Agriculture and its Wool Bubble (jan 1, 1950 – jan 1, 1959)

Description:

- Australia expands agricultural production sector through higher quality pasturing and fertliser in the 1950s.
- Korean War wool boom with high demand allowed steady export revenue.
- However, Australia's heavy reliance on wool, caused its 'bubble' of having consistent demand for wool, to burst following the end of the Korean War where nations stopped demanding wool.
- The halving of wool prices and demand put Australia into a recession in 1951 until 1952, signaling a gradual downturn of the agricultural industry.

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