Thursday, December 19, 2019

Depression in 1920s Essay - 681 Words

How was Australia affected by depression in 1920’s? Australia was one of the countries deeply affected by the Depression. This was due to the fact that Australia heavily depended on the imports, trade and investment intake from overseas. The economy was already unstable and was in trouble during the 1920s. The wealth of the economy was only based on the high prices of Australias exports and primary products, a growing volume of exports and a continued stream of investments into Australia. Any serious reduction to the price and volume of exports and reduction of overseas loans would cause problems. An indication of danger was Australias large and rapidly increasing overseas interest bill. By the late 1920s, the prices of Australians†¦show more content†¦Those who had to queue for the dole were humiliated; most states didnt provide cash but merely food coupons. Unemployment For married men, pick and shovel construction work could be available. The cash payment they received was often below the basic wage. Water towers, railways, roads, sewerage and water systems were built. Sustenance workers were paid lower than the award wage. Refusal of work on a relief project made a man immediately ineligible for the susso. To lower the number of unemployed workers, relief work was provided on buildings, bridges and roads. It was backbreaking work, often far from work and relief workers sometimes displaced regular workers so that lower wages could be paid. Inflation/Deflation Deflation is the reduction of the amount of available money that was available to the government and the population. Its effect was lengthened to the hardship. Australia eventually recovered as export prices began to rise. Inflation is an increase of the currency of a country by issuing more printed money. Sir Otto Niemeyer James Scullin the labour government invited Sir Otto Niemeyer to study Australias problems. Niemeyer was from the Bank of England and was to advise the Government. His strategy was to create reductions in wages and improvements in productivity to balance the budget. He said that Australia had been living beyond what was needed and had to cut costs, spend less and startShow MoreRelatedThe Great Depression Of The 1920s1346 Words   |  6 PagesThe 1920s was an economic growth period for American companies and businesses. One of the key ways of making money during this period was to buy stocks and shares. As with consumer goods such as washing machines and kitchenware’s, there was the option of buying stocks and shares on credit, which meant that purchasing shares on the stock market was available to almost everyone. 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