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Two global crises, two Senate committees

Other than during the world wars, there have only been two periods in the past century when the global economy has contracted: the Great Depression of the early 1930s and 2009 (chart 1). In both periods the Australian Treasurer sought to adopt active macroeconomic policies to offset the impact on the Australian economy. In both cases these measures (or at least their magnitude) were opposed in certain quarters. In both cases Senate committees were asked to investigate aspects.