143-725: The Commonwealth Scientific and Industrial Research Organisation ( CSIRO ) is an Australian Government agency that is responsible for scientific research and its commercial and industrial applications. CSIRO works with leading organisations around the world. From its headquarters in Canberra, CSIRO maintains more than 50 sites across Australia and in France, Chile and the United States, employing about 5,500 people. Federally funded scientific research in Australia began in 1916 with
286-634: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,
429-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around
572-424: A cabinet minister. The cabinet consists of the prime minister and senior ministers and makes most of the important policy decisions of the government. Members of the cabinet are selected by the prime minister and may be added or removed at any time, usually through a cabinet reshuffle . Cabinet meetings are strictly private and occur once a week where vital issues are discussed and policy formulated. The cabinet
715-474: A coherent set of statements criticising emissions trading without any additional wording needed. In subsequent Senate Estimates hearings during 2010, Senator Carr and Clark went on record claiming the paper was originally stopped from publication solely due to its low quality not meeting CSIRO standards. At the time of its attempted suppression, the paper had been accepted for publication in an academic journal, New Political Economy , which in 2010 had been ranked by
858-602: A core aim of CSIRO is Cooperative Research "working hand in hand with industry [to] build partnerships and engage with industry to generate impact". On 25 November 2009, a debate was held in the Australian Senate concerning the alleged involvement of the CSIRO and the Labor government in censorship. The debate was called for by opposition parties after evidence came to light that a paper critical of carbon emissions trading
1001-604: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to
1144-467: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to
1287-642: A major international exhibition. In November 2000, Cisco acquired Radiata in exchange for US$ 295 million in Cisco common stock with the intention of incorporating the Radiata Baseband Processor and Radio chips into its Aironet family of wireless LAN products. Cisco subsequently took a large write-down on the Radiata acquisition, following the 2001 telecoms crash , and in 2004 it shut down its internal development of wireless chipsets based on
1430-431: A method of identifying fake vials, on the basis that a unique tracer code developed by CSIRO was embedded in the product. However, the code sold to Novartis for more than A$ 2M was apparently not unique, and was based on a "cheap tracer ... bought in bulk from a Chinese distributor". Novartis was contractually bound not to reverse-engineer the tracer to verify its uniqueness. The Sydney Morning Herald report alleges that this
1573-600: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside
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#17327944273501716-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and
1859-642: A predominant influence over who was elected to Labor ministries, although the leaders of the party factions also exercised considerable influence. However, in 2007 Prime Minister Kevin Rudd , assumed the power to choose the ministry alone. Later, the caucus regained this power in 2013. According to reporting by the Sydney Morning Herald , ministerial positions are allocated by the Left and Right factions proportionally according to their representation in
2002-486: A series of biological controls into Australia, such as the introduction of myxomatosis and rabbit calicivirus for the control of rabbit populations. CSIRO is governed by a board appointed by the Australian Government, currently chaired by Kathryn Fagg . There are eight directors inclusive of the chief executive, presently Doug Hilton , who are responsible for management of the organisation. CSIRO
2145-567: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In
2288-407: A shadowy organisation responsible for US consumers being compelled to make "a multimillion dollar donation" on the basis of a questionable patent claiming "decades old" technology. The resulting debate became so heated that the author was compelled to follow up with a defence of the original article. An alternative view was also published on The Register , challenging a number of the assertions made in
2431-480: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of
2574-713: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to
2717-592: A wrathful "patent bully", and of imposing a "WiFi tax" on American innovation. Further fuel was added to the controversy after a settlement with the carriers, worth around $ 229 million, was announced in March 2012. Encouraged in part by an announcement by the Australian Minister for Tertiary Education, Skills Science and Research, Senator Chris Evans, an article in Ars Technica portrayed CSIRO as
2860-658: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation
3003-418: Is difficult to apply as many actions by executive agencies are wide-ranging, binding and conducted independently of Parliament. The executive can also be delegated legislative power through provisions allowing for statutory instruments and Henry VIII clauses . Ultimately whether power is executive or legislative is determined on a case-by-case basis, and involves the weighing up of various factors, rather than
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#17327944273503146-582: Is not a legal entity; it exists solely by convention. Its decisions do not in and of themselves have legal force. However, it serves as the practical expression of the Federal Executive Council , which is Australia's highest formal governmental body. In practice, the Federal Executive Council meets solely to endorse and give legal force to decisions already made by the cabinet. All members of the cabinet are members of
3289-505: Is structured into Research Business Units, National Facilities and Collections, and Services. As at 2023, CSIRO's research areas are identified as "Impact science" and organised into the following Business Units: CSIRO manages national research facilities and scientific infrastructure on behalf of the nation to assist with the delivery of research. The national facilities and specialised laboratories are available to both international and Australian users from industry and research. As at 2019,
3432-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated
3575-669: The 1923 Imperial Conference 's call for colonies to broaden their economic base, in 1926 the Australian Parliament modified the principal Act for national scientific research (the Institute of Science and Industry Act 1920 ) by passing The Science and Industry Research Act 1926 . The same conference led to the creation of the Department of Scientific and Industrial Research in New Zealand. The new Act replaced
3718-539: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that
3861-666: The Australian Capital Territory . The head offices of all the federal departments are located in Canberra, along with Parliament House and the High Court . The name of the government in the Constitution of Australia is the "Government of the Commonwealth". This was the name used in many early federal government publications. However, in 1965 Robert Menzies indicated his preference for
4004-693: The Australian Dung Beetle Project . Bornemissza, upon settling in Australia from Hungary in 1951, noticed that the pastureland was covered in dry cattle dung pads which did not seem to be recycled into the soil and caused areas of rank pasture which were unpalatable to the cattle. He proposed that the reason for this was that native Australian dung beetles, which had co-evolved alongside the marsupials (which produce dung very different in its composition from cattle), were not adapted to utilise cattle dung for their nutrition and breeding since cattle had only relatively recently been introduced to
4147-635: The Australian House of Representatives that in relation to the worker's compensation claim for psychological injuries of ex-CSIRO employee, Martin Williams, which was vigorously defended by Comcare on the advice of the CSIRO, that CSIRO officers had provided false testimony on no less than 128 occasions under oath when the matter went before the Administrative Appeals Tribunal . Mirabella stated, "even in establishing
4290-484: The Australian Labor Party (ALP), in office since the 2022 federal election . The prime minister is the head of the federal government and is a role which exists by constitutional convention, rather than by law. They are appointed to the role by the governor-general (the representative of the monarch of Australia ). The governor-general normally appoints the parliamentary leader who commands
4433-726: The Commonwealth Government or simply as the Federal government , is the national executive government of Australia, a federal parliamentary constitutional monarchy . The executive consists of the prime minister and other cabinet ministers that currently have the support of a majority of the members of the House of Representatives (the lower house) and also includes the departments and other executive bodies that ministers oversee. The current executive government consists of Anthony Albanese and other ministers of
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4576-652: The Great Depression , research was extended into manufacturing and other secondary industries. In 1949 the Act was changed again, and the entity name amended to the Commonwealth Scientific and Industrial Research Organisation. The amendment enlarged and reconstituted the organisation and its administrative structure. Under Ian Clunies Ross as chairman, CSIRO pursued new areas such as radio astronomy and industrial chemistry. CSIRO still operates under
4719-582: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of
4862-539: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,
5005-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It
5148-610: The Advisory Council of Science and Industry, was established in 1916 on the initiative of prime minister Billy Hughes . However, the advisory council struggled with insufficient funding during the First World War. In 1920 the council was renamed the Commonwealth Institute of Science and Industry, and was led by George Handley Knibbs (1921–26), but continued to struggle financially. Implementing
5291-547: The Ars Technica piece. Total income to CSIRO from the patent is currently estimated at nearly $ 430 million. On 14 June 2012, the CSIRO inventors received the European Patent Office (EPO) European Inventor Award (EIA), in the category of "Non-European Countries". On 14 July 2011, Greenpeace activists vandalised a crop of GM wheat, circumventing the scientific trials being undertaken. Greenpeace
5434-653: The Australian Research Council as an 'A class' publication. In an ABC radio interview, Spash called for a Senate enquiry into the affair and the role played by senior management and the Science Minister. After these events, the Sydney Morning Herald reported that "Questions are being raised about the closeness of BHP Billiton and the CSIRO under its chief executive, Megan Clark". After his resignation, an unedited version of
5577-813: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with
5720-445: The CSIRO gained worldwide attention, including some criticism, for promoting a high- protein , low- carbohydrate diet of their own creation called Total Wellbeing Diet . The CSIRO published the diet in a book which sold over half a million copies in Australia and over 100,000 overseas. The diet was criticised in an editorial by Nature for giving scientific credence to a "fashionable" diet sponsored by meat and dairy industries. In
5863-415: The CSIRO on 1 January 2015, caused an international outcry after describing Australia's national climate change discussion as "more like religion than science," a week after announcing hundreds of job cuts to the organisation that will reduce the effectiveness of its climate research team. In "an open letter to the Australian Government and CSIRO", 2,800 of the leading climate scientists from 60 countries say
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6006-462: The Constitution . These were defined by High Court Justice Anthony Mason , as powers "peculiarly adapted to the government of a nation and which cannot otherwise be carried on for the benefit of the nation". They have been found to include the power to provide financial stimulus payments to households during a financial crisis and the power to prevent "unlawful non-citizens" from entering
6149-530: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there
6292-551: The Dismissal of 1975. In that case, the Governor-General Sir John Kerr dismissed the prime minister and government due to his conclusion that the government had failed to secure supply. The propriety of the use of the powers during that event remain highly contested. The Federal Executive Council is the body that formally advises the governor-general in the exercise of executive power. Decisions of
6435-521: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in
6578-680: The Executive Council. A senior member of the cabinet holds the office of vice-president of the Executive Council and acts as presiding officer of the Executive Council in the absence of the governor-general. The cabinet meets not only in Canberra but also in state capitals, most frequently Sydney and Melbourne. Kevin Rudd was in favour of the cabinet meeting in other places, such as major regional cities. There are Commonwealth Parliament Offices in each state capital, with those in Sydney located in 1 Bligh Street . Until 1956 all members of
6721-489: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit
6864-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There
7007-593: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade
7150-515: The King and the governor-general must follow the advice of the prime minister or other ministers in the exercise of his powers. Powers subject to the governor-general’s discretion are known as reserve powers. While certain reserve powers, such as the ability to choose the prime minister most likely to command the confidence of the lower house, are uncontroversial, others are subject to much greater debate. The most notable example of their use occurring in
7293-481: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on
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#17327944273507436-549: The Parliament. The King is not involved with the day-to-day operations of the government, belonging (according to the Bagehot formulation) to the "dignified" rather than the "efficient" part of government. While the executive power of the Commonwealth is formally vested in the monarch, the Constitution requires those powers to be exercisable by a governor-general, appointed by the monarch as their representative (but since
7579-659: The Radiata technology in order to focus on software development and emerging new technologies. Controversy over the CSIRO patent arose in 2006 after the organisation won an injunction against Buffalo Technology in an infringement suit filed in Federal Court in the Eastern District of Texas. The injunction was subsequently suspended on appeal, with the Court of Appeals for the Federal Circuit finding that
7722-544: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This
7865-490: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending
8008-622: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in
8151-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had
8294-638: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in
8437-532: The allegations seriously and responded to the articles on a number of occasions. The shadow minister for innovation, industry, science and research, Sophie Mirabella , wrote to the government requesting it establish an inquiry. Mirabella said she is aware of as many as 100 cases of alleged workplace harassment. On 20 July 2012 Comcare issued CSIRO with an Improvement Notice with regard to handling and management of workplace misconduct/code of conduct type investigations and allegations. On 24 June 2013 Mirabella advised
8580-588: The allocation of their portfolios. When Labor first held office under Chris Watson , Watson assumed the right to choose members of his cabinet. In 1907, however, the party decided that future Labor cabinets would be elected by the members of the Parliamentary Labor Party, the Caucus , and the prime minister would retain the right to allocate portfolios. This practice was followed until 2007. Between 1907 and 2007, Labor prime ministers exercised
8723-657: The announcement of cuts to the CSIRO's Oceans and Atmosphere research program has alarmed the global climate research community. They say the decision shows a lack of insight and a misunderstanding of the importance of the depth and significance of Australian contributions to global and regional climate research. The CSIRO has been the target of successive funding cuts under the Morrison government , starting with cuts targeting climate science research initiated by Tony Abbott . Australian Government [REDACTED] [REDACTED] The Australian Government , also known as
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#17327944273508866-488: The application of a strict test. As most executive power is granted by statute, the executive power of the government is similarly limited to those areas in which the Commonwealth is granted the power to legislate under the constitution (primarily under section 51 ). They also retain certain powers traditionally part of the royal prerogative , such as the power to declare war and enter into treaties. Finally, there exists certain "nationhood powers", implied from section 61 of
9009-444: The appointing of Sir Isaac Isaacs in 1931, always appointed according to the advice of federal ministers, rather than British ministers). Members of the government do not exercise executive power of their own accord but are instead appointed by the governor-general as ministers, formally as the "Queen's [or King's] Ministers of State". As such, while government ministers make most major decisions in cabinet, if those decisions require
9152-460: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why
9295-573: The beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until
9438-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate
9581-414: The body give legal effect to decisions already deliberated at cabinet. All current and formers ministers are members of the council, although only current ministers are summoned to meetings. The governor-general usually presides at council meetings, but in his or her absence another minister nominated as the vice-president of the Executive Council presides at the meeting of the council. Since 1 June 2022,
9724-544: The bottom layer includes public servants , police, government departments and independent statutory bodies who directly implement policy and laws. Executive power is also difficult to clearly define. In the British context, it was defined by John Locke as all government power not legislative or judicial in nature. The key distinction is that while legislative power involves setting down rules of general application, executive power involves applying those rules to specific situations. In practice, however, this definition
9867-462: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which
10010-470: The confidence of a majority of the members of the House of Representatives. Also by convention, the prime minister is a member of the lower house. The prime minister and their sworn ministers form the cabinet , the key decision-making organ of the government that makes policy and decides the agenda of the government. Members of the government can exercise both legislative power (through their control of
10153-427: The continent in the 1880s. The Australian Dung Beetle Project sought, therefore, to introduce species of dung beetle from South Africa and Europe (which had co-evolved alongside bovids) in order to improve the fertility and quality of cattle pastures. Twenty-three species were successfully introduced throughout the duration of the project and also had the effect of reducing the pestilent bush fly population by 90%. CSIRO
10296-480: The country . Ministers drawn from the Australian parliament form the core of the Australian Government. A subset of these ministers form the cabinet, the de facto highest executive body of the government. Ministers not part of cabinet belong to the outer ministry. Additionally, there are also assistant ministers (formally parliamentary secretaries ), responsible for a specific policy area, reporting directly to
10439-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by
10582-477: The creation of the Advisory Council of Science and Industry. However, the council struggled due to insufficient funding. In 1926, research efforts were revitalised with the establishment of the Council for Scientific and Industrial Research (CSIR), which strengthened national science leadership and increased research funding. CSIR grew rapidly, achieving significant early successes. In 1949, legislative changes led to
10725-625: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what
10868-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered
11011-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and
11154-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did
11297-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of
11440-447: The early 1990s, CSIRO radio astronomy scientists John O'Sullivan, Graham Daniels, Terence Percival, Diethelm Ostry and John Deane undertook research directed to finding a way to make wireless networks work as fast as wired networks within confined spaces such as office buildings. The technique they developed, involving a particular combination of forward error correction , frequency-domain interleaving, and multi-carrier modulation , became
11583-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought
11726-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though
11869-481: The environment, human nutrition, conservation, urban and rural planning, and water. It works with leading organisations around the world and maintains more than 50 sites across Australia and in France, Chile and the United States of America, employing about 5500 people. Notable inventions and breakthroughs by CSIRO include: CSIRO had a pioneering role in the scientific discovery of the universe through radio "eyes". A team led by Paul Wild built and operated (from 1948)
12012-500: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating
12155-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be
12298-512: The fifth electronic computer in the world. It was over 1,000 times faster than the mechanical calculators available at the time. It was decommissioned in 1955 and recommissioned in Melbourne as CSIRAC in 1956 as a general purpose computing machine used by over 700 projects until 1964. The CSIRAC is the only surviving first-generation computer in the world. Between 1965 and 1985, George Bornemissza of CSIRO's Division of Entomology founded and led
12441-505: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August
12584-568: The following National Facilities are listed: CSIRO manages a number of collections of animal and plant specimens that contribute to national and international biological knowledge. The National Collections contribute to taxonomic, genetic, agricultural and ecological research. As at 2019, CSIRO's Collections are listed as the following: In 2019, CSIRO Services are itemised as follows: Other services are noted as including education, publishing , infrastructure technologies, Small and Medium Enterprise engagement and CSIRO Futures. A precursor to CSIRO,
12727-419: The formal endorsement of the governor-general in council, those decisions do not have legal force until approved by the Federal Executive Council , which is presided over by the governor-general. Similarly, laws passed by both houses of parliament require royal assent before being enacted, as the monarch is a constituent part of the Parliament. However, in all these cases, except for certain reserve powers,
12870-400: The framework for this inquiry it is obvious there's an inappropriate 'hands on' approach by CSIRO." In response to the allegations Clark commissioned Dennis Pearce, who is assisted by an investigation team from HWL Ebsworth Lawyers, to conduct an independent investigation into allegations of workplace bullying and other unreasonable behaviour. Mirabella continued to question the independence of
13013-606: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing
13156-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,
13299-527: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at
13442-717: The institute with the Council for Scientific and Industrial Research (CSIR). With encouragement from prime minister Stanley Bruce , strengthened national science leadership and increased research funding, CSIR grew rapidly and achieved significant early successes. The council was structured to represent the federal structure of government in Australia, and had state-level committees and a central council. In addition to an improved structure, CSIR benefited from strong bureaucratic management under George Julius , David Rivett , and Arnold Richardson. Research focused on primary and secondary industries. Early in its existence, CSIR established divisions studying animal health and animal nutrition. After
13585-467: The investigation. The first stage of the investigation published its findings at the end of July 2013, and the final stage was scheduled to be complete by February 2014. Post the Pearce Report, CSIRO overhauled its relevant policies and put in place training and whistleblower procedures to address the situation. In August 2015 the CSIRO discontinued its annual July and August survey, conducted over
13728-597: The judge in Texas should have allowed a trial to proceed on Buffalo's challenge to the validity of the CSIRO patent. In 2007, CSIRO declined to provide an assurance to the IEEE that it would not sue companies which refused to take a license for use in 802.11n-compliant devices, while at the same time continuing to defend legal challenges to the validity of the patent brought by Intel , Dell , Microsoft , Hewlett-Packard and Netgear . In April 2009, Hewlett-Packard broke ranks with
13871-563: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with
14014-521: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,
14157-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then
14300-790: The ministry differs depending on their party. When the Liberal Party and its predecessors (the Nationalist Party and the United Australia Party ) have been in coalition with the National Party or its predecessor the Country Party , the leader of the junior Coalition party has had the right to nominate their party's members of the Coalition ministry, and to be consulted by the prime minister on
14443-464: The ministry were members of the cabinet. The growth of the ministry in the 1940s and 1950s made this increasingly impractical, and in 1956 Robert Menzies created a two-tier ministry, with only senior ministers holding cabinet rank, also known within parliament as the front bench . This practice has been continued by all governments except the Whitlam government . The prime minister's power to select
14586-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view
14729-502: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and
14872-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that
15015-399: The name "Australian Government" in order to prevent confusion with the new Commonwealth of Nations . The Whitlam government legislated the use of "Government of Australia" in 1973 in line with its policy of promoting national goals and aspirations. However, academic Anne Twomey argues that the government was also motivated by a desire to blur the differences between the Commonwealth and
15158-582: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In
15301-404: The other two branches of government, however, membership of the executive is not clearly defined. One definition describes the executive as a pyramid, consisting of three layers. At the top stands the king, as the symbolic apex and formal repository of executive power. Below him lies a second layer made up of the prime minister, cabinet and other ministers who in practice lead the executive. Finally,
15444-469: The paper was released by Spash as a discussion paper, and later published as an academic journal article. On 11 April 2013, the Sydney Morning Herald ran a story on how CSIRO had "duped" the Swiss-based pharmaceutical giant Novartis into purchasing an anti-counterfeit technology for its vials of injectable Voltaren . The invention was marketed by a small Australian company called DataTrace DNA as
15587-418: The parliament) and executive power (as ministers on behalf of the governor-general and the monarch). However, in accordance with responsible government , and to ensure accountability, actions of the government in its executive capacity are subject to scrutiny from parliament. The Australian Government is headquartered in the executive wing of Parliament House , located in the nation's capital, Canberra , in
15730-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during
15873-480: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in
16016-459: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in
16159-401: The previous five years, polling to create a long-term view of how Australians viewed global warming and their support for action. In the previous 2013 poll, 86 per cent agreed with the statement that climate change was occurring and only 7.6 per cent disagreed. On 11 February 2016, Dr Larry Marshall – a former venture capitalist with Southern Cross Venture Holdings, who had been appointed CEO of
16302-746: The priorities and structure of CSIRO, and the teams and facilities that implement its research, have changed as Australia's scientific challenges have evolved. Numerous CSIRO scientists have gone onto distinguished careers in the university sector. Several have been appointed to the role of Vice-Chancellor/President. They include: Sir George Currie (UNZ 1952–62, Western Australia 1945–52), Paul Wellings CBE (Wollongong 2012–21, Lancaster 2002–12), Michael Barber AO (Flinders 2008–14), Mark Smith CBE (Southampton 2019–ff, Lancaster 2012–19), Annabelle Duncan (UNE 2014–19), Attila Brungs (UNSW 2021–ff, UTS 2014–21), Alex Zelinsky AO (Newcastle (2018–ff), Andrew Parfitt (UTS 2021–ff), Chris Moran (UNE 2023–ff). In 2005
16445-557: The provisions of the 1949 Act in a wide range of scientific inquiry. Participation by women in CSIRO research was severely limited by the Australian government policy, in place until 1966, forcing women public servants out of their jobs when they married. Even unmarried women were considered a poor investment because they might eventually marry. Single women such as Helen Newton Turner nevertheless made major contributions. Since 1949, CSIRO has expanded its activities to almost every field of primary, secondary and tertiary industry, including
16588-456: The renaming of the organisation as Commonwealth Scientific and Industrial Research Organisation (CSIRO). Notable developments by CSIRO have included the invention of atomic absorption spectroscopy , essential components of the early Wi-Fi technology, development of the first commercially successful polymer banknote , the invention of the insect repellent in Aerogard and the introduction of
16731-471: The rest of the industry becoming the first to reach a settlement of its dispute with CSIRO. This agreement was followed quickly by settlements with Microsoft, Fujitsu and Asus and then Dell, Intel, Nintendo , Toshiba , Netgear, Buffalo, D-Link , Belkin , SMC , Accton , and 3Com . The controversy grew after CSIRO sued US carriers AT&T , Verizon and T-Mobile in 2010, with the organisation being accused of being "Australia's biggest patent troll",
16874-487: The roles and responsibilities of the chair and chief executive have changed many times. From 1927 to 1986 the head of CSIR (and from 1949, CSIRO) was the chairman, who was responsible for the management of the organisation, supported by the chief executive. From 1 July 1959 to 4 December 1986 CSIRO had no chief executive; the chairman undertook both functions. In 1986, when the Australian Government changed
17017-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of
17160-445: The standard on reasonable and non-discriminatory terms. In 1999, Cisco Systems , Inc. and Broadcom Corporation each invested A$ 4 million in Radiata, representing an 11% stake for each investor and valuing the company at around A$ 36 million. In September 2000, Radiata demonstrated a chip set complying with the recently finalised IEEE 802.11a Wi-Fi standard, and capable of handling transmission rates of up to 54 Mbit/s, at
17303-512: The states in an attempt to increase federal power. The Parliament of Australia website also notes that the name "Australian Government" is preferable in order to avoid confusion with the Commonwealth of Nations and the US federal government by those not familiar with Australia's system of government. This terminology remains preferred by the government. However, the terms Commonwealth Government and federal government are also common. In some contexts,
17446-520: The structure of CSIRO to include a board of non-executive members plus the chief executive to lead CSIRO, the roles changed. The chief executive is now responsible for management of the organisation in accordance with the strategy, plans and policies approved by the CSIRO Board which, led by the chair of the board, is responsible to the Australian Government for the overall strategy, governance and performance of CSIRO. As with its governance structure,
17589-478: The subject of U.S. patent 5,487,069 , which was granted on 23 January 1996. In 1997 Macquarie University professor David Skellern and his colleague Neil Weste established the company Radiata, Inc., which took a nonexclusive licence to the CSIRO patent for the purpose of developing commercially viable integrated circuit devices implementing the patented technology. During this period, the IEEE 802.11 Working Group
17732-459: The term "government" refers to all public agencies that exercise the power of the State , whether legislative, executive or judicial. The government's primary role, in its executive capacity, is to implement the laws passed by the parliament. However, laws are frequently drafted according to the interests of the executive branch as the government often also controls the legislative branch. Unlike
17875-604: The vice-president has been senator Katy Gallagher . As of 17 August 2024 , there are 16 departments of the Australian Government. Additionally, there are four departments which support the Parliament of Australia : The following corporations are prescribed by Acts of Parliament: As of March 2024 , the following Corporate Commonwealth entities are prescribed as Government Business Enterprises (GBEs): The following Commonwealth companies are prescribed as GBEs: Great Depression The Great Depression
18018-684: The world's first solar radiospectrograph, and from 1967 the 3-kilometre-diameter (1.9 mi) radioheliograph at Culgoora in New South Wales. For three decades, the Division of Radiophysics had a world-leading role in solar research, attracting prominent solar physicists from around the world. CSIRO owned the first computer in Australia, CSIRAC , built as part of a project began in the Sydney Radiophysics Laboratory in 1947. The CSIR Mk 1 ran its first program in 1949,
18161-476: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and
18304-673: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in
18447-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among
18590-658: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject
18733-505: Was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered
18876-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did
19019-514: Was being suppressed. At the time, the Labor government was trying to get such a scheme through the Senate. After the debate, the Science Minister, Kim Carr, was forced to release the paper, but when doing so in the Senate he also delivered a letter from the CEO of the CSIRO, Megan Clark , which attacked the report's author and threatened him with unspecified punishment. The author of the paper, Clive Spash,
19162-449: Was cited in the press as having been bullied and harassed, and later gave a radio interview about this. In the midst of the affair, CSIRO management had considered releasing the paper with edits that Nature reported would be "tiny". Spash claimed the changes actually demanded amounted to censorship and resigned. He later posted on his website a document detailing the text that CSIRO management demanded be deleted; by itself, this document forms
19305-574: Was developing the 802.11a wireless LAN standard. CSIRO did not participate directly in the standards process, however David Skellern was an active participant as secretary of the Working Group, and representative of Radiata. In 1998 it became apparent that the CSIRO patent would be pertinent to the standard. In response to a request from Victor Hayes of Lucent Technologies, who was chair of the 802.11 Working Group, CSIRO confirmed its commitment to make non-exclusive licenses available to implementers of
19448-443: Was done with the knowledge of key CSIRO personnel. CSIRO has since conducted a full review of the allegations and found no evidence to support them. Around 2008–2012, CSIRO fell under the spotlight for allegedly exhibiting a culture of workplace bullying and harassment. Former CSIRO employees started to surface with experiences of workplace bullying and other unreasonable behaviour by current and former CSIRO staff members. CSIRO took
19591-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of
19734-469: Was forced to pay reparations to CSIRO of $ 280,000 for the criminal damage, and were accused by the sentencing judge, Justice Hilary Penfold , of cynically using junior members of the organisation with good standing to avoid custodial sentences, while the offenders were given 9-month suspended sentences. Following the attack Greenpeace criticised CSIRO for a close relationship with industry that had led to an increase in genetically modified crops , even though
19877-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing
20020-500: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by
20163-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened
20306-479: Was the first Australian organisation to start using the Internet and was able to register the second-level domain csiro.au (as opposed to csiro.org.au or csiro.com.au). Guidelines were introduced in 1996 to regulate the use of the .au domain. When CSIR was formed in 1926, it was led initially by an executive committee of three people, two of whom were designated as the chairman and the chief executive. Since then
20449-470: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that
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