Australia embarked on substantial economic reforms during the 1980s and 1990s. Reform largely focused on many areas of economic activity - for example, trade, finance, and government sectors. Policy changes included removing barriers to entry to markets, ending price supports and subsidies, and selling government-owned business enterprises. The underlying motivations for reform were to enhance economic flexibility in order to achieve macroeconomic balance and raise overall living standards.

Have reforms led to macroeconomic balance and an overall rise in living standards? Justify your selection of features and evaluate the extent and character of their influence.