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How was Australia affected by depression in 1920's?

Australia was one of the countries deeply affected by the Depression.
This was due to the fact that Australia heavily depended on the imports, trade and investment intake from overseas. The economy was already unstable and was in trouble during the 1920's. The wealth of the economy was only based on the high prices of Australia's exports and primary products, a growing volume of exports and a continued stream of investments into Australia. Any serious reduction to the price and volume of exports and reduction of overseas loans would cause problems.
An indication of danger was Australia's large and rapidly increasing overseas interest bill. By the late 1920's, the prices of Australian's exports were also falling. With the continuation of the declining price, Australia would have a difficult struggle to pay for its imports and repayment of loans. Australia was affected so severely as its primary source of income was taken away....

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Title: Depression In 1920's
Approximate word count: 675
Approximate pages: 3 (250 words per double-spaced page)

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