The Menzies era saw a number of important economic reforms including the creation of the Reserve Bank, signing of the 1957 Commerce Agreement with Japan, and the granting of the first export license for iron ore. Nevertheless, there was a settled agreement about a certain level of state involvement in the economy that was to come unstuck with ‘stagflation’ in the 1970s. The fall of the ‘Australian Settlement’ led to a period of unprecedented economic reform throughout the 80s and 90s, however that reformist spirit has long since exhausted itself. In this week’s episode, we look at some ideas for how to reinvigorate that spirit, to unshackle productivity and lift living standards for all Australians.

Robert Menzies Institute CEO Georgina Downer talks to Harry Stutchbury, editor of the new book Markets and Prosperity.