Wednesday
140 years ago, in the 1880s, Australia had a huge property boom. House prices rose, rose again, and then really started to rise.
In 1889, house prices peaked, and then came crashing down. A depression began which saw G.D.P. fall over 17% in the following years.
By 1890, banks began failing and confidence in financial institutions fell almost as far as house prices.
Then a drought came.
Many people, including families, were hungry and homeless.
The military was called in to deal with the social unrest.
By 1900, wheat had become an established and profitable export, and gold and silver mining had begun in earnest.
Slowly Australia began to recover.
Today, almost no one knows anything about the depression of the 1890s.
It was my grandparents’ generation — not that long ago really.
It was the worst economic collapse that Australia has ever had.
So far