Notes on the effect the Depression had in Australia During the Great Depression, Australia's economy collapsed, unemployment figures soared, sugar/wheat and wool prices fell and society was forced to experience the physical and tormenting effects of it first hand. The Depression caused political and social upheaval in all the western countries it affected, but Australia was hit the worst. The structure of Australia's entire economy was based on overseas dependence of imports, exports and …
showed first 75 words of 477 total

showed last 75 words of 477 total
…so building confidence towards the Australian currency) and stop repaying loans back, and Britains Niemger proposed to pay back all overseas loans and reduce government spending. Eventually all these plans were mixed to create the Premier Plan (20% decrease in overseas loans). The Depression made the Australian nation work together and be drawn together by the situation. The impact it had on society was a tremendous imprint on what became part of Australia's history and identity.