Economics, finance and trade

Malcolm Fraser’s political career straddled the great shift in conservative economic theory and practice from general support for Keynesian measures to monetarist theories (now more commonly called neo-liberalism). This shift was reflected in Fraser’s own views and policies.

Fraser’s early economic views were shaped by his classical Oxford education and by his outlook as a Western District farmer. His early speeches on economic policy were largely related to rural affairs, such as wool pricing and tariffs.

The first oil shock of 1973 disturbed the prevailing economic orthodoxy, as cuts in interest rates failed to prevent widespread stagnation and inflation. As Leader of the Opposition, Fraser mercilessly attacked Whitlam’s economic record.

Fraser’s huge win in December 1975 was seen by many as a mandate to overturn the Whitlam government’s economic legacy. The early years were spent trying to cut government expenditure, especially with the infamous “razor gang” of Phillip Lynch, John Howard and Margaret Guilfoyle on the Review of Commonwealth Functions Committee of 1980.

Fraser’s government also engaged in battles with the Treasury department and its secretary John Stone. In November 1976, when Treasury opposed the government’s plan to devalue the Australian dollar, Fraser reorganised the department, splitting it into the Department of Finance and the Department of Treasury. The government then devalued the dollar and introduced a flexibly administered exchange rate.

The Campbell Inquiry into the Australian Financial System Commission was set up in 1979 to look at ways and means of systematic deregulation. Although the Fraser government’s record on deregulation is contested, this Commission was an important step in the evolution of monetary policy for subsequent governments, whether Liberal or Labor.

Subject files

UMA-ITE-2007002300747, Trade, balance payments, international finance statements etc., Includes Shann Memorial Lecture ‘The development of trade policy’ by Sir John Crawford, 1967-71

UMA-ITE-2006002400012, Economy, includes -Economic commentary and 'Bulletin' articles, 24 August 1974-22 August 1975

UMA-ITE-2007001900059, Economy, Parliamentary Legislative Research Service papers, publications, 28 May 1963-24 June 1971

UMA-ITE-2007001300055, Economy 1975 – Budget, includes booklet -The way ahead, 19 August 1975-30 September 1975

UMA-ITE-2007001900062, Economy - miscellaneous papers and publications, July 1974-27 January 1975

UMA-ITE-2007001400038, Treasurer, John Howard, 30 November 1977-21 September 1978

Electorate talks

UMA-ITE-2007002300300, A great fear buried, 28 February 1954

UMA-ITE-2007002300032, Second of three articles on the economy, 9 April 1961

UMA-ITE-2007002300033, Terms of trade and rural credit - 3rd and concluding article, 16 April 1961

UMA-ITE-2007002300035, Australian economy - Victoria Chamber of Manufactures, 30 April 1961

UMA-ITE-2007002300558, Trade and export, c.1969

UMA-ITE-2005007200121, Keynesianism, the Government and the Farmer, 1975

UMA-ITE-2005007200125, The crisis in business confidence, May 1975

UMA-ITE-2007000300028, Unemployment, October 1975

UMA-ITE-2005007200149, Government's economic programme, 19 July 1981

Other talks

UMA-ITE-2015016500038, The World Economy of the 1990's: Problems and Prospects InterAction Council -Moscow, 16 May-19 May 1988

University notes

UMA-ITE-2010001300050, Economic organisation, 1950-1952

Correspondence files

UMA-ITE-2005008300130, Post-parliamentary correspondence: Focus International: The World economy and peace, 12 May 1985-18 May 1985

UMA-ITE-2006001800007, Correspondence 'B' [2, part 4] Correspondence 'B' [Miss M Bracks - Dr A Bryson, includes submissions from BHP Company Ltd relating to the economy, letter from Neil Brown relating to federalism policy, representations], 15 May 1975-12 December 1975

UMA-ITE-2005007300213, Treasurer (1) - Miscellaneous: 1-12, 1959-1961

Interviews

UMA-ITE-2019010900159, Fraser and Margaret Simons, includes discussion of John Rose and regeneration of the Melbourne Business School; Fraser Government a time of transition and education towards a less regulated economy not initially supported by Treasury and business; resignation of Rob Ellicott; Prime Minister William McMahon, 9 November 2007

UMA-ITE-2019010900129, Fraser and Margaret Simons, includes discussion of the results of floating the Australian dollar; trade balances; debt. 13 March 2008

Other Papers

UMA-SRE-20050101, Series: Publications and papers maintained as 1. Distinguished international fellow with the American Enterprise Institute for Public Policy, Colorado and 2. As fellow with the Center for International Affairs, Harvard University. Includes Transcripts of World Forums attended by former Heads of State and others, focusing on the world economy and international trade, 1983-1985

UMA-ITE-2006002200020, Joint Party meeting minutes, 12 November 1975

UMA-ITE-2007001300071, Subject files: financial institutions bill