In 1980, the Liberal party won government on a platform of fiscal conservatism and the premier David Tonkin, deeming Adelaide road capacities sufficient for future needs, committed his government to selling off the land acquired for the MATS plan ensuring that even when needs or public opinion changed, the construction of most MATS proposed freeways would be impossible. The Dunstan Government of the 1970s saw something of an Adelaide 'cultural revival' - establishing a wide array of social reforms and overseeing the city becoming a centre of the arts. Adelaide hosted the Australian Grand Prix between 1985 and 1996 on a street circuit in the city's east parklands, before losing it in a controversial move to Melbourne. The (Old) Adelaide Gaol was closed in 1988. In 1989, the Australian Submarine Corporation naval shipyards were opened. In 1991, the University of South Australia was formed from a merger of several state government education institutions. The 1992 State Bank collapse plunged both Adelaide and South Australia into economic recession, and its effects can still be felt today. Recent years have seen the Clipsal 500 V8 Supercar race use part of the former Formula One circuit and renewed economic confidence under the Rann Government. The late first decade of the 21st century have seen extensions of the remaining tram network, the first growth after the decline of the system during the 1950s.