Financial Crisis

This generally refers to the global financial crisis (GFC), which began in mid-2007, causing global markets to crash and become highly volatile. This event is attributed to the sub-prime crisis in the United States wherein many home owners were unable to make their mortgage repayments, which had a spillover effect on banks. Although Australia was also affected by the GFC, it is considered to be one of the few countries where the event's impact wasn't as severe compared to other countries.

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