Editing Neoliberalism (section)

==== Australia ====
In Australia, neoliberal economic policies (known at the time as "[[economic rationalism]]"<ref>{{cite book |last=Pusey |first=M. |date=2003 |title=Economic rationalism in Canberra: A nation-building state changes its mind |publisher=[[Cambridge University Press]]}}</ref> or "economic fundamentalism") have been embraced by governments of both the [[Australian Labor Party|Labor Party]] and the [[Liberal Party of Australia|Liberal Party]] since the 1980s. The Labor governments of [[Bob Hawke]] and [[Paul Keating]] from 1983 to 1996 pursued a program of economic reform focused on [[economic liberalisation]]. These governments privatised government corporations, deregulated factor markets, floated the [[Australian dollar]] and reduced trade protections.<ref>{{cite web |last=Cameron |first=Clyde R. |url=http://www.historycooperative.org/journals/lab/86/cameron.html |title=How the Federal Parliamentary Labor Party Lost Its Way |archive-url=https://archive.today/20120803004406/http://www.historycooperative.org/journals/lab/86/cameron.html |archive-date=August 3, 2012}}</ref> Another key policy was [[Prices and Incomes Accord|the accords]] which was an agreement with unions to agree to a reduction in strikes, wage demands and a real wage cut in exchange for the implementation of social policies, such as [[Medicare (Australia)|Medicare]] and [[Superannuation in Australia|superannuation]].<ref>{{cite web |last1=Forsyth |first1=Anthony |last2=Holbrook |first2=Carolyn |title=Australian politics explainer: the Prices and Incomes Accord |url=https://theconversation.com/australian-politics-explainer-the-prices-and-incomes-accord-75622 |website=The Conversation |date=24 April 2017 |publisher=The Conversation Media Group |access-date=November 9, 2022}}</ref> The [[Howard government]] continued these policies, whilst also acting to reduce union power, cut welfare and reduce government spending.<ref>{{cite web |last1=Duncan |first1=Alan |last2=Cassells |first2=Rebecca |title=Government spending explained in 10 charts; from Howard to Turnbull |url=https://theconversation.com/government-spending-explained-in-10-charts-from-howard-to-turnbull-77158 |website=[[The Conversation (website)|The Conversation]] |date=8 May 2017 |publisher=The Conversation Media Group |access-date=November 9, 2022}}</ref>

Keating, building on policies he had introduced while federal treasurer, implemented a compulsory [[Superannuation in Australia|superannuation guarantee]] system in 1992 to increase [[national savings]] and reduce future government liability for old age pensions.<ref>{{Cite web |last1=Neilson |first1=L. |last2=Harris |first2=B. |url=http://www.aph.gov.au/Library/pubs/BN/2008-09/Chron_Superannuation.htm |title=Chronology of superannuation and retirement income in Australia |archive-url=https://web.archive.org/web/20110909175528/http://www.aph.gov.au/Library/pubs/BN/2008-09/Chron_Superannuation.htm |archive-date=September 9, 2011 |website=Parliamentary Library |location=Canberra |date=July 2008}}</ref> The financing of universities was deregulated, requiring students to contribute to [[Tertiary education fees in Australia|university fees]] through a repayable loan system known as the [[Higher Education Contribution Scheme]] (HECS) and encouraging universities to increase income by admitting full-fee-paying students, including foreign students.<ref>[[Simon Marginson|Marginson S]] ''[http://www.onlineopinion.com.au/view.asp?article=3310 Tertiary Education: A revolution to what end?]'' Online Opinion, 5 April 2005</ref> The admission of domestic full-fee-paying students to public universities was abolished in 2009 by the [[Rudd Government (2007–10)|Rudd Labor government]].<ref name="Ministers Media Centre, Australian Government 2008">{{cite web |title=Government Delivers on Promise to Phase Out Full Fee Degrees |website=Ministers' Media Centre, Australian Government |date=October 29, 2008 |url=https://ministers.jobs.gov.au/gillard/government-delivers-promise-phase-out-full-fee-degrees |access-date=July 10, 2018 |archive-date=April 21, 2019 |archive-url=https://web.archive.org/web/20190421041353/https://ministers.jobs.gov.au/gillard/government-delivers-promise-phase-out-full-fee-degrees |url-status=dead}}</ref>

Immigration to the mainland capitals by refugees have seen capital flows follow soon after, such as from war-torn [[Lebanon]] and [[Vietnam]]. Later economic migrants from mainland [[China]] also, up to recent restrictions, had invested significantly in the property markets.<ref>{{cite news |title=Diversity helped Australia weather the resources bust |url=https://www.economist.com/special-report/2018/10/25/diversity-helped-australia-weather-the-resources-bust |access-date=July 5, 2019 |publisher=[[The Economist]] |date=October 25, 2018 |quote=Building work had reached a nadir in the first quarter of 2012, when construction firms completed projects worth A$20bn. In the last quarter of 2017, that reached A$29bn. Foreigners accounted for a good share of their custom: the Foreign Investment Review Board approved A$72bn-worth of residential-property purchases in 2016, up from A$20bn in 2011. At its peak, foreign buying accounted for a quarter of residential-property sales in the two big cities.}}</ref>{{citation needed|reason=Economist article only mentions foreign investment generally, and not Chinese investment specifically|date=July 2019}}