Incumbent Labor governments have not attempted the democratic socialisation of any industry after the Chifley government spectacularly failed to nationalise private banks immediately in the aftermath of the second world war. Not only did the Chifley government lose government, the Australian Labor Party remained in the political wilderness until 1972, a period of 23 years.
The highly competent Hawke government of the 1980s and early 1990s implemented the Campbell report into the Australian Financial System floating the Australian dollar, deregulation of the financial system that saw foreign banks established in Australia, further opening up the tariff system, ended government subsidation of loss making government industries and privatisation of government departments and assets.
The highly competent Hawke government of the 1980s and early 1990s implemented the Campbell report into the Australian Financial System floating the Australian dollar, deregulation of the financial system that saw foreign banks established in Australia, further opening up the tariff system, ended government subsidation of loss making government industries and privatisation of government departments and assets.
The irony of the Hawke government position saw government deregulation and a number of high profile privatisations of government assets including the Commonwealth Bank and Qantas directly opposing Labor party doctrine - yet, the Hawke government was the most successful Labor government.
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