and Australia.

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Portfolio Activity 9: Economic Theory

a) Contrast the approach of the Neo-Classical School of Economics with the Keynesian model. What would their responses be to the Global Financial Crisis?

Ans - The Keynesian model and the Neo-Classical School of Economics, is distinct

Neo-classical economic theory is based on lassiez-faire economic market. Lassiez-faire means free market economy with no or little government intervention

Kenysian economic theory relies on spending and aggregrate demand to define the economic marketplace. The supply and demand are controlled by government agencies

Neo-classical economic theory does not depend on government spending it believes that government spending can retard the economic growth by increasing in public sector and decreasing in private sector.

Kenysian economic theory relies on government spending to jump start economic growth during sluggish economic downturn

Neoclassical economic theory focuses on long term solutions of economic problems. The effect of inflation, government regulations and taxes can play important role in developing classical economic theories.

Keynesian economic theory focuses on immediate effect of economic problem. During economic recessions, depressions individual players have not enough resources for creating immediate results. The government is seen as only force to end these downturns through fiscal or monetary policies.

The Global crisis effect on the economy is that it had an effect as the economy would not be decided as the crisis of the Global economy falls down.

b. Research and table the effect of the GFC in Australia compared to today. Include the impacts on unemployment, inflation, Economic Growth, Interest Rates, Budget Deficit, $A.

Ans - The trends have been specified it shows that the there are some trends such as unemployment, economic growth have gone upwards whereas inflation, interest rates , budget deficit have been downwards of both the year compared 2008 to 2018

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Portfolio Activity 10: Superannuation Regulation

a) Your employer wants to know how the Australian financial system is regulated. (Council of financial Regulators)

Ans - The Australian monetary scheme is synchronized by the reserve bank of Australia they tend to have regulated financial standards and also the financial regulation of the body, and they also develop the economic policy of the finance and the australian securities and investments commission, treasury, the australian prudential regulatory authority, council of financial regulators.

b) Who are the regulators for the Superannuation Industry?

Ans - The Association of Superannuation Funds of Australia (ASFA) represents interests of superannuation funds

c) Who represents the interests of superannuation funds?

Ans - There are 5 regulatory bodies

- The Superannuation Complaints Tribunal (SCT)

- The Australian Taxation Office (ATO)

- The Australian Securities and Investments Commission (ASIC)

- The Australian Prudential Regulation Authority (APRA)

- The Department of Human Services (DHS)

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d) With reference to the regression modelling explain why don't people salary sacrifice more into super under the following headings:

Ans - The reference that people don't sacrifice salary because they think that they may not get those required privileges which they might get, and the privileges are that they are giving their salary in the superannuated fund which will make some place for their savings in the future.

e) Explain the purpose of the Basel Accords

Ans - The Basel agreement attempt to creating ways to measure this risk of default and, by implication, price it accordingly. The purpose of the agreement is to make sure that monetary organization have adequate resources to soak up the fatalities. The reason for the agreement is to make sure that monetary organization have sufficient resources on description to convene compulsion and soak up unanticipated fatalities.

f) Explain the role of the Credit rating Agencies.

Ans - A credit score organizationgive a self-governing assessment of the credit merit of the security subjected by administration and business. People depend on credit ratings before making any decision with regard to the companies, so their role becomes very important.

g) By referring to either S&P and Moody's if a country has a sovereign credit rating Aa1 which credit rating agency provided this rating?

Ans - Moody's

h) Discuss the effect of Australia having its credit rating downgraded from AAA to Aa1. What factors could contribute to this?

Ans - A downgrade in Australian credit rating from AAA to Aa1 means it canturn out to be extra costs for the bank to have a loan of overseas cash which in go roundmightdenote Australians get exciting more attention on their loan.

i) By referring to the link above explain the reason for APRA's desire for the major banks to strengthen their capital requirements.

Ans - It banks, and their investors, some certainty about where the goalposts sit for their safety reserves. This calibration be familiar with that ADIs by means of the IRB move toward are at present in service with superior assetsextraon top of rigid minimums, in expectation of APRA's completion of the FSI's proposal.

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