NOTHING NEW UNDER THE SUN (ALMOST)
20th February, 1931 : The Labor Party, today split to the point of disintegration over economic strategies to lift Australia out of the deepening depression. While thousands of Australian men, women and children are camping in makeshift tents, and sleeping in cattle stalls, the Scullin Labor Government is at war with the Lang Labor Government in NSW. Federal Caucus endorsed a proposal by the re-instated Treasurer, Edward Theodore, to issue £24 million in notes, not backed by the gold reserve, to raise credit for the unemployed. Caucus rejected Mr Lang’s plan to repudiate Australia’s loan debts to Britain, and raise funds by basing the currency on the wealth of the nation, rather than the gold standard.