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The global financial crisis has been one of the most significant economic shocks in
the post‐war period. At its core, the crisis originated in credit markets in developed
countries – centred particularly in the United States, the United Kingdom and Europe
– but the fallout has had a significant effect on activity in every country and region.
As the crisis intensified, there was a large swing in the appetite of world financial
markets for risk, and in their capacity to accept risk. The result was a shift from the
easy credit conditions that had prevailed for some years to a situation of tight credit
consumer and business confidence, with significant effects on global activity. The
effect of the crisis on Australia has been considerably less than in many other
countries. The Australian economy recorded markedly better growth outcomes than
recessions and rises in unemployment. The Australian financial system has been
That said, the local economy and financial markets have not been immune. Growth
in the economy slowed to around half a per cent and the unemployment rate has
risen by nearly two percentage points to around 5¾ per cent by November 2009.
The most obvious impact of the financial crisis on most Australian households was
the large decline in equity prices, which reduced the wealth of Australian households
by nearly 10 per cent by March 2009. However, since the trough in equity markets in
March 2009, the local market had recovered half of its decline by the end of
November 2009.
Some Global effects include:
1) Fiscal Austerity
2) Growth of unemployment
3) Redundancy
5) Saturation of the labour market as more and more skilled workers are seeking
employment
7) Increase in Bankruptcies