 As a result of late 1920s profit issues in agriculture and cutbacks, 1931-1932 saw Australia's biggest recession in its entire history.It fared better than other nations, that underwent depressions, but their poor economic states influenced Australia's as well, that depended on them for export, as well as foreign investments.The nation also benefited from bigger productivity in manufacturing, facilitated by trade protection, which also helped with feeling the effects less.