Each of those exchanges had a history of share trading dating back to the 19th century. The global early 1990s recession came swiftly after the Black Monday of October 1987, resulting from a stock collapse of unprecedented size which saw the Dow Jones Industrial Average fall by 22.6%. This collapse, larger than the stock market crash of 1929, was handled effectively by the global economy, and the stock market began to quickly recover. However, in North America, the lumbering savings and loans industry was facing decline which eventually led to a savings and loan crisis which compromised the wellbeing of millions of Americans. The following recession thus impacted the many countries closely linked to the United States, including Australia. Paul Keating, who was Treasurer at the time, famously referred to it as "the recession that Australia had to have." During the recession, GDP fell by 1.7%, employment by 3.4% and the unemployment rate rose to 10.8%. However, as is typical during recessions, there was a beneficial reduction in inflation. This process of economic reform and restructuring continued under the Coalition Government led by John Howard which took power in 1996. The Howard Government established a goods and services tax from 2000, established a national Productivity Commission and further deregulated labor markets under WorkChoices in 2006. WorkChoices, in effect, took away an employee's right to sue for unfair dismissal if their former employer employed less than 100 people, making its implementation extremely unpopular, greatly contributing to the Howard government's loss at the 2007 election. The newly elected Labor government, under Kevin Rudd, completely repealed WorkChoices in 2008, passing the Fair Work Act 2009. These economic reforms have resulted in Australia now being considered one of the most open economies in the world, notwithstanding polarising opinions regarding the long term success of free and open trade, and its inevitable effect on domestic workers. Australia has enjoyed over two decades of economic growth, coupled with low inflation and relatively low unemployment - until 2020 when the country entered into a brief recession where unemployment skyrocketed amid the global COVID-19 pandemic. Due to the outbreak of COVID-19, trade disputes with China, and the war in Ukraine, there has been a significant political shift in focus toward National Security and renewed interest in Australia's manufacturing industry. Although free trade continues to take place, the importance of a thriving local industry has regained traction as an