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Post World War 1
Australia borrowed lots of money from the London loan market because after World War1 many economies were in limbo. There was a limited time to pay it back with interest. -
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. Considering since the war so many people borrowed money that they couldn't return. So they crashed because they were loaning out too much. -
Government Spending Cuts
The Australian Government starts making cuts to find ways to repay loans interest ect. The crash of the stock exchange makes the gov realise that banks are in trouble so they needed to pay back loans. So the government gets rid of unessential jobs and there is many pay cuts. -
Sydney Harbour Bridge Opens
This created a good amosphere more jobs were created and itwas a huge land mark. -
Australian Economy Suffers
Australian exports (wool,flour,dairy ect.) fall in price almost 50%.Australia depended on exports so nobody could buy as much and prices had to fall. -
Unemployment at a high
33% of Australians were unemploeyed nobody could afford anything. -
Economy Started to Recover
People started to get jobs back and could pay back money.