The 1890s depression in Australia was both deeper and more prolonged than those in Argentina, Canada or New Zealand. In the Australian literature the severity of the depression is explained as resulting from the magnitude and speculative nature of the preceding boom and the impact of a severe...

The recovery from the 1890s depression in Australia was prolonged, and economic growth 1895-1913 was below that in the comparable settler economies of Argentina and Canada. Why? Australia’s hesitant initial recovery is typically attributed to the imbalances in the economy resulting from the...