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Beginning of Paper
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Responses by Australian governments to the Great Depression were largely inadequate; however, it is necessary to identify the sources of these inadequacies. Attempts made by the Scullin Government to implement effective policy responses to the problems of the Great Depression were significantly impaired by a number of factors; consequently ....
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Middle of Paper
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.... influence to the board in favour of their policies. This lack of means was sorely missed during the crisis in government finance. Australia depended heavily on overseas borrowing for new investment. However, the returns from the investments were not sufficient to satisfy debt repayments and so the government persistently used overdrafts. In the later half of 1929, Australia's external debt position worsened. When the government approached the banks to extend further overdrafts, the banks refused. The banks argued that if sufficient funds could be f ....
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