The Australian Economy - Past, Present, Future

Essay by itair11High School, 10th gradeA+, June 2009

download word file, 7 pages 0.0

Itai Rotem

Due: 06.06.08

The Australian Economy

The Great Depression, the Post-WWII era and Contemporary

The Economy of Australia is a Western-style market economy dominated by its services sector. Australia is the world's 16th largest economy, with output - as measured by Gross Domestic Product. Since the 1980s, Australia has undertaken structural reform of its economy and has transformed itself from an inward, highly protected and regulated marketplace to an open, internationally competitive economy. In the past, the Australian economy has undergone many ups and downs, and overall, Australia has become one of the most prosperous countries in the world, not only economically.

The Great Depression in Australia - Late 1920's and Early 1930's

The great depression occurred in the 1930's across the globe, Australia was no exception. Australia was hit very hard with the great depression. The great depression brought along with it many problems and controversies.

The great depression in Australia started in 1929 when the coal miners decided to strike due to falling wages that was caused by the British government which decided to put the pound sterling back to golden standard.

Other main factors that contributed to the cause of the Great Depression were falls in export prices and sales, reduction in government spending, and a fall in residential construction.

James Scullin, the leader of the Australian Labour Party, won the federal election in 1929. James Scullin was very unlucky. The Wall Street Clash occurred two days after he was sworn in as PM. Throughout Scullin's term, unemployment rose, economic activity and tax revenues were reduced. In 1930, The Labor Party leader of the opposition in New South Wales, Jack Lang, rose and introduced his plan to maintain wages and use loans to create public works, called the "Lang Plan". His plan was rejected. The Labor...