2008 and 2020 arent the only times Australias economy has teetered. It was in the drink in the 1930s too. After the Wall Street stock market crash in New York in 1929, the world was plunged into The Great Depression.
Black Tuesday hit Australia hard, with the collapse of international commodity prices, including wheat and wool, meaning the debts run up by federal, state and territory governments were almost impossible to pay off at the previously agreed rate.
According to myplace.edu, Some politicians argued that the loan repayments shouldnt be made as the money would be better used creating local jobs. Other politicians said that the most important thing was Australias financial standing and the debts had to be repaid or else the natio…
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