"Assess the impact of recent changes in the global economy on Australia's trade and financial flows" (1 Viewer)

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1. "Assess the impact of recent changes in the global economy on (this part could basically be replaced with anything) Australia's trade and financial flows"
What do yall have prepped for this type of question? Also, what time frame is "recent" (Mining boom?)
Also, do these "changes" have to be specific events (Covid-19, GFC, US-CHINA Trade War, Australia's conflict with China, Mining Boom) or could they also be general such as low global interest rates and rising commodity prices? Any other suggestions will be greatly appreciated.

2. "Examine the effects of changes in trade and financial flows on Australia's economic performance"
For this question, would you structure your essay based on the causes of the change in trade and/or financial flows (Exchange rate, Terms of Trade, and then link it to one criterion of economic performance? (Economic growth, employment, external stability)

 

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For 1. I would assume that 'recent' would be 'In the last 10 years' or something along the lines of that. I will list some things
You could talk about the supply chain issues in Brazil regarding iron ore - as they are one of the largest suppliers of it (along with Australia), that brought along higher demand for au commodity (part of the reason the prices have risen.
You could also talk about the interest rate differentials with Australia and the rest of the world ... how the economies have uniformly risen from near zero.