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Macroeconomic Policy in Australia Since the Sixties

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  • Ian M. McDonald

Abstract

This article reviews macroeconomic policy in Australia since the 1960s. It is argued that economic thinking by Australian governments progressed from a Keynesian approach to a classical approach in 1975 and then to a Keynesian‐classical synthesis in 1983. To the usual major indicators of macroeconomic performance, unemployment and inflation, the article adds a third indicator, called thrift. Thrift is a measure of how society is allocating its resources between current and future consumption. The record of thrift for Australia since the 1960s is described and evaluated.

Suggested Citation

  • Ian M. McDonald, 1985. "Macroeconomic Policy in Australia Since the Sixties," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 18(3), pages 6-19, September.
    • Handle: RePEc:bla:ausecr:v:18:y:1985:i:3:p:6-19
    DOI: 10.1111/j.1467-8462.1985.tb00284.x
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    References listed on IDEAS

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    1. F.H. Gruen, 1985. "The Federal Budget: How Much Difference Do Elections Make?," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 18(3), pages 36-49, September.
    2. Gregory, R G, 1982. "Work and Welfare in the Years Ahead," Australian Economic Papers, Wiley Blackwell, vol. 21(39), pages 219-243, December.
    3. Ian M. McDonald, 1984. "Trying to Understand Stagflation," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 17(3), pages 32-56, November.
    4. Peter B. Dixon & Daina McDonald & G. A. Meagher, 1984. "Prospects for the Australian Economy, 1983‐84 and 1984‐85," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 17(2), pages 3-25, August.
    5. Patrice Muller & Robert Price, 1984. "Structural Budget Deficits and Fiscal Stance," OECD Economics Department Working Papers 15, OECD Publishing.
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    Cited by:

    1. Peter Scherer, 1985. "Continuity and Change in Australian Wages Policy," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 18(3), pages 53-67, September.
    2. Ian M. McDonald & Luca Tacconi & Ravjeet Kaur, 1992. "The Social Opportunity Cost of Consumption for Australia, 1960–61 to 1988–89," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 25(1), pages 44-53, January.
    3. J. 0. N. Perkins, 1991. "Possible Policies for Expansion," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 24(3), pages 4-15, July.

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