Australia's Great Depression (influence)

Australia's Great Depression, occurring in the early 1930s, was influenced by the global economic downturn following the 1929 Wall Street Crash. This crisis led to soaring unemployment, business failures, and a decline in trade. Australia's reliance on exports, especially agriculture and raw materials, worsened the impact as international demand plummeted. The government struggled to respond effectively, leading to social unrest and hardship. Despite these challenges, the experience spurred reforms in economic policy and social welfare, ultimately shaping modern Australia's approach to economic management and crisis response.