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Abstract

This report critically analyses economics of both the countries with respect to their national output and economic growth and also, the factors that play a major role behind these differences. It also compares both the economies for similarities and differences. Moreover, it aims to make a detailed study of unemployment and inflation situations in Australia and its types, issues and government policy responses to deal with the situations. It reflects the fiscal and monetary policies of Australia with adequate data evidence from the Reserve Bank of Australia. With the help of secondary data, it pinpoints the performance of each of the macroeconomic indicators by a mapping of the Australian economy through facts and figures and concludes by highlighting the policy dimensions.

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