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Answer to Question #55510 in Macroeconomics for anonymous

Question #55510
Currently Australian consumers are paying off their debts and not spending. Using the simple Keynesian model to assess the implications for equilibrium GDP and the level of savings of an increase in the savings function
Expert's answer
Since the Australia’s economy is committed to paying off their debts, savings will increase (S↑) as a result consumption will decrease (C↓).

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