Australia in the 1890s


Depression


Between 1890 and1893, a severe economic depression caused the closure and collapse of many banks. The Federal Bank of Australia ran out of money and closed. In April 1893 the Commercial Bank of Australia, one of Australia's largest banks, suspended operations. Twelve other banks soon followed. Those who had put their savings into building societies, as well as those who had borrowed heavily to fund their own speculative investments, found themselves in desperate straits. Businessmen, pastoralist farmers and land speculators weren't able to pay their overdrafts, and thousands of small and large investors were ruined.

The former Commerical Bank of Australia, Darwin, c. 1977


A snapshot of 1898

  • April
    • The Eighth Intercolonial Trades Union Congress is held in Adelaide.

  • June
    • A referendum is held in New South Wales, South Australia, Tasmania and Victoria to approve the draft Constitution of Australia.
    • The constitution is accepted by the required majority in South Australia, Tasmania and Victoria, but not in New South Wales.

  • October
    • The Perth Zoo opens with two lions and a tiger in its collection.
    • The Queen Victoria Building in Sydney is completed.
    • Hobart is lit by electricity.

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