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Ian Macfarlane, Governor of the Reserve Bank from 1996 to 2006, has said that the financial excesses of the 1980s were of such a scale that they made the 1990s recession "inevitable", describing Australia's economy at the end of the 1980s as overstretched and vulnerable to contractionary shock. The pressure of high-interest rates on businesses ...
The country just released data showing its economy hasn't experienced two straight quarters of negative growth since 1991.
Australia's recession affected New Zealand's economy as Australia was New Zealand's biggest export market. [ 2 ] [ 3 ] It is said that the term Great Recession as a description of the post-2008 slump is not recognized by Australians particularly those under 30 due to its mild, intangible impact on the country's economy.
The gold rushes caused a huge influx of people from overseas, including from many non-British sources. In the 1850s Victoria was Australia's gold mining centre, its population increasing from 76,000 in 1851 to 540,000 in 1861. Australia's total population more than tripled from 430,000 in 1851 to 1.7 million in 1871. [9]
The National Bureau of Economic Research (NBER)'s Business Cycle Dating Committee, a group of professors that officially decides the beginning and end of recessions, says it's not yet ready to ...
From the end of World War II through the 1980s, almost every recession saw employment return to its previous peak within two years. That trend ended in 1990 when employment took nearly three years ...
A recession is a period of two quarters of negative GDP growth. The countries listed are those that officially announced that they were in recession. It is worth noting that some developed countries such as South Korea and Australia did not enter recession (indeed Australia contracted for the last quarter of 2008 only to grow 1% for the first half of 2009).
The US was last in a recession between December 2007 and June 2009, the longest and most severe since 1960. Dubbed “The Great Recession,” the economic slowdown was sparked by a steep decline ...