▁orth odox ▁fis cal ▁policy ▁and ▁refused ▁to ▁accept ▁NS W ▁Premier ▁Jack ▁Lang ' s ▁propos als ▁to ▁default ▁on ▁over se as ▁deb t ▁rep ay ments . ▁Australia ▁entered ▁the ▁De pression ▁with ▁a ▁deb t ▁crisis ▁and ▁a ▁credit ▁crisis . ▁According ▁to ▁author ▁Anne ▁Hend erson ▁of ▁the ▁Sydney ▁Institute , ▁Ly ons ▁held ▁a ▁stead fast ▁belief ▁in ▁" the ▁need ▁to ▁balance ▁bud gets , ▁lower ▁costs ▁to ▁business ▁and ▁restore ▁confidence " ▁and ▁the ▁Ly ons ▁period ▁gave ▁Australia ▁" st ability ▁and ▁event ual ▁growth " ▁between ▁the ▁drama ▁of ▁the ▁De pression ▁and ▁the ▁out break ▁of ▁the ▁Second ▁World ▁War . ▁A ▁lower ing ▁of ▁w ages ▁was ▁enfor ced ▁and ▁industry ▁tar iff ▁prote ctions ▁maintained , ▁which ▁together ▁with ▁che aper ▁raw ▁materials ▁during ▁the ▁ 1 9 3 0 s ▁saw ▁a ▁shift ▁from ▁agricult ure ▁to ▁manufact uring ▁as ▁the ▁chief ▁employ er ▁of ▁the ▁Australian ▁economy ▁– ▁a ▁shift ▁which ▁was ▁cons olid ated ▁by ▁increased ▁invest ment ▁by ▁the ▁common wealth ▁government ▁into ▁defence ▁and ▁arm aments ▁manufact ure . ▁Ly ons ▁saw ▁rest oration ▁of ▁Australia ' s ▁exports ▁as ▁the ▁key ▁to ▁economic ▁recovery . ▁ ▁A ▁de valu ed ▁Australian ▁currency ▁assist ed ▁in ▁rest oring ▁a ▁fav ou rable ▁balance ▁of ▁trade . ▁▁ ▁A ▁dram atic ▁episode ▁in ▁Australian ▁history ▁followed ▁Ly ons ▁first ▁elect oral ▁victory . ▁NS W ▁Premier ▁Jack ▁Lang ▁refused ▁to ▁pay ▁interest ▁on ▁over se as