1. Australia's macroeconomic objectives include steady and sustainable economic growth, price stability with low inflation, full employment, equitable income distribution, and efficient use of resources. 2. Achieving these objectives can be difficult due to conflicting objectives, information gaps, time lags in policy, political factors like election cycles, and external shocks beyond the government's control. 3. The document discusses tensions between objectives in both the short and long-run, such as between growth and inflation, and analyzes different views on how economies adjust over time.