OPINION: In the 1980s and early ’90s, a reforming Labor government revived Australian prosperity. The enduring lessons are lost in the new Labor treasurer’s model of ‘values-based capitalism’.
, including for the disadvantaged students it was supposed to help the most.
Contrary to efficient markets theory, global capital markets did seize up during the crisis.
The GFC disrupted global politics, including through the rise of Donald Trump’s right-wing populism and the polarisation of culture wars around identity politics. The COVID-19 health crisis has encouraged governments to throw more money at social programs and, amid rising geopolitical risks, to revert to various forms of sovereign industry protectionism.
supported in advance following the Fraser government’s failures to tame trade union power. The accord began by deliberately cutting real wages to restore corporate profits, bring down the joblessness of the early 1980s recession and fight inflation. Although it might have looked neoliberal to the Labor-left opponents of the time, such as Mr Albanese, this was still a reputably Labor government. It restored the Whitlam government’s Medicare. It innovated with the income-contingent Higher Education Contribution Scheme to help pay for demand-driven university education while not pricing out students from disadvantaged backgrounds.
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