jan 1, 1950 - Australia 'Rides on the Sheep's Back' Phrase Established

Description:

The phrase 'Australia rides on the sheep's back' was a coined term that represented Australia's reliance on the wool export industry as trade revenue. Wool and agricultural exports continued thriving throughout the 1950s and the rest of the 20th century after wool hit a record price of 144.20 pence per pound of wool (approximately $37 per kilogram now), due to the Korean War inviting many countries to extend their Australian relationships and purchase Australian wool. This would create many new Australian relationships, such as with the US, while creating an agricultural export boom, producing benefits of increased nominal wage growth of 19%, trade surplus and wool being 30% of GDP that year to allow significant economic growth.

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