In The Australian today:
“It was not intended to make anyone giggle,” treasurer Arthur Fadden said of his ‘‘horror budget’’ of September 1951. The wool boom unleashed by the Korean War had nearly trebled the terms of trade, adding a massive 7 per cent to real gross domestic income. With unemployment falling below 1 per cent of the labour force, the inflation rate had risen to an all-time high of 25.6 per cent and seemed likely to increase further. Yet by 1953 inflation had plummeted to less than 2 per cent, setting the scene for two decades of solid economic growth.