Great Depression in Australia
A depression is a deep and complete bend in total business activity, where both buying and selling drop, causing a refuse in making, prices, income and employment. Money becomes limited, many businesses fail and many workers lose their jobs. Without a job workers have less money to spend, which leads to further drops in sales and demand for products, which leads to decreased manufacture and more workers losing their jobs. This apparently endless downward spiral can continue until the country is able to improve, employment and command for products increases and life may continue normally. A depression of this kind can affect a single industry, a nation or even the entire world. The Great Depression began in 1929 after the Wall Street Crash – shares in the United States were at an all-time high. Shareholder panic and sold all of their shares because they knew the prices of their shares could not go any higher ??“ only decrease. This massive sell-up of shares was the method for the Great Depression, which was to cripple the country of the leading nations of the world for almost a decade.
Children didn??™t have much to eat. Children even began to eat out of garbage bins, hunt scraps for survival. It was a shocking and unhygienic time for most children, but mainly the children of lower class or poor families.
During the next year of 1930, the number of unemployed jumped again quite noticeably as a result of the economic fall down in Australia and by the end of 1930 almost 20% of Australias workforces were jobless.