The next significant critical point in Melbourne's History followed directly after the bust of the land boom. By the 1890s, there was evidence of overinvestment in pastoral industry and in public utilities. “The Commercial Bank of Australia, the largest bank in the colony of Victoria, whose capital Melbourne was the epicenter of speculative building boom, shut down”. The crashing of the Australian Bank had profound effects on Melbourne. The high birth rate decreased as well as immigration, many people lost their jobs and businesses dried up.When the boom burst, however, it marked a sharp reversal in the pattern of steady progress that Melbourne had experienced since the 1860s and memories of its painful consequences cast a dark shadow in the life of the city well into the 20th century.
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Data & Photo Source: ABS, Butlin, Stapleton; Morgan Stanley Research
References
Australian Bureau of Statistics (ABS), Regional Population Growth, Greater Melbourne, Australia, 2014. Accessed January 29, 2016. http://www.abs.gov.au/Ausstats/abs%40.nsf/mf/3218.0
Australian Bureau of Statistics (ABS), Regional Population Growth, Greater Melbourne, Australia, 2014. Accessed January 29, 2016. http://www.abs.gov.au/Ausstats/abs%40.nsf/mf/3218.0