Consequently, these banks and related bodies lent extravagantly, for property development in particular, but following the collapse of the land boom after 1888, a large number of enterprises that had borrowed money found themselves unable to repay these debts, and many began to declare bankruptcy.
[13][19] Criticisms were levelled at the directors: These comments of 1897 were made as the Federation Drought (1896 to 1902) commenced, which resulted in the widespread death of livestock and strains of livelihoods.
[22] Poets of the time were critical of financial institutions, their profligate lending practices, and the misery resulting from their actions.
In 1947, an author wrote, "Bankers' ruthlessness... were so much a feature of the 'Australian way of life' fifty years ago, that they brought words of burning protest from the pens of some of Australia's leading poets.
"[23] Austrian-born but Australian-based landscape artist Eugene von Guerard (1811–1901) had invested his finances in Australia.