ECON7021 Australian Policy Responses to COVID-19

ECON7021 Australian Policy Responses to COVID-19

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ECON7021 Individual Assignment Part 3
Australian Policy Responses to COVID-19
Assessment Task Evaluate the effectiveness of Australia’s policy responses to COVID-19
Weighting 15% of course (100 marks reweighted to 15%)
Word Limit 700 words excluding cover sheet and reference section
Due Date 1 November 2021, 5 pm
Marking Rubric Blackboard > Assessment > Individual Assignment > Individual Assignment
Part 3 > Marking Rubric
Submission Turnitin via course Blackboard site (see details on page 5)
Academic Integrity UQ has strict rules against cheating, including “colluding with other students
on individual assessment items”. You must read and be familiar with these
rules. (Please refer to PPL 3.60.04 Student Integrity and Misconduct)

ECON7021 Australian Policy Responses to COVID-19

Context
The COVID-19 pandemic has forced most countries to pursue social distancing practices, close
borders for international travel, and shut down business venues such as cafes, restaurants, gyms,
and cinemas for public gatherings. As a result, governments and central banks worldwide have
taken various policy actions to limit the contraction of their economies and speed up their recovery.
The International Monetary Fund’s (IMF) World Economic Outlook Update for July estimated global
economic growth for 2020 at -3.2% (compared to a 0.1% global contraction during the 2009 Global
Financial Crisis). In April’s World Economic Outlook, the IMF called the contraction “unprecedented
in living memory in its speed and synchronised nature”.
The World Economic Outlook Update projects the world economy to grow by 6% in 2021.
However, the IMF notes unequal vaccine access is splitting the recovery into two blocs: “those that
can look forward to further normalisation of activity later this year (almost all advanced economies)
and those that will still face resurgent infections and rising COVID death tolls”. The IMF also
caution that their projections are dependent on the pandemic path, adequate fiscal and monetary
policy support to “provide a bridge to vaccine-powered normalisation”, and financial conditions.
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Task
You are required to:
• Evaluate the effectiveness of Australia’s policy responses to the COVID-19 pandemic.
Your essay can include the following illustrative features:
• Up to two (2) figures (diagrams, graphs, or tables) in total. You can use a mixture of
diagrams, graphs, and tables provided the total number is no more than two.
• You can include more than one variable in a graph or table.
• You must produce your own figures rather than “cut and paste” from other sources.
PLEASE NOTE: You must use the assignment template on Blackboard > Assessment >
Individual Assignment > Individual Assignment Part 3 > Assignment Template.
The formatting requirements are:
• Font type: Arial
• Font size: 11
• Line space: 1.5

ECON7021 Australian Policy Responses to COVID-19

• 700 words excluding the cover sheet and references
• Referencing style: UQ Harvard
The assignment template includes the cover sheet. You must include this cover sheet with your
submissions. A penalty will be applied if you fail to do so.
Do not write your essay on the cover page. Instead, the first page of your essay should be the
page after the coversheet (as it is in the template).
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Assignment Structure
The following is your guide to researching and writing your essay.
1. Australian policy responses to COVID-19 (Maximum 700 words)
Outline Australia’s key fiscal and monetary policy actions against the COVID-19 pandemic, and
use appropriate macroeconomic models and theories covered in this course to explain their
expected impacts. Discuss the effectiveness and any limitations of these policy actions.
TIPS:
• Please refer to the Reserve Bank of Australia’s website for an overview of monetary
policy in Australia.
• Refer to the Australian Treasury website for fiscal policy in Australia.
• The IMF Policy Tracker records the policy responses to COVID-19 by country.
• Also, refer to other Australian government and media sources to ensure that you have
considered all policy announcements (such as the 2021-2022 Budget).
• If there are many policy actions, you could list them but focus on the key ones for
discussion.
• Fiscal and monetary policy actions have different limitations (e.g., effect lags and
targeting specific sectors). You should discuss their relative effectiveness in dealing
with pandemic shocks.
• You could discuss how the behaviours of households and businesses and the prepandemic macroeconomic conditions may affect the effectiveness of the policy actions.
• You could discuss the potential drawbacks of the policy actions.
• You could contrast the policy actions of Australia with some other countries if that helps
explain the strengths and weaknesses of the policy action of the Australian government.
2. References
References and citations must be in UQ Harvard style.
TIPS:

ECON7021 Australian Policy Responses to COVID-19

• Use various sources (rather than just one or two) and use credible sources, e.g., official
government websites and the World Bank’s WDI indicators.
• Consult the UQ Harvard referencing style guide.
• You must reference sources that you use for your text, graphs, or tables.
• You must reference even when you have paraphrased the original content.
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• If you directly quote the original content word by word, it must be in quotation marks.
• When to paraphrase and when to quote? This guide from the University of Adelaide
may be helpful to you.
Accessing Data
Your primary data sources should be:
(a) Australian Government agencies and central bank, such as:
• Australian Bureau of Statistics
• Reserve Bank of Australia
• Australian Treasury
(b) Multinational agencies, e.g., The World Bank, United Nations, IMF, Bank for International
Settlements.
Data from secondary sources may be used as a supplement only if those data are not available
from any primary sources. Using non-primary data can lead to loss of marks when primary
source data is available.
The World Bank’s World Development Indicators (WDI) database contains most national data
collected by national and multinational agencies, and you may use it as a primary data source.
Here are some YouTube tutorials on how to extract data from the WDI:
https://www.youtube.com/watch?v=JGJhI_YqFuI (7 March 2019)
https://www.youtube.com/watch?v=f_B1t4BRQ94&t=64s (22 September 2018)
https://www.youtube.com/watch?v=MKANl-ZWUTY (9 March 2017)
PLEASE NOTE:
• Do not falsely claim that specific data are not readily available from a primary source
without doing your due diligence. Only national or multinational agencies have the
capacity to collect data at the national level (e.g., GDP and unemployment rate).
Therefore, it is doubtful that these data are available from a secondary source but not
from a primary source.
• If you use data from a source (e.g., a report) that indicates it drew the data from a
government statistical bureau, your data is from a secondary source, not a primary
source. However, if you go to the government statistical bureau and extract the same
data (and verify what you read is indeed accurate), then it is considered to have come
from a primary source.
• WDI data are on an annual basis. For monthly or quarterly data, you need to access
statistics directly from the country’s statistical bureaus.
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ECON7021 Australian Policy Responses to COVID-19

Submitting Your Assignment
• Your essay must be submitted as a Microsoft Word document through Turnitin on
Blackboard to check for plagiarism. While most instances of plagiarism are unintentional
(e.g., forgot to close a quotation mark), the originality report will reveal any form of
plagiarism (intentional or unintentional).
Your essay should have a similarity index value of 15% or less. From the originality report,
the marker will check whether any part of your essay is potentially plagiarised from other
sources. Therefore, you should carefully review the originality report before your final
submission.
• After uploading your essay, you must click on the Submit to Turnitin button. Due to a
recent Turnitin update, you will no longer receive email copies of submission receipts.
Instead, download your digital receipt in your Assignment inbox to confirm successful
submission (refer to the Turnitin Student guide). UQ ITS rule: No digital receipt, no
submission.
• The deadline for submission is based on the time your assignment has been successfully
uploaded on Turnitin as recorded by Turnitin, not the time you tried to upload it.
• Many students fail to meet the deadline because they have internet connection problems
on their side, but they mistake it as an IT problem of UQ. If UQ has any internet connection
problems, there will be a record of it.
• The only way to guarantee not missing the deadline is to submit your assignment well
before the deadline.
• Having more in-text citations and references will reduce the number of words for the main
body. But having too few in-text citations and references will lessen the credibility of the
essay. Therefore, you need to balance the two.
• There is a penalty if the number of words exceeds the word limit (see Rubric for details).
Where the number of words exceeds the limit, then besides the penalty as specified in the
Rubric, the marker will not read the words over the word limit before the Reference section.

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