Editing Economy of Australia (section)

====Early 1990s recession====
{{Main|Early 1990s recession|Early 1990s recession in Australia}}
The early 1990s recession came swiftly after the [[Black Monday (1987)|Black Monday of October 1987]], as a result of a stock collapse of unprecedented size which caused the [[Dow Jones Industrial Average]] to fall by 22.6%. This collapse, larger than the [[Wall Street crash of 1929|stock market crash of 1929]], was handled effectively by the global economy and the stock market began to quickly recover. But in North America, the lumbering [[Savings and loan association|savings and loans]] industry was facing decline, which eventually led to a [[savings and loan crisis]] which compromised the well-being of millions of US people. The following recession thus impacted the many countries closely linked to the US, including Australia. Paul Keating, who was [[Treasurer of Australia|treasurer]] at the time, famously referred to it as "the recession that Australia had to have."<ref>[http://www.australianpolitics.com/executive/keating/keating-chronology.shtml Paul Keating – Chronology] {{webarchive|url=https://web.archive.org/web/20110926220100/http://www.australianpolitics.com/executive/keating/keating-chronology.shtml |date=26 September 2011}} at australianpolitics.com</ref> During the recession, GDP fell by 1.7%, employment by 3.4% and the unemployment rate rose to 10.8%.<ref>{{cite web|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|title=The real reasons why it was the 1990s recession we had to have|work=[[The Age (newspaper)|The Age]]|date=2 December 2006|access-date=8 January 2014|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> However, the recession did assist in reducing long-term inflation rate expectations and Australia has maintained a low inflation environment since the 1990s to the present day.