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Post World War I
austaralia borrowed lots of money from the london loan market.
after WW1 people died and couldnt do their jobs so australia borrowed lots of money and took out lots of loans to keep australias economy running -
Period: to
The great depression
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Wall street crash
due to financial problems since the war the New York stock exchange crashes. lots of people were borrowing money and lots of banks were giving out money , because of this wall street crashed -
Government spending cuts
the australian government starts making cuts to find ways to repay loans interest ECT... the stock exchange crashed and it really effected the aussie government. the banks were saying we need money NOW so australia made lots of cuts and price changes -
Australian economy suffers
australian exports (wool,flour,dairy,ETC) fall in price by almost 50%. australia depended on exports. main were flour and dairy. economy crashes and exporters get less money so prices for exports were 50% lower. -
sydney harbour bridge opens
the sydney harbour bridge opened. it provided jobs -
unemployment was at a high
people couldnt afford thi ng cause they were out of work -
economy starting to recover