Australia had accrued substantial debt, mainly from Britain's independent banking sector, by the late 1920s - partly as a result of Prime Minister Bruce's
Scullin invited Sir Otto Niemeyer of the Bank of England to come to Australia to advise on economic policy.
Otto von Bismarck | Otto | Otto III | Otto Piene | Otto I, Holy Roman Emperor | Otto I | Otto Preminger | Otto II | Otto Dix | Otto Natzler | Otto II, Holy Roman Emperor | Otto Binder | Otto Skorzeny | Otto Schenk | Otto of Brunswick | Otto Kerner, Jr. | Otto Steinbrinck | Otto Kerner | Otto IV, Holy Roman Emperor | Otto IV | Otto III, Holy Roman Emperor | Otto Braun | Oscar Niemeyer | Miranda Otto | Frei Otto | Otto-Werner Mueller | Otto Schmidt | Otto Muehl | Otto Lilienthal | Otto Klemperer |
McGrath held a number of positions (including Deputy Speaker) in the Scullin Government, but in the wake of the Great Depression became drawn to Sir Otto Niemeyer's solution to the nation's financial situation.