The Australian Labor Party (ALP), also simply known as Labor and historically spelled Labour, is the major centre-left political party in Australia, one of two major parties in Australian politics, along with the centre-right Liberal Party of Australia. It has been in Opposition in the federal parliament since the 2013 election. The ALP is a federal party, with political branches in each state and territory. It is currently in government in Victoria, Queensland, Western Australia, the Australian Capital Territory, and the Northern Territory. The Labor Party is the oldest political party in Australia.
Paul John Keating is an Australian politician who served as the 24th Prime Minister of Australia and the Leader of the Labor Party from 1991 to 1996. He previously served as Treasurer of Australia in the Hawke Government from 1983 to 1991 and as Deputy Prime Minister of Australia and Deputy Leader of the Labor Party from 1990 to 1991.
In economics, a recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending. This may be triggered by various events, such as a financial crisis, an external trade shock, an adverse supply shock, the bursting of an economic bubble, or a large-scale anthropogenic or natural disaster. In the United States, it is defined as "a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales". In the United Kingdom, it is defined as a negative economic growth for two consecutive quarters.
The 1993 Australian federal election was held to determine the members of the 37th Parliament of Australia. It was held on 13 March 1993. All 147 seats of the Australian House of Representatives and 40 seats of the 76-seat Australian Senate were up for election. The incumbent government of the centre-left Australian Labor Party led by Paul Keating, the Prime Minister of Australia, was re-elected to a fifth term, defeating the centre-right Liberal/National Coalition led by Opposition Leader John Hewson of the Liberal Party of Australia, and coalition partner Tim Fischer of the National Party of Australia. This was the first, and to date only, time the Labor Party won a fifth consecutive election.
The 2007 Australian federal election was held in Australia on 24 November 2007. All 150 seats in the House of Representatives and 40 of the seats in the 76-member Senate were up for election. The election featured a 39-day campaign, with 13.6 million Australians enrolled to vote.
Nicholas Frank Hugo Greiner is an Australian politician who served as the 37th Premier of New South Wales from 1988 to 1992. Greiner was Leader of the New South Wales Division of the Liberal Party from 1983 to 1992 and Leader of the Opposition from 1983 to 1988. Greiner had served as the Federal President of the Liberal Party of Australia from 2017 to 2020. He is the current Consul-General in the United States of America, New York.
A real-estate bubble or property bubble is a type of economic bubble that occurs periodically in local or global real-estate markets, and typically follow a land boom. A land boom is the rapid increase in the market price of real property such as housing until they reach unsustainable levels and then decline. This period, during the run up to the crash, is also known as froth. The questions of whether real estate bubbles can be identified and prevented, and whether they have broader macroeconomic significance, are answered differently by schools of economic thought, as detailed below.
Australia suffered badly during the period of the Great Depression of the 1930s. The Depression began with the Wall Street Crash of 1929 and rapidly spread worldwide. As in other nations, Australia suffered years of high unemployment, poverty, low profits, deflation, plunging incomes, and lost opportunities for economic growth and personal advancement.
John Winston Howard is an Australian former politician who served as the 25th Prime Minister of Australia (1996–2007) and Leader of the Liberal Party. His nearly twelve-year tenure as Prime Minister is the second-longest in history, behind only Sir Robert Menzies, who served for eighteen non-consecutive years. He has also been the oldest living former Australian Prime Minister since the death of Bob Hawke in 2019.
The economic policy of the George W. Bush administration was characterized by significant income tax cuts in 2001 and 2003, the implementation of Medicare Part D in 2003, increased military spending for two wars, a housing bubble that contributed to the subprime mortgage crisis of 2007–2008, and the Great Recession that followed. Economic performance during the period was adversely affected by two recessions, in 2001 and 2007–2009.
The Fifth Labour Government of New Zealand was the government of New Zealand from 10 December 1999 to 19 November 2008. Labour Party leader Helen Clark negotiated a coalition with Jim Anderton, leader of the Alliance Party. While undertaking a number of substantial reforms, it was not particularly radical compared to previous Labour governments.
Working family was a term used by Kevin Rudd, former Prime Minister of Australia, and members of his leadership team, during the lead-up to the 2007 Australian federal election.
The Howard Government refers to the federal executive government of Australia led by Prime Minister John Howard between 11 March 1996 and 3 December 2007. It was made up of members of the Liberal–National Coalition, which won a majority of seats in the House of Representatives at four successive elections. The Howard Government commenced following victory over the Keating Government at the 1996 federal election. It concluded with its defeat at the 2007 federal election by the Australian Labor Party, whose leader Kevin Rudd then formed the first Rudd Government. It was the second-longest government under a single Prime Minister, with the longest having been the second Menzies Government (1949–1966).
The Great Recession was a period of marked general decline (recession) observed in national economies globally that occurred between 2007 and 2009. The scale and timing of the recession varied from country to country. At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations.
The Australian property bubble is the economic theory that the Australian property market has become or is becoming significantly overpriced and due for a significant downturn. Since the early 2010s, various commentators, including one Treasury official, have claimed the Australian property market is in a significant bubble.
The Hawke Government was the federal executive government of Australia led by Prime Minister Bob Hawke of the Australian Labor Party (ALP) from 1983 to 1991. The Government followed the Liberal-National Coalition Fraser Government and was succeeded by another Labor administration, the Keating Government, led by Paul Keating after an internal party leadership challenge in 1991. Keating served as Treasurer through much of Hawke's term as Prime Minister and the period is sometimes termed the Hawke-Keating Government.
The Keating Government was the federal executive government of Australia led by Prime Minister Paul Keating of the Australian Labor Party from 1991 to 1996. The Government followed on from the Hawke Government after Paul Keating replaced Bob Hawke as Labor leader in an internal party leadership challenge in 1991. Together, these two governments are often collectively described as the Hawke-Keating Government. The Keating Government was defeated in the 1996 federal election and was succeeded by the Howard Coalition government.
The 2004 Australian Federal Election was held on Saturday 9 October 2004 and it was the Howard Government’s opportunity to secure its 4th term of government after a tumultuous period in office. The Government consisting of the coalition Liberal Party and National Party headed by John Howard and John Anderson respectively were opposed by Mark Latham and the Labor Party. The issues that defined the election were The Iraq War, Australia’s economy, and the state of Australia’s social services
The early 1990s recession saw a period of economic downturn affect much of the world in the late 1980s and early 1990s. The economy of Australia suffered its worst recession since the Great Depression.
The Baltic states housing bubble is an economic bubble involving major cities in Estonia, Latvia and Lithuania. The Baltic States had enjoyed a relatively strong economic growth between 2000 and 2006, and the real estate sectors had performed well since 2000. In fact, in between 2005Q1 and 2007Q1, the official house price index for Estonia, Latvia and Lithuania recorded a sharp jump of 104.6%, 134.3% and 106.7%. By comparison, the official house price index for Euro Area increased by 11.8% for a similar time period.
