Labor had come to office during a period of improvement for Australia's economic outlook, with rural industries performing well, unemployment falling, production increasing and a boom in foreign investment and exports. Nevertheless, signs of increasing inflation and slow private business investment portended looming economic troubles, leading to the 1973–75 recession and the 1973 oil crisis. According to political historian Brian Carroll, the Whitlam government chose in its 1973–4 budget to "put major emphasis on the Party's social objectives rather than on moderating the obvious expansionary trends in the economy" and the budget substantially increased direct government spending and increased redistribution of income through welfare.