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Post WWI
Australia borrowed lots of money from the London loan market.
After the WW, Australia didn`t have enough money, and so the soldgers came home with no job, home, etc... So, Australia borrowed money to help everyone settle in more, rebuild companies, homes, etc... They also had to give back interest -
Period: to
The Great Depression
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Wall Street Crash
Due to financial problems sience the war, the New York stock excange crashes. Because people were borrowing money they didn`t have, the wall street crashed. Governments lost money, Banks lost money and alot of people and companies did to, because the New York Wall Street couldn`t support its self. -
Government Spending Cuts
The Australian Government starts making cuts to find ways to repay loans, inerests, etc... The stock exchange crashes and effects Austrailia, and so there asking money. The change prices, making cuts to the economy. They couldn`t afford to pay them, so they demolished the jobs that wern`t essential. -
Sydney Harbour Bridge Opens
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Australian Economy Suffers
The Australian exports (Wool, flower, dairy, etc...), fall inprice almost 50%. Before all the minerals, they depended on other exports. The economy crashes, and every thing turns cheaper so they can live. THey can usually make 3.00 but make 1.50 instead!! -
Sydney Harbour Bridge Opens
It created alot of jobs. It created light in the dark of the latest events. -
Unemployment was at High
One third (i.e 33%) were unemployed.
Because the government had made the cut, people couldnt work. -
Economy Starting to Recover