<span style="color: rgb(0, 0, 0); font-family: Arial, sans-serif; font-size: 14px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 24px; orphans: auto; text-align: justify; text-indent: 25px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(250, 250, 250); display: inline !important; float: none;">= Consumption decrease C↓A: Pay off debt = Savings increase S↑, Consumption decrease C↓. Not spending= Consumption decrease C↓.A: Pay off debt = Savings increase S↑, Consumption decrease C↓. Not spending= Consumption decrease C↓..Using the simple Keynesian model to assess the implications for equilibrium GDP and the level of savings of an increase in the savings function, we can say, that Paying off debt = savings increase and Consumption decrease.</span>
Australia's real unemployment rate is twice the official figure and the Reserve Bank must urgently cut interest rates, says the nation's biggest research firm.
A Roy Morgan Research snapshot of more than 4500 people in April put the national unemployment rate at 9.3 per cent.
This compares to Australian Bureau of Statistics estimates that only 4.9 per cent of Australians are unemployed.
"The RBA uses the government's statistics and they say there is no unemployment, so we must keep the interest rates high," Roy Morgan executive chairman Gary Morgan said on Tuesday.
"It is nonsense... the interest rate should have been 3.5 per cent for the last three years."
Roy Morgan Research CEO Michele Levine said Canberra bureaucrats were blinkered by low local unemployment - around half the national average - and high consumer confidence.
"It's like Disneyland," she said.
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Using the simple Keynesian (J-W) model to assess the implications for equilibrium GDP and the level of savings of an increase in the savings function. What happens to the level of savings? What would happen to equilibrium income if there is a sustained rise in private investment spending? (2 Marks)
Many people find the current unemployment figures for Australia a bit unbelievable. Why is this? Why might the official statistics be inaccurate (1 mark)
Collect an article from an Australian newspaper that relates to the current macroeconomy. In a paragraph indicate which section of the course it applies to, why you selected the article and provide a brief summary of what the article is about