australian history
The "roaring twenties" showed Australia's social life taking on more exciting and radical complexion compared to the pre - war days. In general desire to leave behind the unhappy experiences of the 1914 to 1918 war, there was a great pursuit of worldly pleasure and a breaking free from social constraints. However the depression in 1929 was brought about by factors largely beyond Australia's control. In the late 1920's the world economic situation had been steadily deteriorating. There was a significant decline in the volume of international trade and stock market crash in the USA in October 1929 greatly accelerated a general fall in prices for farm commodities. Overseas investment dried up. Australia was highly vulnerable, as it was heavily dependent on export earnings and external supplies of capital. A drastic fall in the price of wool and wheat in particular, and the standstill of overseas borrowing were the main causes of the economic crisis in Australia. I, James Scullin, was Australia's Prime Minister beginning in October 1929. The world depression was deepening and the government was divided on how to deal with it. The Labor Party lost the election of December 1931 and I remained leader of the Party until 1935.
A senses in 1933 showed that 400 000 people lived in shanty or makeshift accommodation. Our government provided sums of money to the states which then organised their own relief schemes. Many self-employed people were thrown out of work. But a high level of deflation would have been needed and overseas debt burden would have been heavier as intrest payments couldn't be reduced. The proposal was to expand the money supply in order to rejuvenate production, thus unemployment would be reduced and prices restored. Between August 1930 and december 1931 three plans were proposed to solve our nation's economic problems. My treasurer, Theodore and I favoured gradual reflation of the economy and extension of existing loans. Deflatoin, this was promoted by non labor parties and conservative members of my party, such as Joseph Lyons , and wealthy groups in australia. Previously In 1910 I stood for Federal Parliament but lost my seat in 1913. According to Niemeyer our living standards were "artificial in nature" and trade was the secret to "recovery". Wages and salaries were reduced, thus making it difficult even for those with jobs to survive. Small shopkeepers went broke because of the large drop in sales. An inspired speaker, I was made leader of the Labor Party in 1928. We called it the Melbourne Agreement of August 1930, at which Sir Otto Niemeyer prescribed budget balancing and reduction in Australian standard of living to achieve liquidation of debt to England.
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