ABSTRACT
The transformation in Australia’s economic performance since the early 1990s has generated much interest overseas as well as within Australia. The contribution made by microeconomic reform in this country has been of particular interest to officials from foreign governments, national research institutes and international economic agencies, not least in East Asia. This interest reflects the magnitude of the reform requirements and the manner in which the reforms were introduced and sustained, including the institutions associated with reform. The chapter begins with an overview of the turnaround in Australia’s eco-
nomic performance, before outlining the broad nature of the microeconomic reform programme and associated outcomes, as well as the key elements of the reform ‘strategy’ and its institutional underpinnings.1 Particular attention is given to the contribution made by the Australian Productivity Commission (and its direct predecessors). This is not to over-account the significance of the Commission – it is, after all, only an advisory body, not a policy decision maker. However, the Commission’s track record in promoting greater public awareness of reform’s benefits and ultimately having much of its advice accepted by government demonstrates the potential for such an agency to make a difference to policy development and reform.
