This essay analyses the economic reforms carried out during the 1980's and 1990's in Australia. The essay looks at the reasons
for the changes as well as the impacts of such reforms. Finally, the essay
questions whether such reforms worked to benefit the Australian economy and people. During the 1980's and 1990's, the institutions of economic governance changed in response to poor economic performance,
globalisation, and technological developments. The major change was a shift from Keynesian economic policy to microeconomic policy. The purpose of this essay is to examine the impacts of liberal reforms and to address any continuing questions.