Australia's Economy Braces for Seismic Shift as Commodity Prices Plunge
The paper describes how a model was created to predict how the Australian economy will perform in the future. They used data from the government to make projections about things like GDP, population, and prices. The model focused on different sectors like mining and services, and how they are affected by global markets or local demand. By creating this model, they can test how different policies might impact the economy. They also showed what would happen if energy prices dropped significantly.