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Great Depression In Australia
Australia suffered badly during the period of the Great Depression of the 1930s. The Depression began with the Wall Street Crash of 1929 and rapidly spread worldwide. As in other nations, Australia suffered years of high unemployment, poverty, low profits, deflation, plunging incomes, and lost opportunities for economic growth and personal advancement. The Australian economy and foreign policy largely rested upon its place as a primary producer within the British Empire, and Australia's important export industries, particularly primary products such as wool and wheat, suffered significantly from the collapse in international demand. Unemployment reached a record high of around 30% in 1932, and gross domestic product declined by 10% between 1929 and 1931. There were also incidents of civil unrest, particularly in Australia's largest city, Sydney. Though Australian Communist and far right movements were active in the Depression, they remained largely on the periphery of Austra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unemployed Marching To See Mitchell, 1931
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for Work (human activity), work during the reference period. Unemployment is measured by the unemployment rate, which is the number of people who are unemployed as a percentage of the labour force (the total number of people employed added to those unemployed). Unemployment can have many sources, such as the following: * new technology, technologies and inventions * the status of the economy, which can be influenced by a recession * competition caused by globalization and international trade * Policy, policies of the government * regulation and market (economics), market Unemployment and the status of the economy can be influenced by a country through, for example, fiscal policy. Furthermore, the monetary authority of a country, such as the central bank, can influ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1929 Australian Federal Election
The 1929 Australian federal election was held in Australia on 12 October 1929. All 75 seats in the House of Representatives were up for election, but there was no Senate election. The election was caused by the defeat of the Stanley Bruce-Earle Page Government in the House of Representatives over the ''Maritime Industries Bill'', Bruce having declared that the vote on the bill would constitute a vote of confidence in his government. With senators having fixed six-year terms, the terms of those senators elected in 1926 were not due to expire until 1932. Under the Constitution of Australia, no election for their replacement could occur more than a year prior to their terms expiring, except in the case of a double dissolution; since the constitutional conditions for a double dissolution did not exist, it was not possible to hold a half-Senate election in 1929. This was the first Commonwealth election for the House of Representatives only. In the election, the incumbent Nationalist-C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prime Minister Of Australia
The prime minister of Australia is the head of government of the Commonwealth of Australia. The prime minister heads the executive branch of the Australian Government, federal government of Australia and is also accountable to Parliament of Australia, federal parliament under the principles of responsible government. The current prime minister is Anthony Albanese of the Australian Labor Party, who became prime minister on 23 May 2022. Formally appointed by the Governor-General of Australia, governor-general, the role and duties of the prime minister are not described by the Constitution of Australia, Australian constitution but rather defined by Constitutional convention (political custom), constitutional convention deriving from the Westminster system. To become prime minister, a politician should be able to Confidence and supply, command the confidence of the House of Representatives (Australia), House of Representatives. As such, the prime minister is typically the leader o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nationalist Party Of Australia
The Nationalist Party, also known as the National Party, was an Australian political party. It was formed on 17 February 1917 from a merger between the Commonwealth Liberal Party and the National Labor Party, the latter formed by Prime Minister Billy Hughes and his supporters after the 1916 Labor Party split over World War I conscription. The Nationalist Party was in government (from 1923 in coalition with the Country Party) until electoral defeat in 1929. From that time it was the main opposition to the Labor Party until it merged with pro-Joseph Lyons Labor defectors to form the United Australia Party (UAP) in 1931. The party is a direct ancestor of the Liberal Party of Australia, the main centre-right party in Australia. History In October 1915 the Australian Prime Minister, Andrew Fisher of the Australian Labor Party, retired; Billy Hughes was chosen unanimously by the Labor caucus to succeed him. Hughes was a strong supporter of Australia's participation in World War ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Australia Party
The United Australia Party (UAP) was an Australian political party that was founded in 1931 and dissolved in 1945. The party won four federal elections in that time, usually governing in coalition with the Country Party. It provided two prime ministers: Joseph Lyons ( 1932–1939) and Robert Menzies ( 1939–1941). The UAP was created in the aftermath of the 1931 split in the Australian Labor Party. Six fiscally conservative Labor MPs left the party to protest the Scullin Government's financial policies during the Great Depression. Led by Joseph Lyons, a former Premier of Tasmania, the defectors initially sat as independents, but then agreed to merge with the Nationalist Party and form a united opposition. Lyons was chosen as the new party's leader due to his popularity among the general public, with former Nationalist leader John Latham becoming his deputy. He led the UAP to a landslide victory at the 1931 federal election, where the party secured an outright majority in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joseph Lyons
Joseph Aloysius Lyons (15 September 1879 – 7 April 1939) was an Australian politician who served as the List of prime ministers of Australia by time in office, 10th Prime Minister of Australia, in office from 1932 until his death in 1939. He began his career in the Australian Labor Party (ALP), but became the founding leader of the United Australia Party (UAP) after the Australian Labor Party split of 1931. He had earlier served as Premier of Tasmania from 1923 to 1928. Lyons was born in Stanley, Tasmania, Stanley, Tasmania, and before entering politics worked as a schoolteacher. He was active in the Labor Party from a young age and won election to the Tasmanian House of Assembly in 1909. He served as Treasurer of Tasmania (1912–1914) under John Earle (Australian politician), John Earle, before replacing Earle as party leader in 1916. After two elections that ended in hung parliaments, Lyons was appointed premier in 1923 at the head of a minority government. He pursued mode ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jack Lang (Australian Politician)
John Thomas Lang (21 December 1876 – 27 September 1975), usually referred to as J. T. Lang during his career and familiarly known as "Jack" and nicknamed "The Big Fella", was an Australian politician, mainly for the New South Wales Branch of the Labor Party. He twice served as the 23rd Premier of New South Wales from 1925 to 1927 and again from 1930 to 1932. He was dismissed by the Governor of New South Wales, Sir Philip Game, at the climax of the 1932 constitutional crisis and resoundingly lost the resulting election and subsequent elections as Leader of the Opposition. He later formed Lang Labor that contested federal and state elections and was briefly a member of the Australian House of Representatives. Early life John Thomas Lang was born on 21 December 1876 on George Street, Sydney, close to the present site of The Metro Theatre (between Bathurst and Liverpool Streets). He was the third son (and sixth of ten children) of James Henry Lang, a watchmaker born in Edin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Premier Of New South Wales
The premier of New South Wales is the head of government in the state of New South Wales, Australia. The Government of New South Wales follows the Westminster Parliamentary System, with a Parliament of New South Wales acting as the legislature. The premier is appointed by the governor of New South Wales, and by modern convention holds office by his or her ability to command the support of a majority of members of the lower house of Parliament, the Legislative Assembly. Before Federation in 1901 the term "prime minister of New South Wales" was also used. "Premier" has been used more or less exclusively from 1901, to avoid confusion with the federal prime minister of Australia. The current premier is Dominic Perrottet, the leader of the New South Wales Liberal Party, who assumed office on 5 October 2021. Perrottet replaced Gladys Berejiklian on 5 October 2021, after Berejiklian resigned as premier. List of premiers of New South Wales Statistics The median age of a premier ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflationary
Inflationism is a heterodox economic, fiscal, or monetary policy, that predicts that a substantial level of inflation is harmless, desirable or even advantageous. Similarly, inflationist economists advocate for an inflationist policy. Mainstream economics holds that inflation is a necessary evil, and advocates a low, stable level of inflation, and thus is largely opposed to inflationist policies – some inflation is necessary, but inflation beyond a low level is not desirable. However, deflation is often seen as a worse or equal danger, particularly within Keynesian economics, as well as Monetarist economics and in the theory of debt deflation. Inflationism is not accepted within the economics community, and is often conflated with Modern Monetary Theory, which uses similar arguments, especially in relation to chartalism. Political debate In political debate, inflationism is opposed to hard currency, which believes that the real value of currency should be maintained. In late ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian Economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomic theories and models of how aggregate demand (total spending in the economy) strongly influences economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the productive capacity of the economy. Instead, it is influenced by a host of factors – sometimes behaving erratically – affecting production, employment, and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes – a recession, when demand is low, or inflation, when demand is high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between government and central bank. In particular, fiscal policy actions (taken by the government) and monetary policy actions (t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ted Theodore
Edward Granville Theodore (29 December 1884 – 9 February 1950) was an Australian politician who served as Premier of Queensland from 1919 to 1925, as leader of the state Labor Party. He later entered federal politics, serving as Treasurer in the Scullin Labor government. Theodore was born in Adelaide, the son of a Romanian immigrant. He left school at the age of 12, and spent the next decade working his way around the country. He arrived in Queensland in 1906, and soon became involved in the labour movement. Theodore was elected to the Queensland Legislative Assembly in 1909, aged just 24. He was also elected state president of the Australian Workers' Union in 1913. Theodore became Treasurer of Queensland following Labor's victory at the 1915 state election. In 1919, Theodore succeeded T. J. Ryan as premier. His government pursued various interventionist economic policies, establishing a number of state-run enterprises and introducing new competition and labour market re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treasurer Of Australia
The Treasurer of Australia (or Federal Treasurer) is a high ranking official and senior minister of the Crown in the Government of Australia who is the head of the Ministry of the Treasury which is responsible for government expenditure and for collecting revenue. The Treasurer plays a key role in the economic policy of the government. The current Australian Treasurer is Jim Chalmers whose term began on 23 May 2022. The Treasurer implements ministerial powers through the Department of the Treasury and a range of other government agencies. According to constitutional convention, the Treasurer is always a member of the Parliament of Australia with a seat in the House of Representatives. The office is generally seen as equivalent to the Chancellor of the Exchequer in the United Kingdom or the Secretary of the Treasury in the United States or, in some other countries, the finance minister. It is one of only four ministerial positions (along with Prime Minister, Minister for Def ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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