Economy of Australia
The economy of Australia is a large mixed-market economy, with a GDP of A$1.69 trillion as of 2017. In 2018 Australia overtook Switzerland, and became the country with the largest median wealth per adult. Australia's total wealth was AUD$8.9 trillion as of June 2016. In 2016, Australia was the 14th-largest national economy by nominal GDP, 20th-largest by PPP-adjusted GDP, and was the 25th-largest goods exporter and 20th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter, the 103rd quarter and marked 26 years since the country had a technical recession (two consecutive quarters of negative growth).
Bob Hawke
According to political commentator Paul Kelly, "the most influential economic decisions of the 1980s were the floating of the Australian dollar and the deregulation of the financial system". Although the Fraser Government had played a part in the process of financial deregulation by commissioning the 1981 Campbell Report, opposition from Fraser himself had stalled the deregulation process. When the Hawke Government implemented a comprehensive program of financial deregulation and reform, it "transformed economics and politics in Australia". The Australian economy became significantly more integrated with the global economy as a result, which completely transformed its relationship with Asia, Europe and the United States. Both Hawke and Keating would claim the credit for being the driving force behind the success of the Australian Dollar float. That year the economy was seen to be in crisis with a 40% devaluation of the Australian dollar, a marked increase in the current account deficit and the loss of the Federal Government's triple A rating.