The Great Depression (16 agos 1929 anni – 16 marzo 1933 anni)

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The Great Depression
August 1929 – March 1933
Between August 1929 and March 1933, the Australian economy slowed significantly driven by low wheat and wool prices. This situation was made worse by the American stock market crash, also known as The Wall Street Crash of 1929, which pushed economies worldwide into depression. Australia’s levels of unemployment climbed and reached a peak of 32 per cent in 1932. One in three Australians were out of work, and for those who were lucky enough to continue to work many had their wages cut, so many Australian’s lost their homes. This led to significant social unhappiness. The Australian Government was also borrowing massive amounts of money from other countries, and as these funds dried up as the economy slowed down further. Government spending on public works reduced – one exception was the building of the Sydney Harbour bridge which continued between 1924 and 1932 providing much-needed. jobs to hundreds of men. It took Australia almost a decade to recover from the Great Depression.

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