Economics

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In late 2001 and during 2002 the “technology bubble” burst and corporate failures such as Enron and Worldcom in the US and HIH, Ansett and One. Tel led the Australia economy into a downturn. This was followed by a lack of confidence in the stock market.

In Australia structural reforms by the government in the labour market to improve international competitiveness have acted as a buffer against the global downturn. As a consequence, the downturn has had a greater the effect in the US than in Australia.