Select data and information to analyse and evaluate - the accuracy, reliability and efficacy of common indicators used to measure economic objectives in a past scenario - recent Australian federal budget outcomes including cyclical and structural causes and effects of expansionary and contractionary fiscal policy stances within the last 3–10 years - the Australian Government’s economic management and achievement of its macroeconomic objectives for a period within the last 3–10 years.

Between 2019–20 and 2023–24, the Australian federal budget moved from a planned deficit of $\ $37.9 \text{ billion}$ to a planned surplus of $\ $4.3 \text{ billion}$. Over the same period, real gross domestic product (GDP) growth recovered from $\ 2.7\%$ in 2020–21 to $\ 3.2\%$ in 2023–24, while the unemployment rate fell from $\ 5.2\%$ to $\ 3.7\%$. Evaluate whether the Australian Government's fiscal policy stance during this period was appropriately calibrated to achieve its macroeconomic objectives.

Between 2019 and 2023, Australia's federal government implemented expansionary fiscal policy to support the economy during and after the COVID-19 pandemic. Refer to the budget deficit and unemployment rate data below. Which statement most accurately evaluates the reliability of using budget deficit as a sole indicator of fiscal policy effectiveness in achieving labour market objectives during this period?

The table below shows selected Australian federal budget data for the 2017–18 and 2018–19 financial years. Select and use appropriate data from the table to: (a) Identify the fiscal policy stance in 2018–19. (1 mark) (b) Explain one structural factor that contributed to the change in the underlying cash balance between the two years. (2 marks)