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1893: Bank Failures cause Financial Depression
21 June at 11:00 AM - 11:30 AMFree
The banking crisis of 1893 was the result of the collapse of several commercial banks in Australia.
After the speculative boom of the 1880s Australian property market, the banks operated a free banking system. With little regulation, and no government assistance, the banks lent freely and when in 1888 the asset price collapsed many companies declared bankruptcy.
When on 30 January 1893 the Federal Bank failed, it was apparent the banking crisis was in full effect. By mid-May that year, 11 commercial banks had closed their doors.
Find out more about this financial crisis in this free floor talk.
Part of the ‘Events in Colonial Victoria’ Public Program.