Task description Select one of the following industries • Australian Banking Industry; • Australian Domestic Airline Industry; • Australian Coal Industry; • Australian Education Sector: International Education; • Australian Iron Ore Manufacturing Industry; • Australian Not-For-Profit Sector; • Australian Tourism Industry; or • Another industry of your choice (if you select this option, before commencing this assignment, discuss your alternative industry choice with the unit facilitator). You are required to investigate the industry to some depth, using your understanding of business economics, and to: a. Estimate the industry’s contribution to Australia’s annual GDP. What proportion of GDP does this represent? Explain. b. Describe and analyse the industry’s relationship with Governments. c. Select three (3) of the following six (6) scenarios. Using macroeconomic theories, determine and describe what you predict may happen in your selected industry if: i. Australia’s rate of unemployment increases to 10%; ii. Australia’s inflation rate increases to 6%; iii. The Australian Government decreases the corporate taxation rate to 20%; iv. The Reserve Bank of Australia increases the cash rate to 5%; v. The value of the Australian Dollar (AUD) decreases by 10% against other key currencies; vi. China reduces imports by 10%; Provide brief explanations for each of your three predictions
