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History of Economic Policy in Australia

Author

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  • Ross Gittins

Abstract

The author recounts notable issues and developments in the Australian federal government's management of the economy over the fifty years since 1974, relying on his knowledge of events he observed as an economic commentator speaking with public servants, academics and politicians and writing several times a week in The Sydney Morning Herald and, for much of that time, The Age, Melbourne. Events include the arrival of stagflation in the early 1970s, the loss of faith in Keynesian remedies, the flirtation with Friedman's monetarism and attempts to control the money supply, the switch from fiscal policy to monetary policy as the dominant instrument for economic demand management, the rising influence of the central bank and the adoption of inflation targeting. Other issues of concern included the balance of payments, the twin deficits hypothesis and the goals of microeconomic reform, since known as neoliberalism. The paper represents reflections from a prominent economic journalist in Australia.

Suggested Citation

  • Ross Gittins, 2025. "History of Economic Policy in Australia," Economic Papers, The Economic Society of Australia, vol. 44(3), pages 217-222, September.
    • Handle: RePEc:bla:econpa:v:44:y:2025:i:3:p:217-222
    DOI: 10.1111/1759-3441.70003
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    References listed on IDEAS

    as
    1. Selwyn Cornish, 2019. "The Evolution of Inflation Targeting in Australia," History of Economics Review, Taylor & Francis Journals, vol. 72(1), pages 4-34, January.
    2. J. D. Pitchford, 1989. "A Sceptical View of Australia's Current Account and Debt Problem," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 22(2), pages 5-14, June.
    3. Forsyth, P.J., 1990. "Competitiveness, Microeconomic Reform And The Current Account Deficit," CEPR Discussion Papers 228, Centre for Economic Policy Research, Research School of Economics, Australian National University.
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