- Two major depressions ceased economic growth during the 1840s and the 1890s.
- From 1820-1930, fine wool and other agricultural products were the main causes of economic growth.
- Gold was discovered in central Victoria in 1851 and the importance of gold replaced the importance of wool. This was until the 1870s.
- In the 1890s, employment rates decreased.
- There was a severe drought which caused a contraction.
- Immigrants were bringing skills that were contributing to the economy’s growth enormously.
- In 1901, the Commonwealth of Australia was federated.
- In the 20th century, Australia’s economic history was surrounded by agriculture.
- Australia’s rich mineral, oil, coal, and natural gas was the economic driver.
- In the 21st century, Australia’s economic growth was technology based.
- Unfortunately Australia is so geologically distant, making this a disadvantage.
- Federal and state help was provided to help keep Australia’s manufacturing companies intact.
- There was economic growth from 1992-2011 that exceeded the duration of the developments in the 1960s, 1970s, and the 1980s.
- Overview Economic History (major recessions or expansions; significant times):
- Australia’s economy has had its ups and downs, just like the business cycle. There was a depression in the 1840s. We entered the trough and real GDP stopped falling. From 1992-2011, there was a huge expansion. An expansion is a rise in Real GDP (Gross Domestic Product). This also relates to economic efficiency because there was a technology based economy in the 21st century. When there is new technology, a lot of things go smoother, such as an assembly line in a wool producing factory.