Australia Economy Overview 1933
Population. – The last Australian census dates back to 1933, because due to the Second World War the census established for 1943 could not be carried out. According to estimates, the population of the Commonwealth amounted to 7,448,601 residents in June 1946, against 6,629,839 in the 1933, with an absolute increase in thirteen years of 818,762 residents.
According to ANYCOUNTYPRIVATESCHOOLS, the density of the entire Commonwealth remains very low: 0.9 residents per sq. km., while in the most populous states, such as Victoria (8.9 residents per sq. km.), New South Wales (3.6 residents per sq. km.), Tasmania (3.6 residents per sq. km.), Tasmania (3.6 residents per sq. km.)) remains higher. The phenomenon of urbanization, already notable in the pre-war period, was greatly accentuated during the Second World War and it is estimated that over two thirds of the Australian population currently lives in urban areas. According to a 1944 estimate, the population of the major centers was as follows: Sydney 1,398,170; Melbourne 1,170,000; Adelaide 366,000; Brisbane 384,000; Perth 233.017.
Economic conditions. – Sheep farming, the main source of Australian wealth, has undergone a further increase in the last decade, reaching, in 1945, a total of 118,141,434 heads, a figure that represents 1/6 of all sheep in the world.
Cattle farming has remained almost stationary since 1933, showing only a very slight increase.
During the Second World War, the need to supply the allied troops in the Pacific led to a tremendous increase in Australian agricultural production. While the cultivation of wheat was considerably reduced, due to a lack of exports and fertilizers, the cultivation of rice, that of hemp (passed from 809.4 ha. To 28,329 ha.) And above all that of vegetables were extended with great success. which, from 48,562 ha. in 1938, it increased to 77,297 ha. in 1942-43.
The war effort also introduced radical innovations in methods for the preservation and preservation of food and stimulated the creation of new industries connected with agriculture (cotton mills, sugar factories, factories for canning and dried fruit) and with livestock. (dairy industry, tanneries).
Commerce. – During the war period there is a contraction in exports and a considerable increase in imports, so that the trade balance shows a strong deficit.
As far as exported and imported goods are concerned, the contraction in exports of wheat, butter and sugar, necessary for internal consumption and a greater import of all kinds of manufactured goods, should be noted.
Communications. – In 1945 the Australian railway network stretched for 44,688 km. In February 1941, for military reasons, a rolling road was completed, which with a distance of 1,100 km. connects Darwin to Alice Spring in Central Australia. This important communication route allows the direct connection between Adelaide and Darwin with a total distance of 5,556 km., Through the heart of the Australian continent.
Finance. – The trend of the Federation’s public finances was naturally affected by the state of war. However, the extraordinary expenses were largely incurred through the Loan Fund, so that ordinary income and expenses were able to roughly balance out.
Public debt has gone from € 1,347 million, which it was as of June 30, 1939, to € 2,890 million at June 30, 1947, with an increase in internal debt and a decrease in external debt; the latter in fact decreased from ??? S-116 ??? a 644 million in 1939 to 567 million in 1947. In its relations with Great Britain, the Australian Federation has shifted to a substantially creditor position; Australia’s claims on the United Kingdom for sterling balances accumulated during the war are estimated at £ 178 million as of 31 December 1946; of these, 20 million were subscribed as gifts in April 1947.
The fiduciary circulation increased from 49.4 million ??? S-116 ??? a in 1939 to 200.4 million in 1947 with an increase of 306 per cent; a shift also occurred in the percentage of tickets held by the public, which went from 70.4 per cent (1939) to 89.6 per cent (1947).
The credit organization underwent a profound transformation after the war. Initially, with the Commonwealth Bank Act 1945, the Central Bank was placed under the direct control of the Treasury, whose capital, moreover, was already in the possession of the state. At the same time, with another legislative provision, the Banking Act 1945, detailed and rigorous rules were established on the exercise of credit and for the protection of savings, which subjected practically all credit policy to the control of the Central Bank and, through this, of the Treasury..
Two years later an attempt was made to achieve the complete nationalization of the credit. In November 1947, the Banking Act 1947 was passed, by virtue of which the nine commercial banks should have been taken over by the state, subject to compensation to the shareholders, and their management assumed by the Commonwealth Bank. Following the appeal of the banks concerned, the High Court, in August 1948, declared some of the main provisions of the law null and void; the Australian government appealed to the private council against this decision. The situation of the nine commercial banks at 31 December 1947 was as follows: deposits 669 million ??? S-116 ??? a, liquid assets (cash, special accounts with the Central Bank, government bonds) 376 million ?? ? S-116 ??? a, credits to the economy 336 million ??? S-116 ??? a.
Australia is an original member of the International Monetary Fund and the World Bank with a share of $ 200 million for each of the two entities.