Looking back on microeconomic reform: a skeptical viewpoint
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Microeconomic reform dominated Australian economic policy from the early 1980s
until the end of the 20th century. Despite strong claims of success, focusing on the
economic expansion since 1992, and rapid productivity growth between 1993-94 and
1998-99, evidence of improvements in the performance of the economy as a whole is
weak and inconclusive. For an adequate evaluation of the microeconomic reform period,
it is necessary to distinguish several different phases of reform and to evaluate reforms on
a case-by-case basis.