Table 3 shows that at the time of previous world recessions, Australia has experienced periods of falling or weak exports roughly coincident with these recessions. But the negative contributions to GDP in any one year are not large; the biggest we can identify is the 1.4 percentage points in the year to March 1974.
The turmoil in global financial markets began in the summer of 2007, but the situation worsened suddenly when the markets were hit by the failure of Lehman Brothers Holdings Inc. in September of last year.