1929 The Great Depression
Following a stock market crash on Wall Street in New York, New Zealand followed the rest of the world into a huge economic depression. Initially impacting on New Zealand through a 40 percent drop in export prices between 1928 and 1932, other effects included a reduction of some 20 percent in real incomes for those who remained in work. The worst years were 1931-33, with up to 80,000 (or 12 percent of the workforce) unemployed. Not until the onset of World War Two in 1939 did mass unemployment end.
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