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ECON7021 Policy Analysis

Assessment Task Policy Analysis
Assessment Type Individual assessment:
Research report and video presentation
Weighting 30% of course mark (100 marks reweighted to 30%)
Due Date 16 May, 4 pm
Maximum Limits • Report: Maximum 600 words
• Slides: Maximum five (5) slides
• Video: Maximum five (5) minutes
See pages 11 to 15 for further details.
Submission You must submit three files to meet the assessment
requirements. To see the submission links, you must first submit
your agreement to the pledge at Learn.UQ > Assessment >
Policy Analysis > Policy Analysis - Academic Integrity Pledge.
1. Submit your report for Parts 1 and 2 as a Word document
via Turnitin at Learn.UQ > Assessment > Policy Analysis >
Policy Analysis - Turnitin submission of report.
2. Submit the slides for Part 3 (as included in your video
presentation) as a PowerPoint Presentation document via
Turnitin at Learn.UQ > Assessment > Policy Analysis >
Policy Analysis - Turnitin submission of slides.
3. Submit your video recording for Part 3 via the assignment
submission link at Learn.UQ > Assessment >
Policy Analysis > Policy Analysis - Submission of video.
See page 16 for further submission details.
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Marking Rubric Consult the marking criteria and associated weights in the
marking rubric (see Learn.UQ > Assessment > Policy Analysis >
Policy Analysis - Marking Rubric) to guide your planning and
completion of this assessment task.
Academic Integrity UQ has strict rules against academic misconduct, including
cheating, plagiarism, colluding and solicitation. You are
responsible for preserving the highest standards of academic
integrity in your work. You are not permitted to use Artificial
Intelligence (AI) or generative AI tools for the following:
writing a report, producing a video, generating an avatar of
yourself, creating or adding an artificial voice, editing any of the
images or audio of the video, or adjusting the speed of the
recording. However, at your own risk, you are allowed to use AI
tools to create ideas or slides, check your report or slides,
generate closed captions (CC), or create a transcript of your
video. Please read and familiarise yourself with the Student Code
of Conduct and Student Integrity and Misconduct policies.


Context

Part 1 of this assessment tests your understanding of the material covered in Topic 1. You
may also want to review the monetary policy component of Topic 5 before completing this
section. By tracking data of the three key macroeconomic indicators discussed in Topic 1,
we can analyse the macroeconomic performance of a country over time and determine
whether the short-run impact of external shocks and implemented policies, such as
monetary policy, align with expectations.

Parts 2 and 3 of the assessment test your understanding of Topics 7, 8 and 9. Topics 7
and 8 covered the IS-LM model for closed economies, and Topic 9 covered the IS*-LM* or
Mundell-Fleming model for small open economies with perfect capital mobility. We can use
these models to determine the expected short-run economic effect of shocks or policy
adjustments and the adjustment to long-run equilibrium.
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Task Description

Part 1: ChatGPT Investigation (Around 300 words)
Complete Part 1 in your report.

Despite knowing that generative Artificial Intelligence (AI) tools can provide inaccurate or
incorrect data and analyses with insufficient references or even fake sources, we asked
ChatGPT, a generative AI tool, to write an essay of 500 words. Table 1, spread over page
3, page 4 and the top of page 5, provides the prompt we gave to ChatGPT and its
response (OpenAI, 2025). You are tasked to critique the essay written by ChatGPT.

Your task is to critique the provided ChatGPT response and report your findings in
a maximum of 300 words in a Word document. To critique the ChatGPT essay, you
need to compare the information in the ChatGPT response in Table 1 to the prompt given
to ChatGPT, the relevant ECON7021 learning material, UQ requirements for essays, and
reliable data and other reference sources to determine which information is inaccurate,
incomplete, or missing. Refer to the checklist on page 5 and the tips on page 6 to ensure
your critique addresses all relevant aspects.

Table 1
Prompt and ChatGPT Response
Reference
OpenAI. (2024). ChatGPT [Large language model]. https://chat.openai.com/
Prompt
Write an essay of 500 words covering the following aspects. Analyse the monetary
policy stance of the Reserve Bank of Australia (RBA) from 2022 until the end of 2024.
Assess the impact of the relevant cash rate changes made by the RBA on the Australian
macroeconomic performance by referring to quarterly data of the three key
macroeconomic indicators from 2022 until 2024. Do you agree with the RBA’s decision
to lower the cash rate by 25 basis points in February 2025?

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ChatGPT Response
Analysis of the Reserve Bank of Australia’s Monetary Policy (2022–2024) and the
February 2025 Cash Rate Decision
Between 2022 and 2024, the Reserve Bank of Australia (RBA) adopted a proactive and
adaptive approach to monetary policy, responding to evolving economic conditions.
Initially, the RBA maintained a low cash rate to support economic recovery post-
pandemic. However, as inflationary pressures emerged, the RBA shifted its stance
towards tightening monetary policy.
Monetary Policy Actions (2022–2024)
In 2022, the RBA’s cash rate remained at 0.10% to stimulate economic activity and
employment during the recovery phase. As inflation began to rise in 2023, driven by
supply chain disruptions and increased demand, the RBA commenced a series of rate
hikes. By the end of 2024, the cash rate was adjusted to 4.35%.
Macroeconomic Indicators (2022–2024)
• Gross Domestic Product (GDP): The Australian economy exhibited moderate
growth. In the December quarter of 2024, GDP rose by 0.6% quarter-on-quarter,
resulting in a 1.3% increase over the year.
• Inflation: Inflation remained a concern throughout this period. By the December
quarter of 2024, the Consumer Price Index (CPI) inflation was 2.4%, indicating a
moderation from previous highs.
• Unemployment: The unemployment rate showed resilience. In December 2024,
it stood at 4.0%, reflecting a stable labor market.
Assessment of the February 2025 Cash Rate Cut
In February 2025, the RBA reduced the cash rate by 25 basis points to 4.10%. This
decision was influenced by several factors:
• Inflation Trends: The CPI had moderated to within the RBA’s target range,
suggesting that inflationary pressures were under control.
• Global Economic Conditions: The global economic environment, particularly
developments in the U.S.–China trade relations, indicated potential risks to
Australia’s economic stability.
• Domestic Economic Indicators: While GDP growth remained positive, there
were concerns about the sustainability of this growth, necessitating a cautious
approach to monetary policy.
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Conclusion
The RBA’s decision to lower the cash rate in February 2025 appears to be a prudent
response to the prevailing economic conditions. By easing the cash rate, the RBA aims
to support economic growth while maintaining inflation within target levels. This balanced
approach reflects the RBA’s commitment to fostering a stable macroeconomic
environment.

To ensure your critique addresses all relevant aspects, check your report against the
following checklist.

CHECKLIST
• Did you check and report whether ChatGPT considered all relevant changes in
the cash rate (the policy rate) made by the Reserve Bank of Australia?
• Did you check and report whether the ChatGPT response considered all quarterly
data from 2022 to 2024 for the three key macroeconomic indicators identified in
Topic 1 and if the reported data values are correct? Did you check which
economic growth indicator ChatGPT reported and if it aligns with the
recommendation provided in Topic 1 for analysing economic growth for a single
country? Did you check which inflation indicator ChatGPT reported?
o We suggest you consult the appropriate national data sources to create
and include a table in your report that details the appropriate and correct
quarterly data values from 2022 to 2024 for the three key macroeconomic
indicators. For consistency, round indicator values to one decimal place.
• Did you check and report whether you agree with all the statements in the
ChatGPT response?
• Did you check and report whether ChatGPT met the word limit for the essay as
specified in the prompt? Would you have included more or less information and
details than ChatGPT did if you were asked to respond to the prompt?
• Did you check and report whether ChatGPT wrote the essay in a format that
aligns with the UQ expectations for research essays?
• Did you check and report whether ChatGPT cited supporting sources?

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Here are some further tips for Part 1.

TIPS
• Do not answer the prompt given to ChatGPT. You are not asked to write an
essay. Instead, you need to critically analyse the essay written by ChatGPT and
report your findings.
• Do not explain concepts or definitions of commonly used macroeconomic
indicators.
• Your policy and data sources should be national agencies, e.g., the Australian
Bureau of Statistics (ABS) and the Reserve Bank of Australia.
• Cite reliable sources to support your findings and include the full reference details
of those sources in the reference list at the end of your report (after Part 2).


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Part 2: IS-LM Model (Maximum 300 words)
Complete Part 2 in your report.

For your allocated policy scenario (see Table 2 for allocation), your task is to model
and report the following in a maximum of 300 words in a Word document:
• Use the Keynesian cross diagram together with the IS curve diagram to illustrate
and briefly explain the direction of the shift in the IS curve.
• Use diagrams of the market for real money balances and the LM curve to illustrate
and briefly explain the direction of the shift in the LM curve.
• Use an IS-LM model diagram to illustrate and explain the expected short-run impact
of your allocated fiscal-monetary mix, ceteris paribus (that is, holding other things
equal).

You must complete this part of the assessment task assuming a closed economy and
your allocated policy scenario, with the allocation indicated in Table 2 below.

Table 2
Policy Scenario Allocation
Last digit of your eight-digit student ID Policy scenario
0 or 1
A reduction in transfer payments and an
expansionary monetary policy
2 or 3
An increase in transfer payments and an
expansionary monetary policy
4 or 5
A reduction in lump-sum taxes and a
contractionary monetary policy
6 or 7
An increase in lump-sum taxes and a
contractionary monetary policy
8 or 9
An increase in government expenditure and
a contractionary monetary policy

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PLEASE NOTE
• The allocation you must use for Part 2 is based on the last digit of your full
eight-digit student number. For example, if your student ID is 44194358, then
your allocated policy scenario for Part 2 is as follows: An increase in government
expenditure and a contractionary monetary policy.
• The number in your student username and email (e.g., s4419435) is not your
student ID; it misses the last digit (i.e. 8 in this example). A 10-mark penalty will
be applied to your total assignment mark if you fail to follow the allocation rules for
Part 2.

Below are a few tips to consider when writing Part 2.

TIPS
• Part 2 does not require data collection.
• Revise Topics 7 and 8 before completing Part 2.


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Part 3: Mundell-Fleming Model (Maximum five slides and five minutes)
Complete Part 3 on your slides and in the video recording of your presentation.

For your allocated country (see Table 3 for allocation), complete the following tasks
and communicate your findings, verbally and visually, in a recorded video
presentation (maximum of five slides and maximum length of five minutes):
• First, name your allocated country.
• Second, indicate whether your allocated country’s overall monetary policy stance
for 2024 was looser (expansionary), tighter (contractionary), or unchanged (neutral)
compared to that of 2023. You can explain and illustrate the monetary policy stance
by referring to the main changes in your allocated country’s policy rate in 2024
compared to that of 2023.
• Illustrate and explain the expected short-run impact of your allocated country’s
monetary policy of 2024, ceteris paribus (that is, holding other things equal), using
the appropriate Mundell-Fleming (IS*-LM*) model.

You must complete this part of the assessment task for your allocated country, with the
country allocation indicated in Table 3 below. Assume your allocated country is a small
open economy with free capital flows.

Table 3
Country Allocation
Last digit of your eight-digit student ID Country
0 or 1 Switzerland
2 or 3 Norway
4 or 5 Sweden
6 or 7 New Zealand
8 or 9 Canada

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PLEASE NOTE
• The country you must use for Part 3 is based on the last digit of your full eight-
digit student number. For example, if your student ID is 44194358, then your
allocated country for Part 3 is Canada.
• The number in your student username and email (e.g., s4419435) is not your
student ID; it misses the last digit (i.e. 8 in this example). A 10-mark penalty will
be applied to your total assignment mark if you fail to follow the country allocation
rules for Part 3.

Below are a few tips to consider when completing Part 3.

TIPS
• Revise Topic 9 before completing Part 3.
• Your monetary policy source should be the website of your allocated country’s
monetary policy authority, that is, its official central bank.
o Cite the source(s) on the relevant slide and include the full reference
details of the source(s) in a reference list on your last slide.
• Ensure your video presentation is accessible to people with low vision or who are
deaf or hard of hearing. Thus, use suitably large font sizes for the slides, and
ensure your video recording displays closed captions (CC) to accompany your
voice or include a separate transcript. All information in the video (illustrations,
text and voice) must be in English to ensure professional communication.


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Additional Requirements for Report

Please adhere to the following requirements when compiling your Policy Analysis report
for Parts 1 and 2. Penalties will apply, in line with the marking rubric, if you fail to follow
these instructions.

PLEASE NOTE
You must use the report template available at Learn.UQ > Assessment > Policy
Analysis > Policy Analysis - Report Template. The template includes a cover sheet.
Complete and include this cover sheet with your submission. Do not start writing your
report on the cover page. Instead, the first page of your report should be the page after
the coversheet (as in the template).
• Formatting requirements:
o Word document
o Font type and size: Arial 11
o Line spacing: 1.5
o Word limit: Maximum of 600 words
• Word count:
o The word count excludes the cover sheet, title, section headings, short
tables, figures, table and figure headings, figure notes, and the reference
list.
o The word count includes your writing and in-text citations.
• General:
o Do not use footnotes or endnotes.
• Tables and graphs:
o You must produce your own tables and figures rather than cut and
paste them from other sources.
o Insert tables and figures as images (pictures) rather than Excel objects in
your document.


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REFERENCING TIPS
• Referencing style: References and citations must be in APA 7th referencing style.
o Consult the APA 7th referencing style guide.
o You can use direct quotes, provided the total number of quoted words is 10
or less in the report.
• If you directly quote the original content word for word, it must be in quotation
marks.
• When to paraphrase and when to quote? Refer to the Academic Integrity Modules
(AIM) modules and the Write, Cite and Submit module. This guide from the
University of Adelaide may also be helpful to you.
• Only use sources written in English.
• You must reference sources for your text and tables.
• You must cite and reference sources even when paraphrasing the original content.
• 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
report’s credibility. Therefore, you need to balance the two.
• Turnitin similarity percentage:
o The Turnitin similarity index value of your report should not exceed 15%.
o While most instances of plagiarism are unintentional (for example, forgetting
to close a quotation mark), the Turnitin originality report will reveal any form
of plagiarism (intentional or unintentional) and the use of Artificial Intelligence
tools.
o From the originality report, the marker will check whether any part of your
report is potentially plagiarised from other sources, which could result in
mark penalties, as shown in the marking rubric. Thus, carefully review the
originality report before your final submission.


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Additional Requirements for Slides and Video

Please adhere to the following requirements when compiling your Policy Analysis video
presentation for Part 3. Penalties will apply, in line with the details below and the marking
rubric, if you fail to follow these instructions.

PLEASE NOTE
• Slide requirements
o Format: PowerPoint Presentation document (.pptx extension)
o Minimum number of slides: Four (4), including the title slide
o Maximum number of slides: Five (5), including the title slide
o Title slide: The first slide should be a title slide that includes a title (for
example, Policy Analysis for Canada if your allocated country is Canada)
and your full name and eight-digit student number as the subtitle.
o Font: Choose any font type and consistently use that font type for all the
slides. Ensure the font size is large enough for readability.
o Graphs: Your presentation can include a maximum of two graphs.
▪ Your slides could include full, detailed graphs.
▪ Alternatively, some slides could be empty or include only partial
details, in which case you must draw all the missing details
(annotate the slides) while recording your video presentation. The
slides you submit do not need to include such annotations.
• Video presentation requirements
o Maximum video length:
▪ Five (5) minutes, excluding identification
▪ Five and half minutes (5 min 30 seconds), including identification
o Identification: You must follow the following process to identify yourself.
If the identification process is missing from the start of your submitted
video recording, we cannot mark your slides or video, and you will receive
a zero (0) mark for all the marking criteria for the slides and video.
▪ During the first 15 to 30 seconds of your video recording, your
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device camera needs to record you and your UQ student ID card
in full-screen mode (without screen sharing).
▪ Hold your student ID card up close to the camera next to your face.
▪ Your device microphone needs to record your voice as you state
your full name and eight-digit student number.
o Presentation:
▪ After identifying yourself, you can commence screen sharing of
your PowerPoint presentation to record the slides while you
present the details. Do not speak too quickly or read from notes.
▪ Ensure your device microphone and camera remain switched on
throughout your entire presentation to record your voice and a
video insert of your face.
o Accessibility: Before submitting the video recording, double-check that it
passes the following quality requirements.
▪ You must be physically and clearly visible in the video recording.
▪ In the first 15 to 30 seconds of the recording, your face and student
ID card must be clearly visible in full-screen mode, with all details on
your student ID card (photo, full name and student number) in focus
and clearly legible. Your voice should be clearly audible.
▪ In the remainder of the recording, slides should be in full-screen
mode, with your voice clearly audible, your face clearly visible in the
video insert, all text clearly legible, and CC displayed (or available).
As a substitute for CC, you could submit a transcript of the
recording.
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REFERENCING GUIDELINES
• Referencing style: APA 7th referencing style
o Do not cite or reference ECON7021 learning material.
o However, all other sources should be cited in your presentation, and the
details should be added to a reference list on the last slide of your
presentation.
• Create your own graphs. You are not allowed to include graphs copied from the
course videos, course slides, course documents, or any other online sources.
• Turnitin similarity percentage:
o The Turnitin similarity index value of your slides should not exceed 25%.
o While most instances of plagiarism are unintentional (for example,
forgetting to close a quotation mark), the Turnitin originality report will
reveal any form of plagiarism (intentional or unintentional) and the use of
Artificial Intelligence tools.
o From the originality report, the marker will check whether any part of your
slides is potentially plagiarised from other sources, which could result in
mark penalties, as shown in the marking rubric. Thus, carefully review the
originality report before your final submission.


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SUBMITTING YOUR DOCUMENTS
• You must submit your report, slides and video (i.e., three files) to meet the
requirements of this assessment task. To see the submission links, you must first
submit your agreement to the pledge at Learn.UQ > Assessment > Policy
Analysis > Policy Analysis - Academic Integrity Pledge.
o Submit your report for Parts 1 and 2 as a Word document via Turnitin at
Learn.UQ > Assessment > Policy Analysis > Policy Analysis - Turnitin
submission of report.
o Submit your slides for Part 3 (as included in your video) as a PowerPoint
Presentation document via Turnitin at Learn.UQ > Assessment > Policy
Analysis > Policy Analysis - Turnitin submission of slides.
o Submit the recording of your video presentation for Part 3 via the
assignment submission link at Learn.UQ > Assessment > Policy Analysis >
Policy Analysis - Submission of video.
• Due time:
o The due date and time for submission indicate when your slides and video
must be successfully uploaded to Learn.UQ (Blackboard) through the
submission links.
o The submission deadline does not indicate the time when you can start to
upload your documents. The only way to guarantee that you meet the
deadline is to submit your slides and video recording well before the
deadline.
o Many students fail to meet the deadline because they have internet
connection problems on their side, but they mistake it as a UQ IT problem.
UQ keeps a record of disruptions to systems such as Learn.UQ or Turnitin,
and only those disruptions will be considered as exceptions.
• Resubmission:
o You can resubmit your assessment documents multiple times until the due
time.
o Note that from the third resubmission onwards, Turnitin will only make the
Similarity Report available 24 hours after your resubmission.


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