Ian McFarlane, Governor of the Reserve Bank from 1996 to 2006, has said that the financial excesses of the 1980s were of such a scale that they made the 1990s recession "inevitable", describing Australia's economy at the end of the 1980s as overstretched and vulnerable to contractionary shock.
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A number of financial institutions failed around Australia, including the State Bank of Victoria, the State Bank of South Australia, the Teachers Credit Union of Western Australia, the Pyramid Building Society as well as several merchant banks, a mortgage trust, and a friendly society.
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The bank had been a beneficiary of the commercial property boom of the 1980s, but by February 1991 the Bannon Labor Government had to launch a $970,000 bailout due to its bad debts, and the bank's debts soon reached $3 billion.
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