A HISTORY OF THE DEVELOPMENT OF THE AUSTRALIAN FINANCIAL SYSTEM FROM 1890 TO 1945. The Economic Crisis of 1890 through to Federation The period commencing with the crisis of 1890 represents. �something of a watershed in Australia�s financial history�2. .Although warnings of the impending problems had been apparent since the mid 1880's, by 1890 oversupply of property (especially in the Melbourne housing market) prompted a severe slide in property prices. The consequent financial crisis developed in two phases, firstly the decline in property prices initially effected those financial institutions dependant on a stable property market i.e. the building societies, land investment companies and land banks. Secondly in 1893 many of the commercial banks failed, mainly as a result of the failure of the finance companies and land investment companies indebted to the banks. By the end of 1893, 54 of the 64 �banks� had failed. By May 1893 this included 13 of the 22 institutions which issued notes - raising doubts about the negotiability of over half the notes on issue and resulting in ove......

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