Various ideological beliefs war factionalised unner reforms tae the ALP unnerGough Whitlam, resultin in what is nou kent as theSocialist Left wham tend te favour a mair interventionist economic policy an mairsocially progressive ideals, anLaubour Richt, the nou dominant faction that tends tae bi maireconomically leeberal an focus less on social problems.
The Whitlam govrenment wis the first Australien govrenment tae uise the termeconomic rationalism. TheGough Whitlam Labor govrenment frae 1972 tae 1975 wis different tae foregane Labor govrenments, in that hit pursuedsocial-democratic policies raither thandemocratic socialist policies, a precursor tae the pairty's currentthrid way poseetion. Unner the Whitlam govrenment,tariffs ayont mairches war cut bi 25 percent efter 23 years o Labor bein in opposeetion
TheBob Hawke anPaul Keating govrenments frae 1983 tae 1996 pursued mony economic policies associatit wieconomic rationalism an the"Thrid Way", sic asfloatin theAustralien Dollar in 1983, reductions in tradetariffs, taxation reforms, chynging frae centralised wage-fixin taeenterprise bargaining, the privatisation oQantas anCommonweel Bank, an deregulatin the bankin seestem.
It is an aa said bi a umwhile staff memer oTony Blair thatNew Laubour an Blair learnt frae the Hawke govrenment in the 1980s on how tae govren when thay teuk pouer in the UK.
Foregane Labor leaderKevin Rudd's first speech tae pairlament in 1998 statit:
Competitive markets are massive and generally efficient generators of economic wealth. They must therefore have a central place in the management of the economy. But markets sometimes fail, requiring direct government intervention through instruments such as industry policy. There are also areas where the public good dictates that there should be no market at all.
We are not afraid of a vision in the Labor Party, but nor are we afraid of doing the hard policy yards necessary to turn that vision into reality. Parties of the Centre Left around the world are wrestling with a similar challenge—the creation of a competitive economy while advancing the overriding imperative of a just society. Some call this the `third way'. The nomenclature is unimportant. What is important is that it is a repudiation of Thatcherism and its Australian derivatives represented opposite. It is in fact a new formulation of the nation's economic and social imperatives.
awtho Rudd describes himsel as "basically a conservative when it comes to questions of public financial management", pointin tae his sleeshin o public service jobs as a Queensland govrenmental advisor.