Editing Recession (section)

===Australia===

As a result of late 1920s profit issues in agriculture and cutbacks, 1931–1932 saw Australia's biggest recession in its entire history. It fared better than other nations that underwent [[depression (economics)|depressions]], but their poor economic states influenced Australia, which depended on them for export, as well as [[foreign investments]]. The nation also benefited from greater productivity in manufacturing, facilitated by trade protection, which also helped with lessening the effects.

The economy had gone into a brief recession in 1961 because of a credit squeeze. Australia was facing a rising level of [[inflation]] in 1973, caused partially by the oil crisis happening in that same year, which brought inflation at a 13% increase. Economic recession hit by the middle of the year 1974, with no change in policy enacted by the government as a measure to counter the economic situation of the country. Consequently, the unemployment level rose and the trade deficit increased significantly.<ref>{{citation | title = Australian Economic Indicators | publisher = Australian Bureau of Statistics | date = 27 February 1998 | url = http://www.abs.gov.au/ausstats/abs@.nsf/90a12181d877a6a6ca2568b5007b861c/d4a22ad91e0348bfca256fd3007baf93!OpenDocument | access-date = 11 August 2015 | archive-date = 16 October 2015 | archive-url = https://web.archive.org/web/20151016030017/http://www.abs.gov.au/ausstats/abs@.nsf/90a12181d877a6a6ca2568b5007b861c/d4a22ad91e0348bfca256fd3007baf93!OpenDocument | url-status = live }}</ref>

Another recession came at the beginning of the 1990s as the result of a major stock collapse in October 1987,<ref>{{citation | title=Reasons for 1990s Recession | work=The Age | date=2 December 2006 | url=http://www.theage.com.au/news/business/the-real-reasons-why-it-was-the-1990s-recession-we-had-to-have/2006/12/01/1164777791623.html?page=3 | location=Melbourne | access-date=11 August 2015 | archive-date=12 April 2014 | archive-url=https://web.archive.org/web/20140412054240/http://www.theage.com.au/news/business/the-real-reasons-why-it-was-the-1990s-recession-we-had-to-have/2006/12/01/1164777791623.html?page=3 | url-status=dead }}</ref> referred to now as [[Black Monday (1987)|Black Monday]]. Although the collapse was larger than the one in 1929, the global economy recovered quickly, but North America still suffered a decline in lumbering savings and loans, which led to a crisis. The recession was not limited to the United States, but it also affected partnering nations such as Australia. The unemployment level increased to 10.8%, employment declined by 3.4% and the GDP also decreased as much as 1.7%. Inflation, however, was successfully reduced.

Australia next went into recession in March 2020, due to the impact of huge bush fires and the COVID-19 pandemic's effect on tourism and other important aspects of the economy.<ref>{{citation | title = Australian Recession | publisher = Australian Broadcasting Corporation |first=Michael |last=Janda | date = 3 June 2020 | url = https://www.abc.net.au/news/2020-06-03/australian-economy-gdp-recession-march-quarter-2020/12315140 | access-date = 3 June 2020 | archive-date = 3 June 2020 | archive-url = https://web.archive.org/web/20200603105733/https://www.abc.net.au/news/2020-06-03/australian-economy-gdp-recession-march-quarter-2020/12315140 | url-status = live }}</ref> This recession, while steep, only lasted until May 2020.