1975

• Majority Whitlam Labor Government brought down by ‘constitutional coup’―11 November.

1976

• Report of the ‘Coombs’ Royal Commission on Australian Government Administration. Report largely ignored by Fraser Liberal/National Government.

• Department of Treasury split into Treasury and a new Department of Finance with responsibility for overseeing total Commonwealth expenditure―December.

1979/80

• Strong tightening of fiscal policy coupled with sharp tax increases.

1981

• Campbell Report recommends financial deregulation.

1982-83

• Fraser Government secured a ‘Wages pause’ that held back wage increases.

1983

• Unemployment reached post-war peak averaging 8.4 per cent for the year.

• Accord between Labor Party and Australian Council of Trade Unions on economic policy―February.

• Federal Election, Hawke Labor victory (First Hawke Government)―March

• ‘National Economic Summit’ convened by Hawke Government sought to bring about ‘tripartite/corporatist’ consensus between government (federal and state), business, and unions, (and professional and other groups)―April.

• Exchange rate ‘floated’―December.

• Partial deregulation of the Banking Industry.

1984

• Hawke ‘Trilogy’: pre-election promise to halt increases in total taxation, expenditure, and budget deficits (each as apercentage of GDP) throughout its next term.

• Creation of the Senior Executive Service―May.

• Federal Election, Labor re―elected (Second Hawke Government)― December.

1985

• Seventeen foreign banks given licences to trade in Australia ―February. Treasurer's Economic Statement began the process of massive expenditure cuts ($1.25 billion)―May.

• ‘Tax Summit’ convened by Hawke Government―July

• Accord Mark II between Labor Government and ACTU: revision of Accord to allow discounting of wages and ongoing wage restraint.)