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Post World War 1
Australia borrowed lots of money from the London loan market. After the world war, Australia had lost a lot of money from it. People couldn't return to jobs becuase they had died, and businesses had been destroyed. So Australia took out a lot of money. Economies all over the world were in limbo. -
Period: to
The Great Depression
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Wall Street Crash
The Wall Street is the stock exchange in New York. Due to financial problems since the war, the new York stock exchange crashes. Many people and governments borrowed money they couldn't pay back. So many banks, businesses, and later individuals lost money. -
Govrenment Spending Cuts
The Australian Government begins making drasticuts on jobs to find ways to re-pay loans, interest, etc. The stock exchange crashes, which really effects Australia. THe banks are getting angry with the government, saying: "We need money!". Thousands of people lose there jobs. -
Australian Economy Suffers
Autralian exports (wool, flour, dairy etc.) fall in price by almost 50%. The Australian economy depended on exports at that time. But it still costs the same amount to get the exports, so it is bad for the economy because then they earn much less for their efforts. -
Sydney Harbour Bridge Opens
This provided jobs, andwas a joyous occasion. It brought Australians together. -
Unemployment at a High
Almost a third of the working population were unemployed. 32%. -
Economy starting to Recover
Now the economy began to recover, after the Wall St crash.