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using apporiaate diagrams, explain the likely impact of drought on macroeconomic equilibrium in Australia. Use evidence...

using apporiaate diagrams, explain the likely impact of drought on macroeconomic equilibrium in Australia. Use evidence drawn from media report to illustrate your answer . How might government policy response to the drought modify the macroeconomic impact of the drought

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Member Chairmans Club For Agents ECONOMIC COST OF DROUGHTS: Economic asseument ot matwral hazaid Induced toss pascticutasty thex of dueughth it ia a difficut and ntiuic cemplexty methadsblaglcal chait Cenceptna tization of Losses The availahle ditature on Mac ece nemic effects어 natual daasteu focuses mainly on apid onset engu and diffecent Hazaids . economic point of vied, H endeu exegene an os evetesunal Supply iecks to economies votth far eaching touchina almovt evesy asbect brouglut aud pelicfu may haue poxitlve e negutive etbectı om neilience, in Austoatia Hhu fam management depesit chame hat ped to moeth fasmers inceme ligh and ouo- yieed years ( RBA 2006), dn Contrat-rtte tvieu) 아 Excepteeval ircumstances Interut rate Suboidier veeee found ineffective aud damagulg the fasmasca Sel neliance and dioughut phpaxednes pioduetiity commissien 300s) paubaExisting Steduli ot dheugt relateud ecexomie Cos There asue eniy feuo sttuduis documenting u entent of ecemomio hethedology tused. The methedel ing medelspSurvey1 lijsmodels ( CGE) and tu bed meclels oe -focus on Aust ralia ithet developed cecuchy with ecenemic cenditiens Th 2006]t doceuąuat n Austaalia reduced the GDP by almet a one percent but te faum GDp felt by arouund 20 ( RBA 2006). Albeit not as severe a』 dsengita ln lIHoh or ealy 1980% 1 t came shottluy arten the2002 aur and the lilmitud recouey tme. in betuscen cendstioned reshifence ot agucultiuai Sector bemand U2 Ator avallaA B avaita bl+ bemand veatur and optimal aluocetion in dteaeunffects of hogts Produces+ upply In Soeuecc nomal yeaoc bemand 四 cq -focused on attemftx tt hueh htilduig dams and encounaging the adoptem rmigated laud Yn Aut aana İnceased.fwm 8lpoooto IY06 o o o acveJ Consequence eus of veve one of tho most sevore and pro longed deubta In a contuay he totru area o e n 1t89-40 1 199/200Y and 200 6made too hatily and a founds ueete bazhg polibtcal puspo an adapendent dscought po opttns to encowa Revle tosk force producest and +D ught poticy vet-th othes relevant land management, consesr voelfare management cendswatien of beedin stck à anima! pau Explicit objective of ND Pasee to htnai t dpt sy-sedliant aperachs to managing fer clumatic Voriability o maintain and protect Aust? altos agricultural 오env uuemn ontol

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