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Economic Impacts of WWI on the Australian Economy

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Eco Freakos

on 20 August 2014

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Transcript of Economic Impacts of WWI on the Australian Economy

"The Great War"
1914 -1918
Global war
Centered in Europe
Paved way for major political and economic changes
Australia had only recently federated and therefore heavily relied on Britain's support
Australian government keen to show their support for the motherland
Changing trade agreements
Steel industry an area of economic boom
High demand for weaponry and military support
Boom in steelworks industry
Wool, wheat and meat industry expansion in order to support war efforts overseas
Working-class subject to poor living standards as a result of their purchasing power and higher taxation rates
Divide between rich and poor
Australian production increase due to limited trading systems
Australia and World War
Image by Tom Mooring
Industry Boom
Economic Impacts of WWI on the Australian Economy
WWI: Summary
Government Powers
Advantages and Disadvantages
Increased taxation and spending
War Precautions Act
Commonwealth power became less restricted
Parliament lost much control over new laws and regulations
Advantages
Increase in industry productivity
Removal of industrial competition
Growth in agricultural industry and its resources

Disadvantages
Decline in power of Parliament
Standards of living dropped
Loss of trade relations
Full transcript