Labor in Power: The Recession We Had to Have

Labor in Power: The Recession We Had to Have

Season 1  |  Episode 4  |  The History Channel  |  September 28, 2013

The bacon Paul Keating prophesied he would bring home with the 1988 budget turned out to be charred gristle. In the lead-up to the October 19, 1987, stock market crash, the economy was virtually on fire. The Reserve Bank had resisted raising interest rates until April 1988, and by then it was too late. Australia was headed for a classic boom and bust. Thus was ensured the recession that Australia had to have, Treasurer Keating's lamented phrase of November, 1990.

The bacon Paul Keating prophesied he would bring home with the 1988 budget turned out to be charred gristle. In the lead-up to the October 19, 1987, stock market crash, the economy was virtually on fire. The Reserve Bank had resisted raising interest rates until April 1988, and by then it was too late. Australia was headed for a classic boom and bust. Thus was ensured the recession that Australia had to have, Treasurer Keating's lamented phrase of November, 1990.

More from this series

Princess Elizabeth grew up in the Piccadilly home of her parents, the Duke and Duchess of York. The Abdication of her uncle, Edward VIII, in 1936 appeared to be a catastrophe to her family, catapulting her nervous father onto the throne as King George VI. Elizabeth became heir to the throne aged 10, and seemed to be a shy girl with a limited education.

Queen Elizabeth II is the longest reigning monarch in British history, but she was neither born nor educated to take on that role. At the age of 10 her life was turned upside down, when her uncle Edward VIII abdicated, catapulting her into the position of heir to the greatest empire the world had ever seen. At the age of 21, she broadcast to the people of Britain and the Commonwealth that her whole life would be devoted to service - a pledge she renewed 60 years later at her diamond jubilee.

As monarch she has appointed 13 prime ministers, from Sir Winston Churchill to Teresa May, and despite the best efforts of some politicians she has kept above the political fray. Her greatest achievement has been to transform the British Empire into the new Commonwealth of diverse and independent nations. During her reign she has experienced family tragedy and triumph, often having to choose between supporting her family and doing her duty as monarch. 

This eight-part series interviews the Queen's prime ministers, members of the royal household and closest friends, to build a uniquely personal picture of Elizabeth, the woman, the mother, the Queen.

Elizabeth

History, Civics and citizenship

Years 9-10, 11-12 History, Civics and citizenship
28:48
Princess Elizabeth grew up in the Piccadilly home of her parents, the Duke and Duchess of York. The Abdication of her uncle, Edward VIII, in 1936 appeared to be a catastrophe to her family, catapulting her nervous father onto the throne as King George VI. Elizabeth became heir to the throne aged 10, and seemed to be a shy girl with a limited education. Queen Elizabeth II is the longest reigning monarch in British history, but she was neither born nor educated to take on that role. At the age of 10 her life was turned upside down, when her uncle Edward VIII abdicated, catapulting her into the position of heir to the greatest empire the world had ever seen. At the age of 21, she broadcast to the people of Britain and the Commonwealth that her whole life would be devoted to service - a pledge she renewed 60 years later at her diamond jubilee. As monarch she has appointed 13 prime ministers, from Sir Winston Churchill to Teresa May, and despite the best efforts of some politicians she has kept above the political fray. Her greatest achievement has been to transform the British Empire into the new Commonwealth of diverse and independent nations. During her reign she has experienced family tragedy and triumph, often having to choose between supporting her family and doing her duty as monarch. This eight-part series interviews the Queen's prime ministers, members of the royal household and closest friends, to build a uniquely personal picture of Elizabeth, the woman, the mother, the Queen.
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