1901–1920 | 1921–1945 | 1946–1970 | 1971–1990 | 1991–2001

TIMELINE: 1921–1945

What was happening to?

Australia's Currency Notes

Australia's currency notes are changed a number of times, in response to changes in the British Monarchy.

Image of a note

Australia's Economy and Society

Australia experiences volatile economic and social conditions due to the Great Depression and war.

Photograph of women and children during the time of the Great Depression

1921
Edith Cowan is the first woman elected to any Australian Parliament (Legislative Assembly of Western Australia).
1923
The 'Harrison series' of currency notes is issued (named after Thomas S Harrison, the Australian Note Printer).

Image showing the a note belonging to the 'Harrison series' of currency notes

The economy grows strongly in the 1920s and exports of rural commodities boom.
Mineral deposits are discovered at Mt Isa, Queensland.

Photograph of a sheep property during the 1920s

1924
The Commonwealth Bank is given control of the note issue. Note printing operations are moved to a factory in Fitzroy, Melbourne.
1927
Parliament House, Canberra, is opened.
1928

Charles Kingsford Smith makes the first flight across the Pacific.

Photograph of Charles Kingsford Smith standing with co-pilot Charles Ulm, navigator Harry Lyon and radio operator James Warner

1929

The Wall Street (share market) crash occurs.

The Great Depression begins.

1931

A special Premiers' Conference is held to discuss policies to deal with the depression.

A rail link between Port Augusta (SA) and Alice Springs (NT) is completed.

1932
The Commonwealth Bank Act 1932 abolishes the convertibility of currency notes into gold and specifies them as legal tender.

The Australian Broadcasting Commission (ABC) is established.
The Sydney Harbour Bridge (which was started in 1925) is opened.

Photograph taken during the construction of the Sydney Harbour Bridge

1933

The 'Ash series' of notes is issued, named after John Ash, the note printer. Manufacturing is represented on our notes (10 shilling) for the first time.

Image of a note

Unemployment remains high through the 1930s, which is also a period of deflation or generally falling prices.

Photograph of a man seeking work

1935
A Royal Commission into Australia's monetary and banking systems is established.
1937
The report of the Royal Commission recommends establishment of a central bank with strong powers over the banking system.
1938
Australian eucalypts are used to make paper at Burnie, Tasmania.
1939

A new 'Ash' series of notes is issued. Changes in our currency notes during the 1930s result mainly from changes in the Monarchy, from George V to Edward VIII to George VI.

Photograph of Edward, Prince of Wales (later King Edward VIII), King George V and the Duke of York (later George VI)

World War II begins.
1941
A blast furnace is opened close to new shipbuilding yards at Whyalla, South Australia.
1945
New legislation gives the Commonwealth Bank an extensive charter and central banking powers as well as its responsibilities for the note issue.

World War II ends in Europe (May) and the Pacific (August).

Photograph of women dancing in the street in celebration of the end of World War II


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