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class="_25a47bc95be69ba12ec5"><button class="_9bf377805b7e8dd16da6" type="button">2000</button></li><li class="_25a47bc95be69ba12ec5"><button class="_9bf377805b7e8dd16da6" type="button">2010</button></li><li class="_25a47bc95be69ba12ec5"><button class="_9bf377805b7e8dd16da6" type="button">2020</button></li></ul></nav></div></div><div class="_87e8259da909db571e01"><header class="_17546430a7b5b04534e2"><div class="_78d3fc6c92b9a75206d7"><div class="e7a264f010bf09500f6a"><h1 class="fdb56eda0057ccc9ef46">70 years in Australian business as told through the archives</h1></div><div class="e63417dbe8585d691b33"><p>For seven decades, <cite>The Australian Financial Review</cite> has tracked the booms, the busts, the empire-builders, the fraudsters and the disruptors to tell the story of the rise of modern Australia. </p><p>We have written the first draft of the history of business and the nation since 1951, chronicling the contribution of enterprise to the prosperous and successful Australia of 2021.</p><p>Our timeline shows that modern Australia, share-owning, aspirational and multicultural Australia, rewards those with enterprise, welcomes new ideas and is keen to exploit our place in the world.</p></div></div><img alt="Australian Financial Review edition no. 1 front page" class="_6bc0ae591f8efeffdf3c" src="/assets/d556ea88c3eeb1b473ec.png"/></header><section class="_5ee99d007e47dcc0a3a3"><div class="b95aacd0881cdd9941f3"><h2 class="_0a82aebbec874bdec9f2" id="year1950">1950</h2><div class="_94bb2c3e84c5c66a8628"><p>The Australia of 1951 was a nation of 8 million people, overwhelmingly with an Anglo-Celtic heritage, inhabiting an island continent at the foot of Asia. The country was supported by a giant flock of 120 million sheep and rural goods accounted for 85 per cent of the country’s earnings. The ’50s marked the start of the two-decade “golden age”, where real GDP grew by more than 4 per cent a year with inflation about 3 per cent and unemployment under 2 per cent.</p></div></div><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1951</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">A fitting origin story</h4><p>August 16, 1951 — <cite>The Australian Financial Review</cite> was born in response to a competitive threat after publisher John Fairfax got wind of a rival’s plan to launch a weekly Financial Times. The new national business paper started as a 28-page tabloid that published every Thursday with a cover price of one shilling, 15¢. “We want it to become a forum for the expression of opinion about the subjects with which it deals,” the front page declared. “Too often those in power take decisions without a full appreciation of the viewpoint of those whom those decisions will most vitally affect.”</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">An alliance forged in sacrifice</h4><p>September 1, 1951 — Australia signed the ANZUS treaty with America to put its people under the security umbrella of the world’s new superpower. Since the end of World War II, Pax Americana in the Asia-Pacific region provided the security framework for one of the greatest eras of economic development.</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The foundations of the banking industry</h4><p>October 1, 1951 — The ANZ Bank was created from the merger of two heritage companies. In 1959, the Reserve Bank was created and took over the central banking functions of the government-owned Commonwealth Bank. The RBA, which started operations on January 14, 1960, got a new board including a governor, deputy governor and the secretary to the Treasury, a structure that still exists today.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da e5c24d376ac769bb02b0 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="620" srcSet="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7, data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" data-srcset="https://static.ffx.io/images/$width_620%2C$height_620/t_crop_fill%2Cq_88%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4, https://static.ffx.io/images/$width_1240%2C$height_1240/t_crop_fill%2Cq_52%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4 2x" data-pb-im-config="{"aspectRatio":1,"type":"square1x1","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_620/t_crop_fill%2Cq_88%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4"," https://static.ffx.io/images/$width_1240%2C$height_1240/t_crop_fill%2Cq_52%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4 2x"]}"/><source media="(min-width: 1020px)" width="620" height="620" srcSet="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7, data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" data-srcset="https://static.ffx.io/images/$width_620%2C$height_620/t_crop_fill%2Cq_88%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4, https://static.ffx.io/images/$width_1240%2C$height_1240/t_crop_fill%2Cq_52%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4 2x" data-pb-im-config="{"aspectRatio":1,"type":"square1x1","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_620/t_crop_fill%2Cq_88%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4"," https://static.ffx.io/images/$width_1240%2C$height_1240/t_crop_fill%2Cq_52%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4 2x"]}"/><source media="(min-width: 768px)" width="620" height="620" srcSet="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7, data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" data-srcset="https://static.ffx.io/images/$width_620%2C$height_620/t_crop_fill%2Cq_88%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4, https://static.ffx.io/images/$width_1240%2C$height_1240/t_crop_fill%2Cq_52%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4 2x" data-pb-im-config="{"aspectRatio":1,"type":"square1x1","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_620/t_crop_fill%2Cq_88%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4"," https://static.ffx.io/images/$width_1240%2C$height_1240/t_crop_fill%2Cq_52%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" data-src="https://static.ffx.io/images/$width_620%2C$height_620/t_crop_fill%2Cq_88%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4" srcSet="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7, data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" data-srcset="https://static.ffx.io/images/$width_382%2C$height_382/t_crop_fill%2Cq_88%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4, https://static.ffx.io/images/$width_764%2C$height_764/t_crop_fill%2Cq_52%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4 2x" sizes="(max-width: 767px) 344px" data-id="7ea90556227238d42d19edac665634348bd26aa4" data-pb-im-config="{"aspectRatio":1,"type":"square1x1","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_382/t_crop_fill%2Cq_88%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4"," https://static.ffx.io/images/$width_764%2C$height_764/t_crop_fill%2Cq_52%2Cf_auto/7ea90556227238d42d19edac665634348bd26aa4 2x"]}" width="344" height="344"/></picture><figcaption class="_80bb118486236bcec2bc"><p>The ANZ merger advertisement in the Financial Review, October 4, 1951. </p></figcaption></figure></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The ‘horror budget’</h4><p>October 3, 1951 — The Korean War sparked a phenomenal increase in demand for wool that quadrupled prices. Treasurer Artie Fadden resorted to massive tax increases to slow down the runaway economy, just as American buyers deserted and the wool boom burst. The <cite>Financial Review</cite> slammed the “horror budget” on its front page. “No more disastrous series of financial proposals can ever have been presented to Parliament than the Budget for 1951-52.”</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de 2x" sizes="(max-width: 767px) 344px" data-id="7e0b9d82049cb551938e9ce91739e89f2eb220de" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/7e0b9d82049cb551938e9ce91739e89f2eb220de 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Sir Arthur Fadden walks down the steps outside Parliament House, Canberra. December 15, 1950. </p></figcaption></figure></div><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/politics/federal/government-to-take-fiscal-u-turn-70-years-after-horror-budget-20210509-p57q8k">Government to take fiscal U-turn 70 years after ‘horror budget’</a></li><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/politics/federal/fadden-s-horror-1951-budget-is-a-lesson-in-sacrifice-20210506-p57pg7">Fadden’s ‘horror’ 1951 budget is a lesson in sacrifice</a></li></ul></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘This goes with that’</h4><p>December, 1951 — John Gandel, his older sister Eva and her husband, Marc Besen, take over the family fashion business, which started as one lingerie shop on Collins Street, and grew it into the Sussan fashion giant, which for years showed women how “this goes with that”. The two families’ business interests now encompass a sprawling retail empire that includes fashion and commercial property, worth a combined $8 billion on the 2021 <cite>Financial Review</cite> Rich List.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1952</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">A press baron gets his start</h4><p>October 4, 1952 — Rupert Murdoch was 21 when his father, Keith, the famous war correspondent and newspaper owner, died unexpectedly. Returning from Oxford University, Rupert ran <cite>The News</cite> in Adelaide, becoming a mini-mogul in Australia before going on to fight print unions in England and regulators in America to build a global media empire that would dominate Fleet Street, Hollywood and US television.</p><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/companies/media-and-marketing/all-to-play-for-in-rupert-murdoch-s-endgame-20210302-p576ya">All to play for in Rupert Murdoch’s endgame</a></li></ul></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Miner caught in a Pilbara rain storm</h4><p>November 15, 1952 — Lang Hancock, 43, was flying in a light plane over Western Australia’s Pilbara region when, forced low in a storm, he noticed the rust colour of the wet gorge walls, which, as he later told a television reporter, “showed it to me to be oxidised iron.” Those red rocks became the cargo of a great seaborne iron ore export industry that surpassed even that of wool, providing the base for Lang Hancock’s only child, Gina Rinehart, to become Australia’s richest person by a huge margin; she is worth $30.06 billion on the 2021 Rich List.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1100,"urls":["https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb"," https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb 2x"]}"/><source media="(min-width: 1020px)" width="1259" height="709" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb, https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1259,"urls":["https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb"," https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb 2x"]}"/><source media="(min-width: 768px)" width="1023" height="576" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb, https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1023,"urls":["https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb"," https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-src="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb 2x" sizes="(max-width: 767px) 719px" data-id="4f96ce315354de2703ee02c7cbb0f08da58a49bb" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/4f96ce315354de2703ee02c7cbb0f08da58a49bb 2x"]}" width="719" height="405"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Gina Rinehart with her father, Lang, in 1977. </p></figcaption></figure></div><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/life-and-luxury/gina-rinehart-the-iron-maiden-speaks-20180601-h10u0b">Mining magnate Gina Rinehart shows her softer side in rare interview</a></li></ul></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1957</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">From the theatre to a global stage</h4><p>April 30, 1957 — Ray Lawler’s play <cite>Summer of the Seventeenth Doll</cite> was a global smash hit and one of the lead actors was Polish-born Richard Pratt, who returned to Australia to work in his father’s company Visy Board. Richard took over in 1969 when his father died. His son, Anthony, has expanded the business into a global packaging giant and built a family fortune of more than $20 billion on the 2021 Rich List.</p><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/life-and-luxury/2018-afr-rich-list-how-donald-trump-helps-anthony-pratt-get-richer-20180413-h0yql9">How Donald Trump helped Anthony Pratt get richer</a></li></ul></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1958</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Australia’s global builder</h4><p>April 1958 — Dutch immigrant engineer Dick Dusseldorp founded Lendlease, a company that went on to make its name building the Snowy Hydro and the Sydney Opera House. Dusseldorp, who escaped a Nazi forced labour camp in Poland, arrived in the country soon after the government had committed to an immense hydroelectric and irrigation scheme that would power the nation’s capital, Canberra, by taming the Snowy River, and usher in an era of modernisation for the young Federation.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04 2x" sizes="(max-width: 767px) 344px" data-id="3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Dick Dusseldorp at the site of Australia Square. The 50-storey, Harry Seidler-designed tower opened in 1967. </p></figcaption></figure></div><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/property/commercial/how-lendlease-became-australias-global-builder-20180710-h12i2h">How Lendlease became Australia’s global builder</a></li></ul></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1959</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The Americans arrive</h4><p>August 1959 — Ford started making Falcons at its Broadmeadows plant in Melbourne’s north. Like Kellogg’s, General Motors, Heinz and Coca-Cola, Ford had set up Australian operations in the 1920s but US direct investment tripled during the ’50s, and grew fastest in Australia. Led by the Americans, foreign ownership of Australia’s oil refining, car and pharmaceutical industries was estimated to be more than 90 per cent by the 1960s.</p></div></div></div></section></section><section class="_5ee99d007e47dcc0a3a3"><div class="b95aacd0881cdd9941f3"><h2 class="_0a82aebbec874bdec9f2" id="year1960">1960</h2><div class="_94bb2c3e84c5c66a8628"><p>Australia in the early 1960s was a land of new opportunities. The old family dynasties were giving way to a new breed of self-made entrepreneurs, many of them starting from scratch in a new homeland. The economy was powered by immigration, a mining boom geared to Japan’s post-war industrialisation and a spectacular nickel frenzy. Truckies, builders and miners laid the foundations of modern Australian business.</p></div></div><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1960</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Frank Lowy lists Westfield</h4><p>September 1960 — Frank Lowy, 30, lists Westfield Development Corporation with the issue of 300,000 ordinary shares at a price of five shillings each. The name came from its first location in Blacktown in western Sydney on subdivided farmland. A $1000 investment in 1960 would be worth $440 million by the Unibail-Rodamco takeover in 2017. He’s worth $8 billion on the 2021 Rich List.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616 2x" sizes="(max-width: 767px) 344px" data-id="84b6ff042a849275d5ffaf5e5d2be5f6cad58616" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/84b6ff042a849275d5ffaf5e5d2be5f6cad58616 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Frank Lowy pictured in July 1995. </p></figcaption></figure></div><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/companies/westfields-frank-lowy-the-master-of-timing-goes-out-with-bang-20171212-h03ega">Westfield's Frank Lowy, the master of timing, goes out with bang</a></li></ul></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1961</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Putting economics on the agenda</h4><p>November 14, 1961 — <cite>Financial Review</cite> editor Max Newton introduced Australians to seasonally adjusted statistics, a new analytical technique. The effort infuriated the federal government because the seasonally adjusted data showed the government was applying a credit squeeze after the economic boom had peaked. Economic policy dominated the 1961 election and Labor came within a handful of votes from power.</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The Moonie oil strike</h4><p>December, 1961 — The American-owned Union Oil struck oil in the Surat Basin in the Darling Downs in December 1961. Oil production started in 1964, peaked in 1966 and still flows today. Australia’s first commercial oil strike, Moonie spawned a generation of petroleum exploration and production people who contributed to discoveries around the country.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/f237375eaa9f89c63ec9653cb683d3d56f3c4297, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/f237375eaa9f89c63ec9653cb683d3d56f3c4297 2x" 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data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1259,"urls":["https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/f237375eaa9f89c63ec9653cb683d3d56f3c4297"," https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/f237375eaa9f89c63ec9653cb683d3d56f3c4297 2x"]}"/><source media="(min-width: 768px)" width="1023" height="576" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/f237375eaa9f89c63ec9653cb683d3d56f3c4297, https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/f237375eaa9f89c63ec9653cb683d3d56f3c4297 2x" 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data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/f237375eaa9f89c63ec9653cb683d3d56f3c4297, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/f237375eaa9f89c63ec9653cb683d3d56f3c4297 2x" sizes="(max-width: 767px) 719px" data-id="f237375eaa9f89c63ec9653cb683d3d56f3c4297" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/f237375eaa9f89c63ec9653cb683d3d56f3c4297"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/f237375eaa9f89c63ec9653cb683d3d56f3c4297 2x"]}" width="719" height="405"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Traders at the Sydney Stock Exchange after the Moonie oil strike. </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1962</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The Australian Mutual Provident Society</h4><p>November 23, 1962 — The 26-storey AMP building at Sydney Cove is the tallest building in Australia when it is opened by then Prime Minister Robert Menzies. The Australian Mutual Provident Society started providing life insurance to miners and farmers in 1849, listed on the ASX in 1998, and then proceeded to stumble from one crisis to another for the next 20 years. The shares are down near 100 per cent since listing.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1963</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘High-rise Harry’</h4><p>October 1963 — Harry Triguboff, 30, starts his business with a block of eight units in Sydney’s inner south. “Cash for your flat site: Builder wants centrally located flat sites. All suburbs,” the advertisement in the Sydney newspapers read. Since then, Meriton has built more than 75,000 apartments, along with a fortune estimated at more than $14 billion, on the 2021 Rich List.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55 2x" sizes="(max-width: 767px) 344px" data-id="c4dee6907c2ac5b9ded97f44f84545fcc4276b55" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/c4dee6907c2ac5b9ded97f44f84545fcc4276b55 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>The managing director of Meriton pictured in April 1982. </p></figcaption></figure></div><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/life-and-luxury/harry-triguboffs-dark-secret-the-19year-struggle-that-split-his-family-20171102-gzdgy8">Harry Triguboff's secret past: the 19-year struggle that split his family</a></li></ul></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Australia’s first national daily</h4><p>October 21, 1963 — The <cite>Financial Review</cite> becomes Australia’s first national daily newspaper after 12 years as a weekly and a bi-weekly. The reference to the paper being a Sydney Morning Herald publication was removed from the front page of the paper in 1960.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1964</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">A workforce revolution begins</h4><p>March 12, 1964 — The <cite>Financial Review</cite> predicts the workforce revolution resulting from the big push by women into jobs in the ’70s and ’80s in the analysis of census data. Unequal pay was enforced by Australia’s unusual wage setting process, which assumed that men had a family to support until the equal pay decisions of 1969, which established equal pay for equal work and 1972 stipulating equal pay for work of equal value.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1100,"urls":["https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244"," https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244 2x"]}"/><source media="(min-width: 1020px)" width="1259" height="709" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244, https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1259,"urls":["https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244"," https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244 2x"]}"/><source media="(min-width: 768px)" width="1023" height="576" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244, https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1023,"urls":["https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244"," https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-src="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244 2x" sizes="(max-width: 767px) 719px" data-id="62ea6169dc97e91697af344a876383c3db230244" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/62ea6169dc97e91697af344a876383c3db230244 2x"]}" width="719" height="405"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Demonstrations for equal pay laws in 1972. </p></figcaption></figure></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The first iron ore is shipped to Japan</h4><p>December 21, 1964 — Rio Tinto starts the iron ore boom, signing a deal to export the first Pilbara iron ore to Japanese steel mills. After Japan, Australia supplied South Korea, Taiwan and then China as our economy became integrated with the new steel-making and manufacturing centre of the world.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4 2x" sizes="(max-width: 767px) 344px" data-id="7344e79ed8a2975203c74cc24c6558171656e8c4" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/7344e79ed8a2975203c74cc24c6558171656e8c4 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>The heavily laden Shinho Maru sets sail from the Hamersley Iron facility at Dampier. </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1965</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">A ‘quarry’ for the world</h4><p>June 24, 1965 — The <cite>Financial Review</cite> predicts mining exports will overtake wool as Australia’s major foreign exchange earner within a decade. The 1950s and 1960s were a period when major new mineral discoveries were made in Australia. The growth of the ASX All Mining Index reflected the overall effect of these major discoveries on the market, growing by 25 per cent per annum, on average, over the 11 years from 1958 to 1968.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1966</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The end of the White Australia policy</h4><p>March 24, 1966 — The federal government takes the first steps to remove restrictions on non-white migrants to Australia. While the policy was not renounced until 1973, Australia is now home to people from 200 countries and is one of the most diverse populations in the world. Before the pandemic in 2020, international students were the country’s fourth-largest export industry, and Chinese students made up 30 per cent.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1967</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">BHP and Esso strike oil in Bass Strait</h4><p>June 9, 1967 — The BHP-Esso partnership discovers the Kingfish oil field in Bass Strait in Victoria – the biggest oil deposit ever found in Australia. BHP topped a table of the 10 largest companies published in 1952, a position it would hold for each of the next seven decades bar two. The mining company, with its roots in the 1880s in a small outback town called Broken Hill, has become the world’s biggest diversified resources company.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c 2x" sizes="(max-width: 767px) 344px" data-id="b4bbdf783539dc33dee959863d95dc6989e3ca5c" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/b4bbdf783539dc33dee959863d95dc6989e3ca5c 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>The platforms installed in Bass Strait were built to the same standards of Gulf of Mexico offshore platforms and later reinforced. </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1969</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The forerunner of the ‘millionaires factory’ opens its doors</h4><p>December 10, 1969 — Macquarie Group’s predecessor, Hill Samuel Australia, opens its doors with three staff and will go on to receive a banking licence in March 1985. Chanticleer reported that chairman David Clarke was “pitching the banking operations at what is generically termed as the ‘high net worth individual’.” Today, Macquarie’s sprawling global empire spans 28 countries, includes 14,000 staff, has posted 54 years of unbroken profitability and makes 68 per cent of its profits offshore.</p><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/companies/financial-services/macquaries-world-part-1-how-the-millionaires-factory-became-a-world-force-20180221-h0welz">How the millionaires’ factory became a world force</a></li></ul></div></div></div></div></section></section><section class="_5ee99d007e47dcc0a3a3"><div class="b95aacd0881cdd9941f3"><h2 class="_0a82aebbec874bdec9f2" id="year1970">1970</h2><div class="_94bb2c3e84c5c66a8628"><p>The economic boom of the 1960s hit the wall in the 1970s amid high inflation, wages blowouts and high unemployment, though successive oil shocks stimulated a Queensland-based coal boom. But this boom, too, went bust, sending Australia into a deep recession. </p></div></div><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1970</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The end of the first great mining boom</h4><p>March 18, 1970 — At the start of the decade, Australia was in the middle of its most spectacular mining boom and the star was Poseidon after it struck nickel at Windarra. At its peak Poseidon had a market capitalisation of $700 million, not bad for a company that only had one mine. As the <cite>Financial Review</cite>’s Trevor Sykes wrote: “The mining boom of 1969-70 developed into a form of mass hysteria. This may be deplorable, but until we can change the fundamentals of the human psyche, people will be prone to mass hysteria occasionally and the stock exchange is probably the most harmless outlet for it. After all, it’s only money.”</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65 2x" sizes="(max-width: 767px) 344px" data-id="b7573e4329a5959bba7410660abd59187cc4bb65" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/b7573e4329a5959bba7410660abd59187cc4bb65 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>The overcrowded public gallery at the Sydney Stock Exchange when Poiseidon hit $214. </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1971</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘The boy from nowhere’</h4><p>January, 1971 — Kerry Stokes was adopted, left school at 14 and got his first job in Perth installing television aerials. While he is best known for controlling the Seven television network and WA newspapers, it was property developments in the 1960s and 1970s that carved out his initial bedrock. Anticipating the shift to suburban life, he listed a shopping centre company on the Perth exchange in 1971. Now the resources sector is fuelling the bulk of his wealth, which was $7.18 billion on the 2021 Rich List.</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘Australia’s own car’</h4><p>July 15, 1971 — While the first Australian-made Holden rolled off the line in 1948, it was the Kingswood that went on sale in 1971 that became the biggest-selling model ever. Seven years earlier, Holden posted a $42 million profit, the largest profit shown by a company in Australia at the time and bigger than BHP’s. Holden was selling 14,000 cars a month and couldn’t keep up with demand. It shut down manufacturing in 2017, a year after Ford and Toyota.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d 2x" sizes="(max-width: 767px) 344px" data-id="3b8f299f83033afd1cdf37375f0f7e5ad782237d" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/3b8f299f83033afd1cdf37375f0f7e5ad782237d 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>The 1971 Holden HQ Kingswood sedan was lower, longer and wider. </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1972</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Pip! Pip! Pierpont</h4><p>February 18, 1972 — The first Pierpont column conceived by Trevor Sykes to report financial scandal with humour is published. Sykes came up with the idea of an elderly fictional character enjoying Bollinger with men of wealth and power in the “Croesus” Club. The column was hugely popular and Pierpont didn’t put down his pen until January 6, 2017, 44 years later.</p><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/work-and-careers/management/afr6peirpont-main--20170104-gtlu8n">Our Pierpont correspondent takes one last stand with the best of his anti-heroes</a></li><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/companies/mining/pierponts-10-lessons-for-surviving-booms-and-busts-20150423-1mrb01">Pierpont's 10 lessons for surviving booms and busts</a></li></ul></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The first lady of fashion</h4><p>May, 1972 — Italian immigrant Carla Zampatti opened her first boutique in Sydney’s Surry Hills after launching her label in 1965 with £600 in savings. The pioneering designer created nothing less than a new aesthetic for Australian women – and forged a path for them in business like no other.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37 2x" sizes="(max-width: 767px) 344px" data-id="19a0a47c6983a332e443d1b32f742bf255974c37" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/19a0a47c6983a332e443d1b32f742bf255974c37 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Carla Zampatti in July 1975. </p></figcaption></figure></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘It’s time’ </h4><p>December 2, 1972 — The Labor Party led by Gough Whitlam wins the federal election and enters office for the first time in 23 years. While Whitlam was spectacularly dismissed in 1975, he brought radical changes, introducing national health insurance, Aboriginal land rights, the Racial Discrimination Act, no-fault divorce and the Trade Practices Act, and abolishing university fees. He recognised China, cut tariff protections and abolished conscription. “Without this old man the land and human rights of our people would never have seen the light of day,” Indigenous activist Noel Pearson eulogised at Whitlam’s funeral.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1100,"urls":["https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b"," https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b 2x"]}"/><source media="(min-width: 1020px)" width="1259" height="709" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b, https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1259,"urls":["https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b"," https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b 2x"]}"/><source media="(min-width: 768px)" width="1023" height="576" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b, https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1023,"urls":["https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b"," https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-src="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b 2x" sizes="(max-width: 767px) 719px" data-id="75b8052c39edf25ab5967c007bc8129826af681b" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/75b8052c39edf25ab5967c007bc8129826af681b 2x"]}" width="719" height="405"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Prime Minister Whitlam (left) at a press conference, December 19, 1972. Credit: Russell McPhedran </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1973</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Oil crisis</h4><p>October 17, 1973 — OPEC declares an oil embargo against the US which supported Israel during the Yom Kippur War. By the end of the embargo – in March 1974 – the oil price had almost tripled. Australia’s inflation rate, which had been about 4 per cent in the mid ’60s, reached 10.4 per cent in the year to the September quarter of 1973, before the oil crisis compounded the problem.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1974</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Chanticleer rules the roost</h4><p>July 8, 1974 — Robert Gottliebsen launches the Chanticleer column, which he was going to call “Chancellor” until then <cite>Financial Review</cite> editor Max Walsh suggested: ‘Not Chancellor – Chanticleer’. “The Chaucer character was a brilliant choice,” Gottliebsen recalled... “although I knew I had to perform or be tagged with ‘a lot of cock’.” Still Australia’s premier business column, it is now written by Tony Boyd and James Thomson.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f 2x" sizes="(max-width: 767px) 344px" data-id="c1b471791bfca6ba465c9028a6485e0dfdd4cc3f" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/c1b471791bfca6ba465c9028a6485e0dfdd4cc3f 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>The first Chanticleer column. </p></figcaption></figure></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The crash of '74</h4><p>September 30, 1974 — As interest rates hit 17.5 per cent, five major property companies failed in four months and “September 30, 1974 was the blackest day on Australian stock exchanges this century,” journalist Trevor Sykes recalled in 1988. Further property crises followed and the cycle was repeated in the ’80s. “It’s amazing that the banks and other financiers learned so few lessons from this long and quite traumatic string of failures in the second half of the ’70s,” Sykes wrote.</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Qantas evacuates Darwin</h4><p>December 24, 1974 — After Cyclone Tracy devastated Darwin on Christmas morning, Qantas established a world record for the most people ever embarked on an aircraft when it evacuated 673 people on a single Boeing 747 flight. The airline has evacuated Australians from many overseas emergencies including Cairo, Sri Lanka and Wuhan.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1975</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Miss Gordon makes history</h4><p>July 26, 1975 — After 104 years as an all-male club, accountant Jean Gordon becomes the first female member of the Sydney Stock Exchange. Gordon’s advice to young women in business: forget you're a woman. “You have a job and you set out to do it to the best of your ability.” The ASX was formed in 1987 and listed in 1998.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920 2x" sizes="(max-width: 767px) 344px" data-id="13ca123c310b07a65de162bf61e2dee28aade920" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/13ca123c310b07a65de162bf61e2dee28aade920 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>The "first lady" of the Sydney Stock Exchange, pictured in August, 1975. </p></figcaption></figure></div></div></div></div></section></section><section class="_5ee99d007e47dcc0a3a3"><div class="b95aacd0881cdd9941f3"><h2 class="_0a82aebbec874bdec9f2" id="year1980">1980</h2><div class="_94bb2c3e84c5c66a8628"><p>The ’80s were all about opening up Australia’s closed economy under Labor’s Bob Hawke and Paul Keating. The new business opportunities were grabbed by a breed of stirrers such as Alan Bond, Robert Holmes a Court and John Elliott. These “entrepreneurs” mostly ended up crashing – and Bondy ended up in jail. But, by exploiting the new access to debt financing, they shook up Australia’s lazy corporate structures. </p></div></div><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1980</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Bottom of the harbour</h4><p>December 1, 1980 — <cite>Financial Review</cite> journalist and later editor Colleen Ryan reveals the existence of “bottom of the harbour” tax avoidance schemes. Treasurer John Howard was forced to bring in special retrospective legislation banning the schemes and extracting back taxes. The law still exists today.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1981</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">A technology success story</h4><p>August 3, 1981 — Cochlear is formed as a division of Paul Trainor’s Nucleus Group with finance from the Australian government to commercialise the implants pioneered by Dr Graeme Clark and hires its first employee. In 1995, Catherine Livingstone floated Cochlear making history as the first women to lead an ASX100 company. Today, the company holds more than two-thirds of the worldwide hearing implant market, with more than 250,000 people receiving one of Cochlear’s implants since 1982.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da cd6f83b09c1c633f2eb0 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a 2x"]}"/><source media="(min-width: 1020px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a 2x"]}"/><source media="(min-width: 768px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a, https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a 2x" sizes="(max-width: 767px) 344px" data-id="e0afb75fbaa770d160bd99a6881fdbb18852313a" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a"," https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/e0afb75fbaa770d160bd99a6881fdbb18852313a 2x"]}" width="344" height="516"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Cochlear chief executive Catherine Livingstone in 1995 when she floated the company. </p></figcaption></figure></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Financial deregulation</h4><p>November 18, 1981 — The deregulation of financial services spawned by the 1981 Campbell report recommendations laid the foundation for Australia’s relatively sophisticated, competitive and efficient market-based finance sector. These reforms transformed the financial sector into a pillar of the modern Australian economy that has supported the unbroken prosperity of close to the past three decades.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1982</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">A deep recession tipped</h4><p>April 14, 1982 — After the oil price shock, the <cite>Financial Review</cite> predicted the deep recession of 1982-83. Editor-in-chief P.P. McGuinness warned: “The Australian economy is plunging into recession. And between them, the federal government and the arbitration commission are likely to ensure that the recession deepens into a genuine depression.”</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1983</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Wages accord</h4><p>February 1983 — The “prices and incomes accord” was a series of agreements between Labor and the ACTU where unions would moderate their wage demands in exchange for improvements in the “social wage”. Wage increases, for example, were brought under control through the Accord process and inflation declined to an average rate of about 8 per cent.</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘Any boss who sacks anyone for not turning up today is a bum’</h4><p>September 26, 1983 — Alan Bond was the ultimate bold rider of the 1980s. His victory in the America’s Cup was celebrated as a national triumph. The English-born Bond, who arrived in Australia in 1950, left school at 14. Starting as an apprentice signwriter in Perth, he built a global empire, becoming Australia’s biggest corporate larrikin. By 1988, Bond was the world’s fifth-largest brewer, owned the Nine Network and paid $70 million for Van Gogh’s <cite>Irises</cite>. His empire collapsed in the ’90s and he went to jail in 1997.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda"," 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https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda 2x" sizes="(max-width: 767px) 344px" data-id="d3270dd0d42f73baeb2494fd13724acacb182dda" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/d3270dd0d42f73baeb2494fd13724acacb182dda 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Bob Hawke and Alan Bond celebrate the America's Cup win. </p></figcaption></figure></div><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/politics/federal/bob-hawke-labor-s-most-successful-pm-was-a-larrikin-and-scholar-20190516-p51o8r">Larrikin, scholar and Labor's most successful PM</a></li></ul></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Hawke floats the Australian dollar</h4><p>December 17, 1983 — The Hawke government floated the Australian dollar and abolished most restrictions on the international movement of capital, one of the most profound economic policy decisions in Australia’s modern history. “There is no doubt the market has endorsed the government’s view of what had to be done,” the <cite>Financial Review</cite>’s front page reported. Two years later, foreign banks were granted full banking licences. Other restrictions were relaxed and loans became much more freely available. The increase in credit available to the business sector fuelled expansion in corporations and increased takeover activity. </p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1985</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Fundamental tax reform</h4><p>September 20, 1985 — Treasurer Paul Keating announces a fringe benefits tax, capital gains tax and dividend imputation. To sweeten the deal, the top tax rate was cut from 60 per cent to 49 per cent. “Labor’s national ambition for Australia was a world-competitive economy underpinning an egalitarian and inclusive society,” Paul Keating said.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1987</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The 1987 crash</h4><p>October 20, 1987 — The Australian market fell by 516 points or about 25 per cent. It continued to fall for the next couple of weeks before troughing at 1151 on November 11. In all, the market fell by 50 per cent from its peak. In October, immediately before the crash, Trevor Sykes wrote: “On fundamentals such as net tangible asset backing and price-earning multiples, there is hardly a stock on the boards worth buying. But many are still going to rise and the trick is to pick the runners in the market.” In the following years, many entrepreneurs who had expanded rapidly in the bull market went under, including Alan Bond and Christopher Skase. </p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1100,"urls":["https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c"," https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c 2x"]}"/><source media="(min-width: 1020px)" width="1259" height="709" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c, https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1259,"urls":["https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c"," https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c 2x"]}"/><source media="(min-width: 768px)" width="1023" height="576" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c, https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1023,"urls":["https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c"," https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-src="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c 2x" sizes="(max-width: 767px) 719px" data-id="dbe2e93126b4999b5d709a9366d798221fffde9c" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/dbe2e93126b4999b5d709a9366d798221fffde9c 2x"]}" width="719" height="405"/></picture><figcaption class="_80bb118486236bcec2bc"><p>The Melbourne Stock Exchange on Black Tuesday, 1987. </p></figcaption></figure></div><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/markets/black-monday-how-bankers-trust-made-a-killing-in-the-1987-crash-20171017-gz2tu8">Black Monday: How Bankers Trust made a killing in the 1987 crash</a></li><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/chanticleer/tall-tales-from-87-crash--a-cheap-porsche-commodity-traders-and-a-hsc-student-20171019-gz46bb">Tall tales from '87 crash - a cheap Porsche, commodity traders and a HSC student</a></li></ul></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1989</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Tariffs come down</h4><p>June 1989 — The government announces it will cut tariffs for most imports, recognising that a protected, inefficient manufacturing sector is a luxury we can no longer afford. Industry is more exposed to competition from international best practice. Australia is gradually, but surely, turning itself into a clever country and exporting its clever ideas to the world.</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The commercial property bubble</h4><p>August 15, 1989 — Property, in particular commercial property, boomed after the sharemarket crash. In Sydney, prices soared to around $9000 per square metre from below $4000. The eventual collapse, coinciding with the 1990 recession, caused greater financial distress than the earlier sharemarket bubble. Two of the largest banks in Australia, Westpac and ANZ, experienced significant losses as a result of their exposure to bad debts from failed commercial property developers.</p></div></div></div></section></section><section class="_5ee99d007e47dcc0a3a3"><div class="b95aacd0881cdd9941f3"><h2 class="_0a82aebbec874bdec9f2" id="year1990">1990</h2><div class="_94bb2c3e84c5c66a8628"><p>The decade started with a recession when the commercial property bubble burst, signalling the end of the 1980s’ speculative enthusiasm, and ended with another asset bubble when the dotcom boom burst.</p></div></div><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1990</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘The recession we had to have’</h4><p>November 1990 — Labor’s wage accord strategy with the ACTU was blown up by a spending, credit and asset price boom in the wake of financial deregulation. The Reserve Bank lifted its cash rate to 17 per cent, burst the bubble and crunched the economy. After a second successive quarter of economic contraction was revealed in November 1990, then Treasurer Paul Keating called it “the recession we had to have”.</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The son who lost the family company</h4><p>December 1990 — Fairfax appointed receivers after a disastrous takeover bid by Warwick Fairfax jnr saddled the company with unsustainable debt. The aftershocks from that family bust-up were felt for the next 30 years.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13 2x" sizes="(max-width: 767px) 344px" data-id="10aed2c8666b4d83d8730ec81da28bc70293ba13" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/10aed2c8666b4d83d8730ec81da28bc70293ba13 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Young Warwick' at Fairfax's Broadway offices in August 1990. </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1991</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The sale of CBA, Qantas, Telstra</h4><p>September 13, 1991 — First-time stock investors rushed into the equity market for the float of the Commonwealth Bank, which gave the Australian Stock Exchange its busiest day since the 1987 sharemarket crash. The sale kicked off $30 billion in sales of former Commonwealth assets. Qantas followed in 1995 and Telstra in 1997. “In terms of sheer mass Telstra was the most successful float in Australia’s history. Anybody who wanted the shares could have got some, nobody lost money and every shareholder was sitting on handsome gains as the year closed,” Trevor Sykes wrote. </p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘Of course I am minimising my tax’</h4><p>November 1991 — Media baron Kerry Packer was the richest man in Australia when he made his most famous public statement to a Senate inquiry. “I am not evading tax in any way, shape or form. Of course, I am minimising my tax. Anybody in this country who does not minimise his tax wants his head read. I can tell you as a government that you are not spending it so well that we should be donating extra.” By 2021, the family’s political power has faded and the family will control no major operating businesses in Australia for the first time in nearly 90 years.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30 2x" sizes="(max-width: 767px) 344px" data-id="a13db11b5493f1fb0ac6ba57ef6ae48704734a30" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/a13db11b5493f1fb0ac6ba57ef6ae48704734a30 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Kerry Packer fronts the Senate inquiry.  </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1992</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">From little things</h4><p>June 17, 1992 — The Keating government introduces compulsory super. “Superannuation has revolutionised Australia. It is the greatest reform to capital markets in the history of the country,” Keating said. The $3 trillion superannuation pool has become the nation’s largest source of capital formation.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1100,"urls":["https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633"," https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633 2x"]}"/><source media="(min-width: 1020px)" width="1259" height="709" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633, https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1259,"urls":["https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633"," https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633 2x"]}"/><source media="(min-width: 768px)" width="1023" height="576" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633, https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1023,"urls":["https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633"," https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-src="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633 2x" sizes="(max-width: 767px) 719px" data-id="1cee6106d25ec19f739e86f3fb766ce2712a2633" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/1cee6106d25ec19f739e86f3fb766ce2712a2633 2x"]}" width="719" height="405"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Paul Keating gives an emotional speech to the crowds at Redfern Park on December 10, 1992. </p></figcaption></figure></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘Jeffed’</h4><p>October 1992 — Victoria is in a state of crisis when voters elect Jeff Kennett, a man never encumbered by a sense of fallibility. Over the next eight years, his bulldozing, break-or-bust government privatised essential services and commissioned major projects. “He made Melbourne dynamic and, with the benefit of hindsight, the state is better for his tenure,” <cite>The Age</cite> editorialised 20 years later.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1993</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The RBA targets inflation</h4><p>March 1993 — RBA governor Bernie Fraser first articulates a medium-term target for inflation in a speech to a group of Sydney economists, in the aftermath of the recession. Since then, inflation targeting has been endorsed by each change of government and widely used as the framework for monetary policy. It contributed to keeping the unemployment rate lower and less variable than in earlier periods.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da cd6f83b09c1c633f2eb0 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8 2x"]}"/><source media="(min-width: 1020px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8 2x"]}"/><source media="(min-width: 768px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8, https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8 2x" sizes="(max-width: 767px) 344px" data-id="28a3e00f736e8bd5bb8383611929b71da3a74bb8" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8"," https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/28a3e00f736e8bd5bb8383611929b71da3a74bb8 2x"]}" width="344" height="516"/></picture><figcaption class="_80bb118486236bcec2bc"><p>The governor of the RBA in September 1993. Credit: Andrew Meares </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1994</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The lifeblood of the region</h4><p>May 2, 1994 — The former Commonwealth Serum Laboratories floats at $2.40 a share. “We were a company under extreme threat,” former CSL boss Brian McNamee recalled in 2016. “The government had done a review and said it [CSL] was of very little value, we had 23 unions on site and a public sector mentality.” Founded in 1916, while World War I was raging, to provide vaccines, serums and antitoxins, today it is worth $131 billion.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1996</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The Howard era</h4><p>March 2, 1996 — John Howard is elected Prime Minister in a landslide and goes on to become the nation’s second-longest-serving leader. He helped set the scene for the longest economic boom since the gold rushes of the 19th century. His government balanced the national books, wiped out government debt, reformed welfare and cut taxes as it implemented a GST. </p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1100,"urls":["https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366"," https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366 2x"]}"/><source media="(min-width: 1020px)" width="1259" height="709" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366, https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1259,"urls":["https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366"," https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366 2x"]}"/><source media="(min-width: 768px)" width="1023" height="576" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366, https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1023,"urls":["https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366"," https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-src="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366 2x" sizes="(max-width: 767px) 719px" data-id="862e00aaf2f7f131fde9f899990cf642c19c8366" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/862e00aaf2f7f131fde9f899990cf642c19c8366 2x"]}" width="719" height="405"/></picture><figcaption class="_80bb118486236bcec2bc"><p>New Prime Minister John Howard claims victory. Credit: Simon O'Dwyer </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">1998</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The four pillars</h4><p>March 17, 1998 — The Wallis review created the Australian Prudential Regulation Authority, which was to be responsible for the supervision of all deposit-taking institutions. Policy was narrowed to prevent a merger between the four major banks only and became known as the four pillars policy. Successive governments have maintained the policy.</p></div></div></div></section></section><section class="_5ee99d007e47dcc0a3a3"><div class="b95aacd0881cdd9941f3"><h2 class="_0a82aebbec874bdec9f2" id="year2000">2000</h2><div class="_94bb2c3e84c5c66a8628"><p>Australia was reshaped in the 2000s by a massive China-based resources boom. This bookend to the 1960s Japan-based boom turned Lang Hancock’s daughter, Gina Rinehart, into one of the world’s richest women; allowed Andrew “Twiggy” Forrest to build Australia’s third iron ore major; and cemented BHP and Rio Tinto as two of the world’s great resources companies.</p></div></div><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2000</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘The last great reform’</h4><p>June 2000 — John Howard’s bold decision to take a structural tax reform agenda to the 1998 election came to fruition with the introduction of the goods and services tax. This was, as former treasurer Peter Costello says, the “last great reform”, which marked the end of the era of the dynamic 1980s and 1990s, and the start of the era of political system complacency, underwritten by Australia’s resource boom prosperity. </p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The dotcom bomb</h4><p>March 2000 — The dotcom bubble, where businesses struck it rich with little more than an idea and fancy presentation, finally burst wiping $US5 trillion off the market value of companies and dragging the US into recession. Of the 27 tech companies that listed on the ASX in 1999, only six remained four years later.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2001</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">HIH and One.Tel</h4><p>March, June, 2001 — HIH Insurance collapses in March 2001 with debts of $5.3 billion, triggering a royal commission that changed the face of Australian corporate governance and ushered in a new regulatory paradigm for superannuation, banking, insurance and the securities markets. A few months later, two of the country’s wealthiest families were ensnared in the spectacular failure of One.Tel. </p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘Almost incomprehensible’: September 11</h4><p>September 11, 2001 — After the terrorist attacks on the World Trade Centre and the Pentagon, Prime Minister John Howard formally invoked the ANZUS treaty for the first time and immediately committed Australia to what would become its longest war. “In sheer scale, the death and destruction are almost incomprehensible in a time not regarded as a time of war,” Howard told Parliament.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da cd6f83b09c1c633f2eb0 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11 2x"]}"/><source media="(min-width: 1020px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11 2x"]}"/><source media="(min-width: 768px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11, https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11 2x" sizes="(max-width: 767px) 344px" data-id="91b38516fc9e438724eccf94dabafda04dd93e11" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11"," https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/91b38516fc9e438724eccf94dabafda04dd93e11 2x"]}" width="344" height="516"/></picture></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2003</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The third force in iron ore</h4><p>July 18, 2003 — Andrew Forrest, a former stockbroker, starts Fortescue shortly after he was forced by Anglo American, his business partner, to stand down as chief executive of Anaconda Nickel, his first big venture, when it came close to collapse. Anglo American blamed him for mismanaging the company. Shunned by sceptical Australian investors for his next big idea, Forrest went to the US and raised billions of dollars of debt to create “Australia’s third force” in iron ore. By 2008, he was one of the country’s richest men.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04 2x" sizes="(max-width: 767px) 344px" data-id="6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Andrew Forrest at his offices in Perth in January 2006. Credit: Andrew Quilty </p></figcaption></figure></div><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/rich-list/andrew-forrest-is-defying-sceptics-to-wrangle-a-green-energy-future-20210418-p57k8s">Andrew Forrest is defying sceptics to wrangle a green energy future</a></li></ul></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2007</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Breaking the glass ceiling</h4><p>August, 17, 2007 — Gail Kelly makes corporate history as the first female CEO of a big four bank, after she started working life as a Latin teacher in South Africa. She left Westpac seven years later with over 40 per cent of senior management female and as the country's highest paid banker. Her advice to women in business was to be bold. "It’s been trouble for me all my life, the sense of gosh, ‘I’m not good enough, I’m not adequate, I’m not going to do this well. I might fail, what happens if I fail?’"</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1100,"urls":["https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d"," https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d 2x"]}"/><source media="(min-width: 1020px)" width="1259" height="709" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d, https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1259,"urls":["https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d"," https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d 2x"]}"/><source media="(min-width: 768px)" width="1023" height="576" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d, https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1023,"urls":["https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d"," https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-src="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d 2x" sizes="(max-width: 767px) 719px" data-id="ed173df6c0e3a0b83129646a5679c75f51c8d63d" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/ed173df6c0e3a0b83129646a5679c75f51c8d63d 2x"]}" width="719" height="405"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Gail Kelly in 2008. Credit: Peter Morris </p></figcaption></figure></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘Kevin from Queensland’</h4><p>November 24, 2007 — Kevin Rudd, a Mandarin-speaking former senior bureaucrat with lots of new policy ideas, surged to victory over an ageing and stubborn-sounding John Howard. He became only the third Labor leader since the war, after Whitlam and Hawke, to capture government from opposition, a considerable achievement. “It is hard to recall the optimism that Kevin Rudd brought with him at his election as Prime Minister in November 2007. Political time and tide ran strongly in his and Labor’s favour,” the <cite>Financial Review</cite> wrote. But it wasn’t to last. “In little more than 2½ years into his first term, he was axed from the leadership by his own party.”</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2008</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘Go hard, go early, go households’</h4><p>June 2008 — The start of the global financial crisis in Australia was signalled by the troubles of infrastructure investment giant Babcock & Brown. Within a year, the post-war economic order and even capitalism itself would be shaken to its foundations as financial institutions around the globe unravelled as well. In Australia, Kevin Rudd heeded the advice of his Treasury secretary Ken Henry to avoid a recession: “Go hard, go early, go households.”</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1100,"urls":["https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec"," https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec 2x"]}"/><source media="(min-width: 1020px)" width="1259" height="709" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec, https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1259,"urls":["https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec"," https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec 2x"]}"/><source media="(min-width: 768px)" width="1023" height="576" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec, https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1023,"urls":["https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec"," https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-src="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec 2x" sizes="(max-width: 767px) 719px" data-id="b159b155c79e6bb0c040b19afbacf0a33da5dcec" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/b159b155c79e6bb0c040b19afbacf0a33da5dcec 2x"]}" width="719" height="405"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Source: ASX </p></figcaption></figure></div><div class="_460617e117434663c023"><ol class="_90158307b01142bdba35"><li class="_3be8c11bb69df0fa5869"><span class="_486234224eb13557d236">1</span><span class="bcfdf37d7174798c99a2"><span class="_1798a696dd0ab8d923b6">1967</span> - BHP strikes oil in Bass Strait</span></li><li class="_3be8c11bb69df0fa5869"><span class="_486234224eb13557d236">2</span><span class="bcfdf37d7174798c99a2"><span class="_1798a696dd0ab8d923b6">1970</span> - End of the first great mining boom</span></li><li class="_3be8c11bb69df0fa5869"><span class="_486234224eb13557d236">3</span><span class="bcfdf37d7174798c99a2"><span class="_1798a696dd0ab8d923b6">1977</span> - Property collapses</span></li><li class="_3be8c11bb69df0fa5869"><span class="_486234224eb13557d236">4</span><span class="bcfdf37d7174798c99a2"><span class="_1798a696dd0ab8d923b6">1982</span> - Recession</span></li><li class="_3be8c11bb69df0fa5869"><span class="_486234224eb13557d236">5</span><span class="bcfdf37d7174798c99a2"><span class="_1798a696dd0ab8d923b6">1987</span> - Bloody Monday stockmarket crash</span></li><li class="_3be8c11bb69df0fa5869"><span class="_486234224eb13557d236">6</span><span class="bcfdf37d7174798c99a2"><span class="_1798a696dd0ab8d923b6">1990</span> - The recession we had to have</span></li><li class="_3be8c11bb69df0fa5869"><span class="_486234224eb13557d236">7</span><span class="bcfdf37d7174798c99a2"><span class="_1798a696dd0ab8d923b6">2000</span> - Dot com crash</span></li><li class="_3be8c11bb69df0fa5869"><span class="_486234224eb13557d236">8</span><span class="bcfdf37d7174798c99a2"><span class="_1798a696dd0ab8d923b6">2008</span> - The GFC</span></li><li class="_3be8c11bb69df0fa5869"><span class="_486234224eb13557d236">9</span><span class="bcfdf37d7174798c99a2"><span class="_1798a696dd0ab8d923b6">2012</span> - Peak of the mining boom</span></li><li class="_3be8c11bb69df0fa5869"><span class="_486234224eb13557d236">10</span><span class="bcfdf37d7174798c99a2"><span class="_1798a696dd0ab8d923b6">2020</span> - Coronavirus recession</span></li></ol></div><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/policy/economy/the-gfc-remembered-ten-years-ago-it-was-all-about-saving-the-banks-20180924-h15spj">The GFC remembered: Ten years ago it was all about saving the banks</a></li></ul></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The end of the road for tax reform</h4><p>December 2008 — Ken Henry led the last attempt at tax reform and released a discussion paper in 2008. However, major parts of the plan were rejected by the Rudd government and the centrepiece, a super profits tax, was killed by the mining industry and triggered Rudd’s political downfall in June 2010. Ten years later, Henry declared he was “absolutely stunned” so little of his blueprint had been implemented, adding the tax system remained “simply unsustainable” to fund government services in the longer term. </p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd 2x" sizes="(max-width: 767px) 344px" data-id="08339ed103b6fb8a791caf4a57fd34050e5c56dd" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/08339ed103b6fb8a791caf4a57fd34050e5c56dd 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Ken Henry waits for the arrival of Prime Minister Kevin Rudd, Treasurer Wayne Swan and Chris Bowen on May 2, 2010. Credit: Glen McCurtayne </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2009</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Rates on the rise again</h4><p>October 2009 — Australia makes history by being the first Group of 20 country to raise interest rates since the global financial crisis began. “The period of greatest weakness in the Australian economy has probably passed,” Reserve Bank governor Glenn Stevens explained.</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The asbestos scandal</h4><p>November 7, 2009 — After huge controversy, a special inquiry and prolonged legal battles, James Hardie agreed to a special compensation fund for payouts to people who had contracted disease after using its products that contained asbestos. Payouts continued, the company survived and by 2021, Hardie had turned around its fortunes.</p></div></div></div></section></section><section class="_5ee99d007e47dcc0a3a3"><div class="b95aacd0881cdd9941f3"><h2 class="_0a82aebbec874bdec9f2" id="year2010">2010</h2><div class="_94bb2c3e84c5c66a8628"><p>In the years after the financial crisis, Australia recorded non-stop economic growth and politics lost its head, resulting in six prime ministers in eight years. “The collateral damage on the Australian electorate, let alone our international reputation, from eight years of political brutality has been incalculable. It’s been a conflation of Shakespeare’s <cite>Macbeth</cite> and <cite>Julius Caesar</cite>, and just a touch of the Keystone Cops, in scheming, lying, two-facedness, treachery, blood-letting and ineptitude,” the <cite>Financial Review</cite>’s Andrew Clark wrote.</p></div></div><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2010</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">A woman prime minister</h4><p>June 24, 2010 — Julia Gillard replaces Kevin Rudd as Prime Minister in a late-night challenge. The result was not just chronic instability but deep divisions at the highest levels of government. In October 2012, Gillard’s attack on Tony Abbott for misogyny reverberated around the world. “I will not be lectured about sexism and misogyny by this man. I will not. And the government will not be lectured about sexism and misogyny by this man. Not now, not ever.” By the 10th anniversary of the coup, the <cite>Financial Review</cite> wrote that the country’s first female prime minister achieved more than her critics acknowledged.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da cd6f83b09c1c633f2eb0 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc 2x"]}"/><source media="(min-width: 1020px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc 2x"]}"/><source media="(min-width: 768px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc, https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc 2x" sizes="(max-width: 767px) 344px" data-id="4ed5894207de0cac4c787cf989a7dfc0f5e889cc" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc"," https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/4ed5894207de0cac4c787cf989a7dfc0f5e889cc 2x"]}" width="344" height="516"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Julia Gillard watches Kevin Rudd during question time at Parliament House in June 2010. Credit: Glen McCurtayne </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2011</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Qantas grounded</h4><p>October 30, 2011 — In a high-stakes gamble, Qantas boss Alan Joyce grounds the airline to break the resolve of unions which were trying to halt the offshoring of jobs. The airline’s recovery can be traced back to that moment. By 2020, Qantas was the world’s most profitable airline and Joyce was a celebrity CEO, recognised for his role in the same-sex marriage vote, and one of the country’s highest-paid bosses.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2012</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Making the future of publishing</h4><p>January 1, 2012 — Melanie Perkins and Cliff Obrecht started a graphic design software company in 2008 while at university in Perth to help schools automate the design of their yearbooks. But they had a bigger dream to remake the future of publishing and founded Canva in 2012. The pair are today among the 10 wealthiest Australians after their company hit a valuation of $19.6 billion in 2021.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/068d31e1fd827c35b02d2d04da09b44d24a7b178, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/068d31e1fd827c35b02d2d04da09b44d24a7b178 2x" 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data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/068d31e1fd827c35b02d2d04da09b44d24a7b178, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/068d31e1fd827c35b02d2d04da09b44d24a7b178 2x" sizes="(max-width: 767px) 719px" data-id="068d31e1fd827c35b02d2d04da09b44d24a7b178" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/068d31e1fd827c35b02d2d04da09b44d24a7b178"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/068d31e1fd827c35b02d2d04da09b44d24a7b178 2x"]}" width="719" height="405"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Co-founder of Canva Melanie Perkins. </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2013</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The Financial Review turns 50</h4><p>November 25, 2013 — The <cite>Financial Review</cite> celebrates 50 years as a national daily with a recounting of how it influenced national reform. “It took 100 years for the Commonwealth of Australia to become a common market,” wrote Vic Carroll, a former editor. “The first 50 years were spent in the trenches of two world wars, two huge droughts and the currency’s attachment to sterling. In the second 50 years, Australia opened up to itself and the world. The AFR was first to concentrate on this story.”</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2015</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘Malcolm made his mark’</h4><p>September 2015 — Malcolm Turnbull remains one of the more interesting figures to grace Australian politics, the <cite>Financial Review</cite>’s Andrew Clark wrote in 2020. “A centrist by nature, a man with unquenchable ambition and energy to match, he ushered in a more plural society, and was the first Australian leader to effectively call out China’s raging regional ambitions. From his election as MP for Wentworth in 2004 to his dramatic resignation from Parliament within a week of his losing the prime minister’s position, Malcolm made his mark.”</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Atlassian goes global</h4><p>December 10, 2015 — Mike Cannon-Brookes and Scott Farquhar list their enterprise software maker, Atlassian, on the Nasdaq. The company, founded in 2002 using $10,000 in credit card debt, closed its first day as a public company worth $7.9 billion, or about the same amount as Qantas. By May 2021, the company was worth $72 billion, which would make it the eighth-largest listed company in Australia if it were listed on the ASX.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364 2x" sizes="(max-width: 767px) 344px" data-id="63f6c4f37076c904554083dcece0527e1e240364" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/63f6c4f37076c904554083dcece0527e1e240364 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Mike Cannon-Brookes and Scott Farquhar in New York in December 2015. Credit: Trevor Collens </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2017</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘From all points of the southern sky’, a statement from the heart</h4><p>May 2017 — Indigenous leaders ask the country to enshrine a First Nations voice in the Constitution “to empower our people and take a rightful place in our own country. When we have power over our destiny our children will flourish. They will walk in two worlds and their culture will be a gift to their country,” the Uluru statement says. Former High Court justice Murray Gleeson backed the plan in 2019, saying: “What is proposed is a voice to Parliament, not a voice in Parliament.”</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Australia votes ‘yes’</h4><p>November 15, 2017 — More than 61 per cent of Australians vote “yes” in the historic voluntary postal survey. “The vote makes clear that Australian society retains a tradition of enlightenment that values reason, individual liberty, religious tolerance and human progress,” the <cite>Financial Review</cite> said. “Rather than race, gender or sexual oppression, the enlightenment story of western civilisation is one of human rights and progress.”</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f 2x" sizes="(max-width: 767px) 344px" data-id="d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f 2x"]}" width="344" height="230"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Celebrating the 'yes' vote on Sydney's Oxford St. Credit: Anna Kucera </p></figcaption></figure></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2018</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Race, gender, height: irrelevant</h4><p>July 25, 2018 — Shemara Wikramanayake lived in three countries and went to five schools by the age of 13, an upbringing she says helped her live a “no-regrets life” and rise to the top of Macquarie Group. “You shouldn’t restrict yourself to the box that you come in ... I am not the ethnicity, skin colour, gender or height, or lack thereof, of the typical Australian business person. But that has all been irrelevant to my ability to contribute to the things I think are important to me,” she said.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1100,"urls":["https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461"," https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461 2x"]}"/><source media="(min-width: 1020px)" width="1259" height="709" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461, https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1259,"urls":["https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461"," https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461 2x"]}"/><source media="(min-width: 768px)" width="1023" height="576" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461, https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1023,"urls":["https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461"," https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-src="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461 2x" sizes="(max-width: 767px) 719px" data-id="565c33381a04ab872b88ce7ce46131b332201461" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/565c33381a04ab872b88ce7ce46131b332201461 2x"]}" width="719" height="405"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Macquarie CEO Shemara Wikramanayake in 2018. Credit: Louie Douvis </p></figcaption></figure></div><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/work-and-careers/management/transcript-macquaries-shemara-wikramanayake-in-her-own-words-20160812-gqr47e">Macquarie's Shemara Wikramanayake in her own words</a></li></ul></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The end of ‘Fairfax’ </h4><p>July 27, 2018 — The legacy companies of the Fairfax family’s almost 150 years as newspaper proprietors and the Packer family’s 56 years at the helm of Nine announce a merger. The new company will take the Nine name, extinguishing one of the oldest names in newspaper publishing in the English-speaking world.</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Morrison’s ‘miracle’</h4><p>August 24, 2018 — Scott Morrison emerges as Australia’s 30th prime minister and its fifth in as many years after a boilover result in a Liberal party room ballot. Josh Frydenberg is the new deputy leader. A year later Morrison pulled off one of the most memorable victories in Australian politics to secure the Coalition a third consecutive term.</p></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2019</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Bankers told to ‘act fairly’</h4><p>February 1, 2019 — Judge Ken Hayne finds the banks put their profits and bonuses ahead of customers’ best interests after a year-long royal commission marked by drama. The problems emerged in bank wealth businesses, the <cite>Financial Review</cite> said, “with complex and alien cultures that traditional banks had bought into during the golden age of booming property markets and profits, clearly without putting adequate governance and controls in place”. The royal commission shredded the reputation of the banks.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da cd6f83b09c1c633f2eb0 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4 2x"]}"/><source media="(min-width: 1020px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4 2x"]}"/><source media="(min-width: 768px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4, https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4 2x" sizes="(max-width: 767px) 344px" data-id="0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4"," https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4 2x"]}" width="344" height="516"/></picture><figcaption class="_80bb118486236bcec2bc"><p>Financial Review cartoonist David Rowe's portrait of commissioner Ken Hayne. </p></figcaption></figure></div></div></div></div></section></section><section class="_5ee99d007e47dcc0a3a3"><div class="b95aacd0881cdd9941f3"><h2 class="_0a82aebbec874bdec9f2" id="year2020">2020</h2><div class="_94bb2c3e84c5c66a8628"><p>The decade started with a year unlike any other. The coronavirus pandemic created the most extraordinary crisis in living memory and the biggest economic shock since the Great Depression. Governments unleashed $311 billion in emergency spending and the Reserve Bank slashed interest rates to practically zero.</p></div></div><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2020</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">‘This is one of those national interest moments’</h4><p>March 10, 2020 — Three Australians had died of the novel coronavirus called COVID-19 when Scott Morrison addresses the <cite>Financial Review</cite> Business Summit. By the end of the year, Australia’s toll would be 910. “Whatever you thought 2020 was going to be about. Think again,” the Prime Minister said. Days before announcing a massive stimulus package, he warned the economic blow from the global health crisis would be worse than the GFC.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _97bef0729e6e29ef7b7d _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72 2x"]}"/><source media="(min-width: 1020px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72 2x"]}"/><source media="(min-width: 768px)" width="620" height="414" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72, https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72 2x" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72"," https://static.ffx.io/images/$width_1240%2C$height_827/t_crop_fill%2Cq_52%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_414/t_crop_fill%2Cq_88%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAMAAAACCAQAAAA3fa6RAAAADklEQVR42mNkAANGCAUAACMAA2w/AMgAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72, https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72 2x" sizes="(max-width: 767px) 344px" data-id="640cb785dc42f98bf0b325466e12026099ec7d72" data-pb-im-config="{"aspectRatio":1.5,"type":"landscape3x2","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_255/t_crop_fill%2Cq_88%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72"," https://static.ffx.io/images/$width_764%2C$height_510/t_crop_fill%2Cq_52%2Cf_auto/640cb785dc42f98bf0b325466e12026099ec7d72 2x"]}" width="344" height="230"/></picture></figure></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Australia in lockdown</h4><p>March 20, 2020 — Australia officially enters a seven-week lockdown, shutting millions of businesses. Within a month almost 600,000 jobs had been officially lost, while 3.5 million were being propped up by the JobKeeper wage subsidy scheme as the government unleashed $250 billion in budget stimulus. The banks agreed to loan repayment holidays, avoiding a wave of defaults that would have compounded the economic carnage.</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The virus recession we had to have</h4><p>June 6, 2020 — Australia’s first recession in 29 years was forced on the economy by the pandemic. Instead of the first budget surplus in a decade, Treasurer Josh Frydenberg presided over the biggest government spending program in Australian history to cushion the sharpest economic downturn since the 1930s Depression. The <cite>Financial Review</cite> called it “the virus recession we had to have”.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da cd6f83b09c1c633f2eb0 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5 2x"]}"/><source media="(min-width: 1020px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5 2x"]}"/><source media="(min-width: 768px)" width="620" height="930" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5, https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5 2x" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":620,"urls":["https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5"," https://static.ffx.io/images/$width_1240%2C$height_1860/t_crop_fill%2Cq_52%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-src="https://static.ffx.io/images/$width_620%2C$height_930/t_crop_fill%2Cq_88%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAADCAQAAAAT4xYKAAAADklEQVR42mNkAAJGOAEAAC0ABNxMS2YAAAAASUVORK5CYII=" data-srcset="https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5, https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5 2x" sizes="(max-width: 767px) 344px" data-id="09039081cc6e544e3786f44a1e43f0b1880598a5" data-pb-im-config="{"aspectRatio":0.666667,"type":"portrait2x3","width":344,"urls":["https://static.ffx.io/images/$width_382%2C$height_573/t_crop_fill%2Cq_88%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5"," https://static.ffx.io/images/$width_764%2C$height_1146/t_crop_fill%2Cq_52%2Cf_auto/09039081cc6e544e3786f44a1e43f0b1880598a5 2x"]}" width="344" height="516"/></picture></figure></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">AMP’s #metoo moment</h4><p>August 24, 2020 — AMP chairman David Murray, director John Fraser and banker Boe Pahari resign over a sexual harassment claim, underlining the “time’s up” message of the sexual harassment controversy at one of Australia’s oldest and traditionally most respected financial institutions. The exodus showed tolerating sexually harassing behaviour is no longer acceptable in the modern workplace. </p><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/companies/financial-services/boe-pahari-david-murray-john-fraser-resign-from-amp-20200824-p55ol5">AMP trio fall, Murray, De Ferrari under pressure</a></li><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/companies/financial-services/the-secret-battle-for-a-billion-dollar-afterpay-fortune-20201220-p56p0y">The secret battle for a billion-dollar Afterpay fortune</a></li></ul></div></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">Technology rules the Young Rich List</h4><p>November 27, 2020 — This was the year that technology ate the Young Rich List. Spurred on by the pandemic lockdown, a staggering 81 per cent of the $39.6 billion wealth represented by the 100 people on the list owes its existence to binary code. Altogether, tech entrepreneurs make up more than half the list for the first time, showing the online world is an egalitarian pathway to wealth, in theory for anyone with an idea and an internet connection.</p></div><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">From start-up to the ASX 20 in five years</h4><p>December 21, 2020 — Afterpay, a payments company loved by Millennials, enters the elite club of top-20 listed companies after one of the most volatile but transformative years in the history of the Australian sharemarket. One of Australia’s great corporate success stories, Afterpay’s share price exceeded $122 on the day it entered the top 20, just five years after it was started by Nick Molnar and his former neighbour Anthony Eisen, catapulting the pair onto the Rich List. Afterpay announced its sale to Square for a stunning $39b in August 2021.</p><div class="_1c5a2a17ea89fc41ffb0"><figure class="_227df838c2207d6e92da _87c08f318132fddfef07 _6f6db0aa612a03c039e8" data-pb-type="im"><picture><source media="(min-width: 1180px)" width="1100" height="619" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79, https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1100,"urls":["https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79"," https://static.ffx.io/images/$width_2200%2C$height_1238/t_crop_fill%2Cq_52%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79 2x"]}"/><source media="(min-width: 1020px)" width="1259" height="709" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79, https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1259,"urls":["https://static.ffx.io/images/$width_1259%2C$height_709/t_crop_fill%2Cq_88%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79"," https://static.ffx.io/images/$width_2518%2C$height_1417/t_crop_fill%2Cq_52%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79 2x"]}"/><source media="(min-width: 768px)" width="1023" height="576" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79, https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79 2x" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":1023,"urls":["https://static.ffx.io/images/$width_1023%2C$height_576/t_crop_fill%2Cq_88%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79"," https://static.ffx.io/images/$width_2046%2C$height_1151/t_crop_fill%2Cq_52%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79 2x"]}"/><img class="c101ad2e6ff325391dc3" data-testid="Image-image" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-src="https://static.ffx.io/images/$width_1100%2C$height_619/t_crop_fill%2Cq_88%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79" srcSet="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==, data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAAJCAQAAACRI2S5AAAAEElEQVR42mNkIAAYRxWAAQAG9gAKqv6+AwAAAABJRU5ErkJggg==" data-srcset="https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79, https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79 2x" sizes="(max-width: 767px) 719px" data-id="c1d2ab2db209f8c075f4a66d786ebcb980795a79" data-pb-im-config="{"aspectRatio":1.777778,"type":"landscape16x9","width":719,"urls":["https://static.ffx.io/images/$width_719%2C$height_405/t_crop_fill%2Cq_88%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79"," https://static.ffx.io/images/$width_1438%2C$height_809/t_crop_fill%2Cq_52%2Cf_auto/c1d2ab2db209f8c075f4a66d786ebcb980795a79 2x"]}" width="719" height="405"/></picture></figure></div><div class="_6a9b9fb02181094acbb0"><h5 class="_2d358feae6279dd78b57">Related</h5><ul class="_5a8f32372951367c6366"><li class="ae883c3b9fff78ae46af"><a class="_9d15b785b8c3e99ab184" href="https://www.afr.com/companies/financial-services/why-fashion-is-key-to-afterpay-s-staggering-success-20210211-p571jp">Nick Molnar’s runaway success starts with style</a></li></ul></div></div></div></div></section><section class="e077ad61b0a0c23ccd74"><div class="f8988c04028c4a0ffdcc"><h3 class="_71d7a075e07b5b1eaaa2">2021</h3><div class="_10be8b5288ec8d6a10d2"><div class="c1800d404aa4ca1c4bc6"><h4 class="_8ef06a0678ebd9a9497c">The triumph of ‘Team Australia’</h4><p>May 11, 2021 — Australia pulls off an astounding recovery from the coronavirus pandemic. After the mass layoffs of 2020, the biggest shortage now is not of jobs but of workers. The Treasurer claimed the economy was “roaring back to life” as he handed down $29 billion in surprise tax cuts and $33 billion in spending. The <cite>Financial Review</cite> criticised the budget spendathon and lack of reform. “To have a budget for the recovery still with so much Keynes and so little Milton Friedman is a worrying comment on the inability of Australia to manage its own recovery.”</p></div></div></div></section></section><div class="a2f045229e6dd80bbaef"><p>The <cite>Financial Review</cite> has provided the first draft of the history of Australian business, and the nation, over the past seven decades. We will continue to explain their story in the decades ahead.</p></div><section class="_99c68a794a1cf644dbb5"><h3>Credits</h3><div><section><h4>Words</h4><p>Andrew Clark, Fiona Buffini, <cite>Financial Review</cite> archives</p></section><section><h4>Graphics</h4><p>Les Hewitt, Michaela Pollock</p></section><section><h4>Product Direction</h4><p>David Esplin, Lauren Oldfield</p></section><section><h4>Design</h4><p>Lucinda McCullough</p></section><section><h4>Development</h4><p>Ben Beilharz, Daniel Stephens, Chandana Kalupahana, Prafful Jagtap</p></section></div></section></div></div><footer class="_1ad451d4d61a9aad65e9" data-testid="Footer" id="footer"><div class="_11b9cd7baa133b143260 _63688f00471a4c32eafc"><div class="_6dc49fa92bfae1d810bd"><div class="_2265b0a22ed6230d3911"><a class="_9296756bb4bbb35d74a9" href="/"><svg aria-label="The Australian Financial Review" class="_87edd7e67faf16b75aa0" height="34" viewBox="0 0 300 34" width="300" xmlns="http://www.w3.org/2000/svg"><path 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The country was supported by a giant flock of 120 million sheep and rural goods accounted for 85 per cent of the country’s earnings. The ’50s marked the start of the two-decade “golden age”, where real GDP grew by more than 4 per cent a year with inflation about 3 per cent and unemployment under 2 per cent.","name":"1950","years":[{"year":"1951","items":[{"year":"1951","date":"August 16, 1951","headline":"A fitting origin story","text":"The Australian Financial Review was born in response to a competitive threat after publisher John Fairfax got wind of a rival’s plan to launch a weekly Financial Times. The new national business paper started as a 28-page tabloid that published every Thursday with a cover price of one shilling, 15¢. “We want it to become a forum for the expression of opinion about the subjects with which it deals,” the front page declared. “Too often those in power take decisions without a full appreciation of the viewpoint of those whom those decisions will most vitally affect.”","imageID":"","imageRatio":"16:9","imageCaption":"","relatedURLs":[]},{"year":"1951","date":"September 1, 1951","headline":"An alliance forged in sacrifice","text":"Australia signed the ANZUS treaty with America to put its people under the security umbrella of the world’s new superpower. Since the end of World War II, Pax Americana in the Asia-Pacific region provided the security framework for one of the greatest eras of economic development.","imageID":"","imageRatio":"16:9","imageCaption":"","relatedURLs":[]},{"year":"1951","date":"October 1, 1951","headline":"The foundations of the banking industry","text":"The ANZ Bank was created from the merger of two heritage companies. In 1959, the Reserve Bank was created and took over the central banking functions of the government-owned Commonwealth Bank. The RBA, which started operations on January 14, 1960, got a new board including a governor, deputy governor and the secretary to the Treasury, a structure that still exists today.","imageID":"7ea90556227238d42d19edac665634348bd26aa4","imageRatio":"1:1","imageCaption":"The ANZ merger advertisement in the Financial Review, October 4, 1951.","relatedURLs":[]},{"year":"1951","date":"October 3, 1951","headline":"The ‘horror budget’","text":"The Korean War sparked a phenomenal increase in demand for wool that quadrupled prices. Treasurer Artie Fadden resorted to massive tax increases to slow down the runaway economy, just as American buyers deserted and the wool boom burst. The Financial Review slammed the “horror budget” on its front page. “No more disastrous series of financial proposals can ever have been presented to Parliament than the Budget for 1951-52.”","imageID":"7e0b9d82049cb551938e9ce91739e89f2eb220de","imageRatio":"3:2","imageCaption":"Sir Arthur Fadden walks down the steps outside Parliament House, Canberra. 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The two families’ business interests now encompass a sprawling retail empire that includes fashion and commercial property, worth a combined $8 billion on the 2021 Financial Review Rich List.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1952","items":[{"year":"1952","date":"October 4, 1952","headline":"A press baron gets his start","text":"Rupert Murdoch was 21 when his father, Keith, the famous war correspondent and newspaper owner, died unexpectedly. Returning from Oxford University, Rupert ran The News in Adelaide, becoming a mini-mogul in Australia before going on to fight print unions in England and regulators in America to build a global media empire that would dominate Fleet Street, Hollywood and US television.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[{"headline":"All to play for in Rupert Murdoch’s endgame","url":"https:\u002F\u002Fwww.afr.com\u002Fcompanies\u002Fmedia-and-marketing\u002Fall-to-play-for-in-rupert-murdoch-s-endgame-20210302-p576ya"}]},{"year":"1952","date":"November 15, 1952","headline":"Miner caught in a Pilbara rain storm","text":"Lang Hancock, 43, was flying in a light plane over Western Australia’s Pilbara region when, forced low in a storm, he noticed the rust colour of the wet gorge walls, which, as he later told a television reporter, “showed it to me to be oxidised iron.” Those red rocks became the cargo of a great seaborne iron ore export industry that surpassed even that of wool, providing the base for Lang Hancock’s only child, Gina Rinehart, to become Australia’s richest person by a huge margin; she is worth $30.06 billion on the 2021 Rich List.","imageID":"4f96ce315354de2703ee02c7cbb0f08da58a49bb","imageRatio":"16:9","imageCaption":"Gina Rinehart with her father, Lang, in 1977.","relatedURLs":[{"headline":"Mining magnate Gina Rinehart shows her softer side in rare interview","url":"https:\u002F\u002Fwww.afr.com\u002Flife-and-luxury\u002Fgina-rinehart-the-iron-maiden-speaks-20180601-h10u0b"}]}]},{"year":"1957","items":[{"year":"1957","date":"April 30, 1957","headline":"From the theatre to a global stage","text":"Ray Lawler’s play Summer of the Seventeenth Doll was a global smash hit and one of the lead actors was Polish-born Richard Pratt, who returned to Australia to work in his father’s company Visy Board. Richard took over in 1969 when his father died. His son, Anthony, has expanded the business into a global packaging giant and built a family fortune of more than $20 billion on the 2021 Rich List.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[{"headline":"How Donald Trump helped Anthony Pratt get richer","url":"https:\u002F\u002Fwww.afr.com\u002Flife-and-luxury\u002F2018-afr-rich-list-how-donald-trump-helps-anthony-pratt-get-richer-20180413-h0yql9"}]}]},{"year":"1958","items":[{"year":"1958","date":"April 1958","headline":"Australia’s global builder","text":"Dutch immigrant engineer Dick Dusseldorp founded Lendlease, a company that went on to make its name building the Snowy Hydro and the Sydney Opera House. Dusseldorp, who escaped a Nazi forced labour camp in Poland, arrived in the country soon after the government had committed to an immense hydroelectric and irrigation scheme that would power the nation’s capital, Canberra, by taming the Snowy River, and usher in an era of modernisation for the young Federation.","imageID":"3a3b0b8cc50bf03c79c63ec9cdd84aedad6aae04","imageRatio":"3:2","imageCaption":"Dick Dusseldorp at the site of Australia Square. The 50-storey, Harry Seidler-designed tower opened in 1967.","relatedURLs":[{"headline":"How Lendlease became Australia’s global builder","url":"https:\u002F\u002Fwww.afr.com\u002Fproperty\u002Fcommercial\u002Fhow-lendlease-became-australias-global-builder-20180710-h12i2h"}]}]},{"year":"1959","items":[{"year":"1959","date":"August 1959","headline":"The Americans arrive","text":"Ford started making Falcons at its Broadmeadows plant in Melbourne’s north. Like Kellogg’s, General Motors, Heinz and Coca-Cola, Ford had set up Australian operations in the 1920s but US direct investment tripled during the ’50s, and grew fastest in Australia. Led by the Americans, foreign ownership of Australia’s oil refining, car and pharmaceutical industries was estimated to be more than 90 per cent by the 1960s.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]}]},{"intro":"Australia in the early 1960s was a land of new opportunities. The old family dynasties were giving way to a new breed of self-made entrepreneurs, many of them starting from scratch in a new homeland. The economy was powered by immigration, a mining boom geared to Japan’s post-war industrialisation and a spectacular nickel frenzy. Truckies, builders and miners laid the foundations of modern Australian business.","name":"1960","years":[{"year":"1960","items":[{"year":"1960","date":"September 1960","headline":"Frank Lowy lists Westfield","text":"Frank Lowy, 30, lists Westfield Development Corporation with the issue of 300,000 ordinary shares at a price of five shillings each. The name came from its first location in Blacktown in western Sydney on subdivided farmland. A $1000 investment in 1960 would be worth $440 million by the Unibail-Rodamco takeover in 2017. He’s worth $8 billion on the 2021 Rich List.","imageID":"84b6ff042a849275d5ffaf5e5d2be5f6cad58616","imageRatio":"3:2","imageCaption":"Frank Lowy pictured in July 1995.","relatedURLs":[{"headline":"Westfield's Frank Lowy, the master of timing, goes out with bang","url":"https:\u002F\u002Fwww.afr.com\u002Fcompanies\u002Fwestfields-frank-lowy-the-master-of-timing-goes-out-with-bang-20171212-h03ega"}]}]},{"year":"1961","items":[{"year":"1961","date":"November 14, 1961","headline":"Putting economics on the agenda","text":"Financial Review editor Max Newton introduced Australians to seasonally adjusted statistics, a new analytical technique. The effort infuriated the federal government because the seasonally adjusted data showed the government was applying a credit squeeze after the economic boom had peaked. Economic policy dominated the 1961 election and Labor came within a handful of votes from power.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]},{"year":"1961","date":"December, 1961","headline":"The Moonie oil strike","text":"The American-owned Union Oil struck oil in the Surat Basin in the Darling Downs in December 1961. Oil production started in 1964, peaked in 1966 and still flows today. Australia’s first commercial oil strike, Moonie spawned a generation of petroleum exploration and production people who contributed to discoveries around the country.","imageID":"f237375eaa9f89c63ec9653cb683d3d56f3c4297","imageRatio":"16:9","imageCaption":"Traders at the Sydney Stock Exchange after the Moonie oil strike.","relatedURLs":[]}]},{"year":"1962","items":[{"year":"1962","date":"November 23, 1962","headline":"The Australian Mutual Provident Society","text":"The 26-storey AMP building at Sydney Cove is the tallest building in Australia when it is opened by then Prime Minister Robert Menzies. The Australian Mutual Provident Society started providing life insurance to miners and farmers in 1849, listed on the ASX in 1998, and then proceeded to stumble from one crisis to another for the next 20 years. The shares are down near 100 per cent since listing.","imageID":"","imageRatio":"","imageCaption":" ","relatedURLs":[]}]},{"year":"1963","items":[{"year":"1963","date":"October 1963","headline":"‘High-rise Harry’","text":"Harry Triguboff, 30, starts his business with a block of eight units in Sydney’s inner south. “Cash for your flat site: Builder wants centrally located flat sites. All suburbs,” the advertisement in the Sydney newspapers read. Since then, Meriton has built more than 75,000 apartments, along with a fortune estimated at more than $14 billion, on the 2021 Rich List.","imageID":"c4dee6907c2ac5b9ded97f44f84545fcc4276b55","imageRatio":"3:2","imageCaption":"The managing director of Meriton pictured in April 1982.","relatedURLs":[{"headline":"Harry Triguboff's secret past: the 19-year struggle that split his family","url":"https:\u002F\u002Fwww.afr.com\u002Flife-and-luxury\u002Fharry-triguboffs-dark-secret-the-19year-struggle-that-split-his-family-20171102-gzdgy8"}]},{"year":"1963","date":"October 21, 1963","headline":"Australia’s first national daily","text":"The Financial Review becomes Australia’s first national daily newspaper after 12 years as a weekly and a bi-weekly. The reference to the paper being a Sydney Morning Herald publication was removed from the front page of the paper in 1960.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1964","items":[{"year":"1964","date":"March 12, 1964","headline":"A workforce revolution begins","text":"The Financial Review predicts the workforce revolution resulting from the big push by women into jobs in the ’70s and ’80s in the analysis of census data. Unequal pay was enforced by Australia’s unusual wage setting process, which assumed that men had a family to support until the equal pay decisions of 1969, which established equal pay for equal work and 1972 stipulating equal pay for work of equal value.","imageID":"62ea6169dc97e91697af344a876383c3db230244","imageRatio":"16:9","imageCaption":"Demonstrations for equal pay laws in 1972.","relatedURLs":[]},{"year":"1964","date":"December 21, 1964","headline":"The first iron ore is shipped to Japan","text":"Rio Tinto starts the iron ore boom, signing a deal to export the first Pilbara iron ore to Japanese steel mills. After Japan, Australia supplied South Korea, Taiwan and then China as our economy became integrated with the new steel-making and manufacturing centre of the world.","imageID":"7344e79ed8a2975203c74cc24c6558171656e8c4","imageRatio":"3:2","imageCaption":"The heavily laden Shinho Maru sets sail from the Hamersley Iron facility at Dampier.","relatedURLs":[]}]},{"year":"1965","items":[{"year":"1965","date":"June 24, 1965","headline":"A ‘quarry’ for the world","text":"The Financial Review predicts mining exports will overtake wool as Australia’s major foreign exchange earner within a decade. The 1950s and 1960s were a period when major new mineral discoveries were made in Australia. The growth of the ASX All Mining Index reflected the overall effect of these major discoveries on the market, growing by 25 per cent per annum, on average, over the 11 years from 1958 to 1968.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1966","items":[{"year":"1966","date":"March 24, 1966","headline":"The end of the White Australia policy","text":"The federal government takes the first steps to remove restrictions on non-white migrants to Australia. While the policy was not renounced until 1973, Australia is now home to people from 200 countries and is one of the most diverse populations in the world. Before the pandemic in 2020, international students were the country’s fourth-largest export industry, and Chinese students made up 30 per cent.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1967","items":[{"year":"1967","date":"June 9, 1967","headline":"BHP and Esso strike oil in Bass Strait","text":"The BHP-Esso partnership discovers the Kingfish oil field in Bass Strait in Victoria – the biggest oil deposit ever found in Australia. BHP topped a table of the 10 largest companies published in 1952, a position it would hold for each of the next seven decades bar two. The mining company, with its roots in the 1880s in a small outback town called Broken Hill, has become the world’s biggest diversified resources company.","imageID":"b4bbdf783539dc33dee959863d95dc6989e3ca5c","imageRatio":"3:2","imageCaption":"The platforms installed in Bass Strait were built to the same standards of Gulf of Mexico offshore platforms and later reinforced.","relatedURLs":[]}]},{"year":"1969","items":[{"year":"1969","date":"December 10, 1969","headline":"The forerunner of the ‘millionaires factory’ opens its doors","text":"Macquarie Group’s predecessor, Hill Samuel Australia, opens its doors with three staff and will go on to receive a banking licence in March 1985. Chanticleer reported that chairman David Clarke was “pitching the banking operations at what is generically termed as the ‘high net worth individual’.” Today, Macquarie’s sprawling global empire spans 28 countries, includes 14,000 staff, has posted 54 years of unbroken profitability and makes 68 per cent of its profits offshore.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[{"headline":"How the millionaires’ factory became a world force","url":"https:\u002F\u002Fwww.afr.com\u002Fcompanies\u002Ffinancial-services\u002Fmacquaries-world-part-1-how-the-millionaires-factory-became-a-world-force-20180221-h0welz"}]}]}]},{"intro":"The economic boom of the 1960s hit the wall in the 1970s amid high inflation, wages blowouts and high unemployment, though successive oil shocks stimulated a Queensland-based coal boom. But this boom, too, went bust, sending Australia into a deep recession. ","name":"1970","years":[{"year":"1970","items":[{"year":"1970","date":"March 18, 1970","headline":"The end of the first great mining boom","text":"At the start of the decade, Australia was in the middle of its most spectacular mining boom and the star was Poseidon after it struck nickel at Windarra. At its peak Poseidon had a market capitalisation of $700 million, not bad for a company that only had one mine. As the Financial Review’s Trevor Sykes wrote: “The mining boom of 1969-70 developed into a form of mass hysteria. This may be deplorable, but until we can change the fundamentals of the human psyche, people will be prone to mass hysteria occasionally and the stock exchange is probably the most harmless outlet for it. After all, it’s only money.”","imageID":"b7573e4329a5959bba7410660abd59187cc4bb65","imageRatio":"3:2","imageCaption":"The overcrowded public gallery at the Sydney Stock Exchange when Poiseidon hit $214.","relatedURLs":[]}]},{"year":"1971","items":[{"year":"1971","date":"January, 1971","headline":"‘The boy from nowhere’","text":"Kerry Stokes was adopted, left school at 14 and got his first job in Perth installing television aerials. While he is best known for controlling the Seven television network and WA newspapers, it was property developments in the 1960s and 1970s that carved out his initial bedrock. Anticipating the shift to suburban life, he listed a shopping centre company on the Perth exchange in 1971. Now the resources sector is fuelling the bulk of his wealth, which was $7.18 billion on the 2021 Rich List.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]},{"year":"1971","date":"July 15, 1971","headline":"‘Australia’s own car’","text":"While the first Australian-made Holden rolled off the line in 1948, it was the Kingswood that went on sale in 1971 that became the biggest-selling model ever. Seven years earlier, Holden posted a $42 million profit, the largest profit shown by a company in Australia at the time and bigger than BHP’s. Holden was selling 14,000 cars a month and couldn’t keep up with demand. It shut down manufacturing in 2017, a year after Ford and Toyota.","imageID":"3b8f299f83033afd1cdf37375f0f7e5ad782237d","imageRatio":"3:2","imageCaption":"The 1971 Holden HQ Kingswood sedan was lower, longer and wider.","relatedURLs":[]}]},{"year":"1972","items":[{"year":"1972","date":"February 18, 1972","headline":"Pip! Pip! Pierpont","text":"The first Pierpont column conceived by Trevor Sykes to report financial scandal with humour is published. Sykes came up with the idea of an elderly fictional character enjoying Bollinger with men of wealth and power in the “Croesus” Club. The column was hugely popular and Pierpont didn’t put down his pen until January 6, 2017, 44 years later.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[{"headline":"Our Pierpont correspondent takes one last stand with the best of his anti-heroes","url":"https:\u002F\u002Fwww.afr.com\u002Fwork-and-careers\u002Fmanagement\u002Fafr6peirpont-main--20170104-gtlu8n"},{"headline":"Pierpont's 10 lessons for surviving booms and busts","url":"https:\u002F\u002Fwww.afr.com\u002Fcompanies\u002Fmining\u002Fpierponts-10-lessons-for-surviving-booms-and-busts-20150423-1mrb01"}]},{"year":"1972","date":"May, 1972","headline":"The first lady of fashion","text":"Italian immigrant Carla Zampatti opened her first boutique in Sydney’s Surry Hills after launching her label in 1965 with £600 in savings. The pioneering designer created nothing less than a new aesthetic for Australian women – and forged a path for them in business like no other.","imageID":"19a0a47c6983a332e443d1b32f742bf255974c37","imageRatio":"3:2","imageCaption":"Carla Zampatti in July 1975.","relatedURLs":[]},{"year":"1972","date":"December 2, 1972","headline":"‘It’s time’ ","text":"The Labor Party led by Gough Whitlam wins the federal election and enters office for the first time in 23 years. While Whitlam was spectacularly dismissed in 1975, he brought radical changes, introducing national health insurance, Aboriginal land rights, the Racial Discrimination Act, no-fault divorce and the Trade Practices Act, and abolishing university fees. He recognised China, cut tariff protections and abolished conscription. “Without this old man the land and human rights of our people would never have seen the light of day,” Indigenous activist Noel Pearson eulogised at Whitlam’s funeral.","imageID":"75b8052c39edf25ab5967c007bc8129826af681b","imageRatio":"16:9","imageCaption":"Prime Minister Whitlam (left) at a press conference, December 19, 1972. Credit: Russell McPhedran","relatedURLs":[]}]},{"year":"1973","items":[{"year":"1973","date":"October 17, 1973","headline":"Oil crisis","text":"OPEC declares an oil embargo against the US which supported Israel during the Yom Kippur War. By the end of the embargo – in March 1974 – the oil price had almost tripled. Australia’s inflation rate, which had been about 4 per cent in the mid ’60s, reached 10.4 per cent in the year to the September quarter of 1973, before the oil crisis compounded the problem.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1974","items":[{"year":"1974","date":"July 8, 1974","headline":"Chanticleer rules the roost","text":"Robert Gottliebsen launches the Chanticleer column, which he was going to call “Chancellor” until then Financial Review editor Max Walsh suggested: ‘Not Chancellor – Chanticleer’. “The Chaucer character was a brilliant choice,” Gottliebsen recalled... “although I knew I had to perform or be tagged with ‘a lot of cock’.” Still Australia’s premier business column, it is now written by Tony Boyd and James Thomson.","imageID":"c1b471791bfca6ba465c9028a6485e0dfdd4cc3f","imageRatio":"3:2","imageCaption":"The first Chanticleer column.","relatedURLs":[]},{"year":"1974","date":"September 30, 1974","headline":"The crash of '74","text":"As interest rates hit 17.5 per cent, five major property companies failed in four months and “September 30, 1974 was the blackest day on Australian stock exchanges this century,” journalist Trevor Sykes recalled in 1988. Further property crises followed and the cycle was repeated in the ’80s. “It’s amazing that the banks and other financiers learned so few lessons from this long and quite traumatic string of failures in the second half of the ’70s,” Sykes wrote.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]},{"year":"1974","date":"December 24, 1974","headline":"Qantas evacuates Darwin","text":"After Cyclone Tracy devastated Darwin on Christmas morning, Qantas established a world record for the most people ever embarked on an aircraft when it evacuated 673 people on a single Boeing 747 flight. The airline has evacuated Australians from many overseas emergencies including Cairo, Sri Lanka and Wuhan.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1975","items":[{"year":"1975","date":"July 26, 1975","headline":"Miss Gordon makes history","text":"After 104 years as an all-male club, accountant Jean Gordon becomes the first female member of the Sydney Stock Exchange. Gordon’s advice to young women in business: forget you're a woman. “You have a job and you set out to do it to the best of your ability.” The ASX was formed in 1987 and listed in 1998.","imageID":"13ca123c310b07a65de162bf61e2dee28aade920","imageRatio":"3:2","imageCaption":"The \"first lady\" of the Sydney Stock Exchange, pictured in August, 1975.","relatedURLs":[]}]}]},{"intro":"The ’80s were all about opening up Australia’s closed economy under Labor’s Bob Hawke and Paul Keating. The new business opportunities were grabbed by a breed of stirrers such as Alan Bond, Robert Holmes a Court and John Elliott. These “entrepreneurs” mostly ended up crashing – and Bondy ended up in jail. But, by exploiting the new access to debt financing, they shook up Australia’s lazy corporate structures. ","name":"1980","years":[{"year":"1980","items":[{"year":"1980","date":"December 1, 1980","headline":"Bottom of the harbour","text":"Financial Review journalist and later editor Colleen Ryan reveals the existence of “bottom of the harbour” tax avoidance schemes. Treasurer John Howard was forced to bring in special retrospective legislation banning the schemes and extracting back taxes. The law still exists today.","imageID":"","imageRatio":"16:9","imageCaption":"","relatedURLs":[]}]},{"year":"1981","items":[{"year":"1981","date":"August 3, 1981","headline":"A technology success story","text":"Cochlear is formed as a division of Paul Trainor’s Nucleus Group with finance from the Australian government to commercialise the implants pioneered by Dr Graeme Clark and hires its first employee. In 1995, Catherine Livingstone floated Cochlear making history as the first women to lead an ASX100 company. Today, the company holds more than two-thirds of the worldwide hearing implant market, with more than 250,000 people receiving one of Cochlear’s implants since 1982.","imageID":"e0afb75fbaa770d160bd99a6881fdbb18852313a","imageRatio":"2:3","imageCaption":"Cochlear chief executive Catherine Livingstone in 1995 when she floated the company.","relatedURLs":[]},{"year":"1981","date":"November 18, 1981","headline":"Financial deregulation","text":"The deregulation of financial services spawned by the 1981 Campbell report recommendations laid the foundation for Australia’s relatively sophisticated, competitive and efficient market-based finance sector. These reforms transformed the financial sector into a pillar of the modern Australian economy that has supported the unbroken prosperity of close to the past three decades.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1982","items":[{"year":"1982","date":"April 14, 1982","headline":"A deep recession tipped","text":"After the oil price shock, the Financial Review predicted the deep recession of 1982-83. Editor-in-chief P.P. McGuinness warned: “The Australian economy is plunging into recession. And between them, the federal government and the arbitration commission are likely to ensure that the recession deepens into a genuine depression.”","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1983","items":[{"year":"1983","date":"February 1983","headline":"Wages accord","text":"The “prices and incomes accord” was a series of agreements between Labor and the ACTU where unions would moderate their wage demands in exchange for improvements in the “social wage”. Wage increases, for example, were brought under control through the Accord process and inflation declined to an average rate of about 8 per cent.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]},{"year":"1983","date":"September 26, 1983","headline":"‘Any boss who sacks anyone for not turning up today is a bum’","text":"Alan Bond was the ultimate bold rider of the 1980s. His victory in the America’s Cup was celebrated as a national triumph. The English-born Bond, who arrived in Australia in 1950, left school at 14. Starting as an apprentice signwriter in Perth, he built a global empire, becoming Australia’s biggest corporate larrikin. By 1988, Bond was the world’s fifth-largest brewer, owned the Nine Network and paid $70 million for Van Gogh’s Irises. His empire collapsed in the ’90s and he went to jail in 1997.","imageID":"d3270dd0d42f73baeb2494fd13724acacb182dda","imageRatio":"3:2","imageCaption":"Bob Hawke and Alan Bond celebrate the America's Cup win.","relatedURLs":[{"headline":"Larrikin, scholar and Labor's most successful PM","url":"https:\u002F\u002Fwww.afr.com\u002Fpolitics\u002Ffederal\u002Fbob-hawke-labor-s-most-successful-pm-was-a-larrikin-and-scholar-20190516-p51o8r"}]},{"year":"1983","date":"December 17, 1983","headline":"Hawke floats the Australian dollar","text":"The Hawke government floated the Australian dollar and abolished most restrictions on the international movement of capital, one of the most profound economic policy decisions in Australia’s modern history. “There is no doubt the market has endorsed the government’s view of what had to be done,” the Financial Review’s front page reported. Two years later, foreign banks were granted full banking licences. Other restrictions were relaxed and loans became much more freely available. The increase in credit available to the business sector fuelled expansion in corporations and increased takeover activity. ","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1985","items":[{"year":"1985","date":"September 20, 1985","headline":"Fundamental tax reform","text":"Treasurer Paul Keating announces a fringe benefits tax, capital gains tax and dividend imputation. To sweeten the deal, the top tax rate was cut from 60 per cent to 49 per cent. “Labor’s national ambition for Australia was a world-competitive economy underpinning an egalitarian and inclusive society,” Paul Keating said.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1987","items":[{"year":"1987","date":"October 20, 1987","headline":"The 1987 crash","text":"The Australian market fell by 516 points or about 25 per cent. It continued to fall for the next couple of weeks before troughing at 1151 on November 11. In all, the market fell by 50 per cent from its peak. In October, immediately before the crash, Trevor Sykes wrote: “On fundamentals such as net tangible asset backing and price-earning multiples, there is hardly a stock on the boards worth buying. But many are still going to rise and the trick is to pick the runners in the market.” In the following years, many entrepreneurs who had expanded rapidly in the bull market went under, including Alan Bond and Christopher Skase. ","imageID":"dbe2e93126b4999b5d709a9366d798221fffde9c","imageRatio":"16:9","imageCaption":"The Melbourne Stock Exchange on Black Tuesday, 1987.","relatedURLs":[{"headline":"Black Monday: How Bankers Trust made a killing in the 1987 crash","url":"https:\u002F\u002Fwww.afr.com\u002Fmarkets\u002Fblack-monday-how-bankers-trust-made-a-killing-in-the-1987-crash-20171017-gz2tu8"},{"headline":"Tall tales from '87 crash - a cheap Porsche, commodity traders and a HSC student","url":"https:\u002F\u002Fwww.afr.com\u002Fchanticleer\u002Ftall-tales-from-87-crash--a-cheap-porsche-commodity-traders-and-a-hsc-student-20171019-gz46bb"}]}]},{"year":"1989","items":[{"year":"1989","date":"June 1989","headline":"Tariffs come down","text":"The government announces it will cut tariffs for most imports, recognising that a protected, inefficient manufacturing sector is a luxury we can no longer afford. Industry is more exposed to competition from international best practice. Australia is gradually, but surely, turning itself into a clever country and exporting its clever ideas to the world.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]},{"year":"1989","date":"August 15, 1989","headline":"The commercial property bubble","text":"Property, in particular commercial property, boomed after the sharemarket crash. In Sydney, prices soared to around $9000 per square metre from below $4000. The eventual collapse, coinciding with the 1990 recession, caused greater financial distress than the earlier sharemarket bubble. Two of the largest banks in Australia, Westpac and ANZ, experienced significant losses as a result of their exposure to bad debts from failed commercial property developers.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]}]},{"intro":"The decade started with a recession when the commercial property bubble burst, signalling the end of the 1980s’ speculative enthusiasm, and ended with another asset bubble when the dotcom boom burst.","name":"1990","years":[{"year":"1990","items":[{"year":"1990","date":"November 1990","headline":"‘The recession we had to have’","text":"Labor’s wage accord strategy with the ACTU was blown up by a spending, credit and asset price boom in the wake of financial deregulation. The Reserve Bank lifted its cash rate to 17 per cent, burst the bubble and crunched the economy. After a second successive quarter of economic contraction was revealed in November 1990, then Treasurer Paul Keating called it “the recession we had to have”.","imageID":"","imageRatio":"16:9","imageCaption":"","relatedURLs":[]},{"year":"1990","date":"December 1990","headline":"The son who lost the family company","text":"Fairfax appointed receivers after a disastrous takeover bid by Warwick Fairfax jnr saddled the company with unsustainable debt. The aftershocks from that family bust-up were felt for the next 30 years.","imageID":"10aed2c8666b4d83d8730ec81da28bc70293ba13","imageRatio":"3:2","imageCaption":"Young Warwick' at Fairfax's Broadway offices in August 1990.","relatedURLs":[]}]},{"year":"1991","items":[{"year":"1991","date":"September 13, 1991","headline":"The sale of CBA, Qantas, Telstra","text":"First-time stock investors rushed into the equity market for the float of the Commonwealth Bank, which gave the Australian Stock Exchange its busiest day since the 1987 sharemarket crash. The sale kicked off $30 billion in sales of former Commonwealth assets. Qantas followed in 1995 and Telstra in 1997. “In terms of sheer mass Telstra was the most successful float in Australia’s history. Anybody who wanted the shares could have got some, nobody lost money and every shareholder was sitting on handsome gains as the year closed,” Trevor Sykes wrote. ","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]},{"year":"1991","date":"November 1991","headline":"‘Of course I am minimising my tax’","text":"Media baron Kerry Packer was the richest man in Australia when he made his most famous public statement to a Senate inquiry. “I am not evading tax in any way, shape or form. Of course, I am minimising my tax. Anybody in this country who does not minimise his tax wants his head read. I can tell you as a government that you are not spending it so well that we should be donating extra.” By 2021, the family’s political power has faded and the family will control no major operating businesses in Australia for the first time in nearly 90 years.","imageID":"a13db11b5493f1fb0ac6ba57ef6ae48704734a30","imageRatio":"3:2","imageCaption":"Kerry Packer fronts the Senate inquiry. ","relatedURLs":[]}]},{"year":"1992","items":[{"year":"1992","date":"June 17, 1992","headline":"From little things","text":"The Keating government introduces compulsory super. “Superannuation has revolutionised Australia. It is the greatest reform to capital markets in the history of the country,” Keating said. The $3 trillion superannuation pool has become the nation’s largest source of capital formation.","imageID":"1cee6106d25ec19f739e86f3fb766ce2712a2633","imageRatio":"16:9","imageCaption":"Paul Keating gives an emotional speech to the crowds at Redfern Park on December 10, 1992.","relatedURLs":[]},{"year":"1992","date":"October 1992","headline":"‘Jeffed’","text":"Victoria is in a state of crisis when voters elect Jeff Kennett, a man never encumbered by a sense of fallibility. Over the next eight years, his bulldozing, break-or-bust government privatised essential services and commissioned major projects. “He made Melbourne dynamic and, with the benefit of hindsight, the state is better for his tenure,” The Age editorialised 20 years later.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1993","items":[{"year":"1993","date":"March 1993","headline":"The RBA targets inflation","text":"RBA governor Bernie Fraser first articulates a medium-term target for inflation in a speech to a group of Sydney economists, in the aftermath of the recession. Since then, inflation targeting has been endorsed by each change of government and widely used as the framework for monetary policy. It contributed to keeping the unemployment rate lower and less variable than in earlier periods.","imageID":"28a3e00f736e8bd5bb8383611929b71da3a74bb8","imageRatio":"2:3","imageCaption":"The governor of the RBA in September 1993. Credit: Andrew Meares","relatedURLs":[]}]},{"year":"1994","items":[{"year":"1994","date":"May 2, 1994","headline":"The lifeblood of the region","text":"The former Commonwealth Serum Laboratories floats at $2.40 a share. “We were a company under extreme threat,” former CSL boss Brian McNamee recalled in 2016. “The government had done a review and said it [CSL] was of very little value, we had 23 unions on site and a public sector mentality.” Founded in 1916, while World War I was raging, to provide vaccines, serums and antitoxins, today it is worth $131 billion.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"1996","items":[{"year":"1996","date":"March 2, 1996","headline":"The Howard era","text":"John Howard is elected Prime Minister in a landslide and goes on to become the nation’s second-longest-serving leader. He helped set the scene for the longest economic boom since the gold rushes of the 19th century. His government balanced the national books, wiped out government debt, reformed welfare and cut taxes as it implemented a GST. ","imageID":"862e00aaf2f7f131fde9f899990cf642c19c8366","imageRatio":"16:9","imageCaption":"New Prime Minister John Howard claims victory. Credit: Simon O'Dwyer","relatedURLs":[]}]},{"year":"1998","items":[{"year":"1998","date":"March 17, 1998","headline":"The four pillars","text":"The Wallis review created the Australian Prudential Regulation Authority, which was to be responsible for the supervision of all deposit-taking institutions. Policy was narrowed to prevent a merger between the four major banks only and became known as the four pillars policy. Successive governments have maintained the policy.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]}]},{"intro":"Australia was reshaped in the 2000s by a massive China-based resources boom. This bookend to the 1960s Japan-based boom turned Lang Hancock’s daughter, Gina Rinehart, into one of the world’s richest women; allowed Andrew “Twiggy” Forrest to build Australia’s third iron ore major; and cemented BHP and Rio Tinto as two of the world’s great resources companies.","name":"2000","years":[{"year":"2000","items":[{"year":"2000","date":"June 2000","headline":"‘The last great reform’","text":"John Howard’s bold decision to take a structural tax reform agenda to the 1998 election came to fruition with the introduction of the goods and services tax. This was, as former treasurer Peter Costello says, the “last great reform”, which marked the end of the era of the dynamic 1980s and 1990s, and the start of the era of political system complacency, underwritten by Australia’s resource boom prosperity. ","imageID":"","imageRatio":"16:9","imageCaption":"","relatedURLs":[]},{"year":"2000","date":"March 2000","headline":"The dotcom bomb","text":"The dotcom bubble, where businesses struck it rich with little more than an idea and fancy presentation, finally burst wiping $US5 trillion off the market value of companies and dragging the US into recession. Of the 27 tech companies that listed on the ASX in 1999, only six remained four years later.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"2001","items":[{"year":"2001","date":"March, June, 2001","headline":"HIH and One.Tel","text":"HIH Insurance collapses in March 2001 with debts of $5.3 billion, triggering a royal commission that changed the face of Australian corporate governance and ushered in a new regulatory paradigm for superannuation, banking, insurance and the securities markets. A few months later, two of the country’s wealthiest families were ensnared in the spectacular failure of One.Tel. ","imageID":"","imageRatio":"","imageCaption":" ","relatedURLs":[]},{"year":"2001","date":"September 11, 2001","headline":"‘Almost incomprehensible’: September 11","text":"After the terrorist attacks on the World Trade Centre and the Pentagon, Prime Minister John Howard formally invoked the ANZUS treaty for the first time and immediately committed Australia to what would become its longest war. “In sheer scale, the death and destruction are almost incomprehensible in a time not regarded as a time of war,” Howard told Parliament.","imageID":"91b38516fc9e438724eccf94dabafda04dd93e11","imageRatio":"2:3","imageCaption":"","relatedURLs":[]}]},{"year":"2003","items":[{"year":"2003","date":"July 18, 2003","headline":"The third force in iron ore","text":"Andrew Forrest, a former stockbroker, starts Fortescue shortly after he was forced by Anglo American, his business partner, to stand down as chief executive of Anaconda Nickel, his first big venture, when it came close to collapse. Anglo American blamed him for mismanaging the company. Shunned by sceptical Australian investors for his next big idea, Forrest went to the US and raised billions of dollars of debt to create “Australia’s third force” in iron ore. By 2008, he was one of the country’s richest men.","imageID":"6d2a21b9eb47a2e129e51bcaf5124d7eb8ce9a04","imageRatio":"3:2","imageCaption":"Andrew Forrest at his offices in Perth in January 2006. Credit: Andrew Quilty","relatedURLs":[{"headline":"Andrew Forrest is defying sceptics to wrangle a green energy future","url":"https:\u002F\u002Fwww.afr.com\u002Frich-list\u002Fandrew-forrest-is-defying-sceptics-to-wrangle-a-green-energy-future-20210418-p57k8s"}]}]},{"year":"2007","items":[{"year":"2007","date":"August, 17, 2007","headline":"Breaking the glass ceiling","text":"Gail Kelly makes corporate history as the first female CEO of a big four bank, after she started working life as a Latin teacher in South Africa. She left Westpac seven years later with over 40 per cent of senior management female and as the country's highest paid banker. Her advice to women in business was to be bold. \"It’s been trouble for me all my life, the sense of gosh, ‘I’m not good enough, I’m not adequate, I’m not going to do this well. I might fail, what happens if I fail?’\"","imageID":"ed173df6c0e3a0b83129646a5679c75f51c8d63d","imageRatio":"16:9","imageCaption":"Gail Kelly in 2008. Credit: Peter Morris","relatedURLs":[]},{"year":"2007","date":"November 24, 2007","headline":"‘Kevin from Queensland’","text":"Kevin Rudd, a Mandarin-speaking former senior bureaucrat with lots of new policy ideas, surged to victory over an ageing and stubborn-sounding John Howard. He became only the third Labor leader since the war, after Whitlam and Hawke, to capture government from opposition, a considerable achievement. “It is hard to recall the optimism that Kevin Rudd brought with him at his election as Prime Minister in November 2007. Political time and tide ran strongly in his and Labor’s favour,” the Financial Review wrote. But it wasn’t to last. “In little more than 2½ years into his first term, he was axed from the leadership by his own party.”","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"2008","items":[{"year":"2008","date":"June 2008","headline":"‘Go hard, go early, go households’","text":"The start of the global financial crisis in Australia was signalled by the troubles of infrastructure investment giant Babcock & Brown. Within a year, the post-war economic order and even capitalism itself would be shaken to its foundations as financial institutions around the globe unravelled as well. In Australia, Kevin Rudd heeded the advice of his Treasury secretary Ken Henry to avoid a recession: “Go hard, go early, go households.”","imageID":"b159b155c79e6bb0c040b19afbacf0a33da5dcec","imageRatio":"16:9","imageCaption":"Source: ASX","relatedURLs":[{"headline":"The GFC remembered: Ten years ago it was all about saving the banks","url":"https:\u002F\u002Fwww.afr.com\u002Fpolicy\u002Feconomy\u002Fthe-gfc-remembered-ten-years-ago-it-was-all-about-saving-the-banks-20180924-h15spj"}]},{"year":"2008","date":"December 2008","headline":"The end of the road for tax reform","text":"Ken Henry led the last attempt at tax reform and released a discussion paper in 2008. However, major parts of the plan were rejected by the Rudd government and the centrepiece, a super profits tax, was killed by the mining industry and triggered Rudd’s political downfall in June 2010. Ten years later, Henry declared he was “absolutely stunned” so little of his blueprint had been implemented, adding the tax system remained “simply unsustainable” to fund government services in the longer term. ","imageID":"08339ed103b6fb8a791caf4a57fd34050e5c56dd","imageRatio":"3:2","imageCaption":"Ken Henry waits for the arrival of Prime Minister Kevin Rudd, Treasurer Wayne Swan and Chris Bowen on May 2, 2010. Credit: Glen McCurtayne","relatedURLs":[]}]},{"year":"2009","items":[{"year":"2009","date":"October 2009","headline":"Rates on the rise again","text":"Australia makes history by being the first Group of 20 country to raise interest rates since the global financial crisis began. “The period of greatest weakness in the Australian economy has probably passed,” Reserve Bank governor Glenn Stevens explained.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]},{"year":"2009","date":"November 7, 2009","headline":"The asbestos scandal","text":"After huge controversy, a special inquiry and prolonged legal battles, James Hardie agreed to a special compensation fund for payouts to people who had contracted disease after using its products that contained asbestos. Payouts continued, the company survived and by 2021, Hardie had turned around its fortunes.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]}]},{"intro":"In the years after the financial crisis, Australia recorded non-stop economic growth and politics lost its head, resulting in six prime ministers in eight years. “The collateral damage on the Australian electorate, let alone our international reputation, from eight years of political brutality has been incalculable. It’s been a conflation of Shakespeare’s Macbeth and Julius Caesar, and just a touch of the Keystone Cops, in scheming, lying, two-facedness, treachery, blood-letting and ineptitude,” the Financial Review’s Andrew Clark wrote.","name":"2010","years":[{"year":"2010","items":[{"year":"2010","date":"June 24, 2010","headline":"A woman prime minister","text":"Julia Gillard replaces Kevin Rudd as Prime Minister in a late-night challenge. The result was not just chronic instability but deep divisions at the highest levels of government. In October 2012, Gillard’s attack on Tony Abbott for misogyny reverberated around the world. “I will not be lectured about sexism and misogyny by this man. I will not. And the government will not be lectured about sexism and misogyny by this man. Not now, not ever.” By the 10th anniversary of the coup, the Financial Review wrote that the country’s first female prime minister achieved more than her critics acknowledged.","imageID":"4ed5894207de0cac4c787cf989a7dfc0f5e889cc","imageRatio":"2:3","imageCaption":"Julia Gillard watches Kevin Rudd during question time at Parliament House in June 2010. Credit: Glen McCurtayne","relatedURLs":[]}]},{"year":"2011","items":[{"year":"2011","date":"October 30, 2011","headline":"Qantas grounded","text":"In a high-stakes gamble, Qantas boss Alan Joyce grounds the airline to break the resolve of unions which were trying to halt the offshoring of jobs. The airline’s recovery can be traced back to that moment. By 2020, Qantas was the world’s most profitable airline and Joyce was a celebrity CEO, recognised for his role in the same-sex marriage vote, and one of the country’s highest-paid bosses.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"2012","items":[{"year":"2012","date":"January 1, 2012","headline":"Making the future of publishing","text":"Melanie Perkins and Cliff Obrecht started a graphic design software company in 2008 while at university in Perth to help schools automate the design of their yearbooks. But they had a bigger dream to remake the future of publishing and founded Canva in 2012. The pair are today among the 10 wealthiest Australians after their company hit a valuation of $19.6 billion in 2021.","imageID":"068d31e1fd827c35b02d2d04da09b44d24a7b178","imageRatio":"16:9","imageCaption":"Co-founder of Canva Melanie Perkins.","relatedURLs":[]}]},{"year":"2013","items":[{"year":"2013","date":"November 25, 2013","headline":"The Financial Review turns 50","text":"The Financial Review celebrates 50 years as a national daily with a recounting of how it influenced national reform. “It took 100 years for the Commonwealth of Australia to become a common market,” wrote Vic Carroll, a former editor. “The first 50 years were spent in the trenches of two world wars, two huge droughts and the currency’s attachment to sterling. In the second 50 years, Australia opened up to itself and the world. The AFR was first to concentrate on this story.”","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"2015","items":[{"year":"2015","date":"September 2015","headline":"‘Malcolm made his mark’","text":"Malcolm Turnbull remains one of the more interesting figures to grace Australian politics, the Financial Review’s Andrew Clark wrote in 2020. “A centrist by nature, a man with unquenchable ambition and energy to match, he ushered in a more plural society, and was the first Australian leader to effectively call out China’s raging regional ambitions. From his election as MP for Wentworth in 2004 to his dramatic resignation from Parliament within a week of his losing the prime minister’s position, Malcolm made his mark.”","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]},{"year":"2015","date":"December 10, 2015","headline":"Atlassian goes global","text":"Mike Cannon-Brookes and Scott Farquhar list their enterprise software maker, Atlassian, on the Nasdaq. The company, founded in 2002 using $10,000 in credit card debt, closed its first day as a public company worth $7.9 billion, or about the same amount as Qantas. By May 2021, the company was worth $72 billion, which would make it the eighth-largest listed company in Australia if it were listed on the ASX.","imageID":"63f6c4f37076c904554083dcece0527e1e240364","imageRatio":"3:2","imageCaption":"Mike Cannon-Brookes and Scott Farquhar in New York in December 2015. Credit: Trevor Collens","relatedURLs":[]}]},{"year":"2017","items":[{"year":"2017","date":"May 2017","headline":"‘From all points of the southern sky’, a statement from the heart","text":"Indigenous leaders ask the country to enshrine a First Nations voice in the Constitution “to empower our people and take a rightful place in our own country. When we have power over our destiny our children will flourish. They will walk in two worlds and their culture will be a gift to their country,” the Uluru statement says. Former High Court justice Murray Gleeson backed the plan in 2019, saying: “What is proposed is a voice to Parliament, not a voice in Parliament.”","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]},{"year":"2017","date":"November 15, 2017","headline":"Australia votes ‘yes’","text":"More than 61 per cent of Australians vote “yes” in the historic voluntary postal survey. “The vote makes clear that Australian society retains a tradition of enlightenment that values reason, individual liberty, religious tolerance and human progress,” the Financial Review said. “Rather than race, gender or sexual oppression, the enlightenment story of western civilisation is one of human rights and progress.”","imageID":"d1e9d5d1d5efed8699d107a485224e8e5ddc7d3f","imageRatio":"3:2","imageCaption":"Celebrating the 'yes' vote on Sydney's Oxford St. Credit: Anna Kucera","relatedURLs":[]}]},{"year":"2018","items":[{"year":"2018","date":"July 25, 2018","headline":"Race, gender, height: irrelevant","text":"Shemara Wikramanayake lived in three countries and went to five schools by the age of 13, an upbringing she says helped her live a “no-regrets life” and rise to the top of Macquarie Group. “You shouldn’t restrict yourself to the box that you come in ... I am not the ethnicity, skin colour, gender or height, or lack thereof, of the typical Australian business person. But that has all been irrelevant to my ability to contribute to the things I think are important to me,” she said.","imageID":"565c33381a04ab872b88ce7ce46131b332201461","imageRatio":"16:9","imageCaption":"Macquarie CEO Shemara Wikramanayake in 2018. Credit: Louie Douvis","relatedURLs":[{"headline":"Macquarie's Shemara Wikramanayake in her own words","url":"https:\u002F\u002Fwww.afr.com\u002Fwork-and-careers\u002Fmanagement\u002Ftranscript-macquaries-shemara-wikramanayake-in-her-own-words-20160812-gqr47e"}]},{"year":"2018","date":"July 27, 2018","headline":"The end of ‘Fairfax’ ","text":"The legacy companies of the Fairfax family’s almost 150 years as newspaper proprietors and the Packer family’s 56 years at the helm of Nine announce a merger. The new company will take the Nine name, extinguishing one of the oldest names in newspaper publishing in the English-speaking world.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]},{"year":"2018","date":"August 24, 2018","headline":"Morrison’s ‘miracle’","text":"Scott Morrison emerges as Australia’s 30th prime minister and its fifth in as many years after a boilover result in a Liberal party room ballot. Josh Frydenberg is the new deputy leader. A year later Morrison pulled off one of the most memorable victories in Australian politics to secure the Coalition a third consecutive term.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]},{"year":"2019","items":[{"year":"2019","date":"February 1, 2019","headline":"Bankers told to ‘act fairly’","text":"Judge Ken Hayne finds the banks put their profits and bonuses ahead of customers’ best interests after a year-long royal commission marked by drama. The problems emerged in bank wealth businesses, the Financial Review said, “with complex and alien cultures that traditional banks had bought into during the golden age of booming property markets and profits, clearly without putting adequate governance and controls in place”. The royal commission shredded the reputation of the banks.","imageID":"0aad7682a14d4dc97e9b70f2bed75c6993b7b8a4","imageRatio":"2:3","imageCaption":"Financial Review cartoonist David Rowe's portrait of commissioner Ken Hayne.","relatedURLs":[]}]}]},{"intro":"The decade started with a year unlike any other. The coronavirus pandemic created the most extraordinary crisis in living memory and the biggest economic shock since the Great Depression. Governments unleashed $311 billion in emergency spending and the Reserve Bank slashed interest rates to practically zero.","name":"2020","years":[{"year":"2020","items":[{"year":"2020","date":"March 10, 2020","headline":"‘This is one of those national interest moments’","text":"Three Australians had died of the novel coronavirus called COVID-19 when Scott Morrison addresses the Financial Review Business Summit. By the end of the year, Australia’s toll would be 910. “Whatever you thought 2020 was going to be about. Think again,” the Prime Minister said. Days before announcing a massive stimulus package, he warned the economic blow from the global health crisis would be worse than the GFC.","imageID":"640cb785dc42f98bf0b325466e12026099ec7d72","imageRatio":"3:2","imageCaption":"","relatedURLs":[]},{"year":"2020","date":"March 20, 2020","headline":"Australia in lockdown","text":"Australia officially enters a seven-week lockdown, shutting millions of businesses. Within a month almost 600,000 jobs had been officially lost, while 3.5 million were being propped up by the JobKeeper wage subsidy scheme as the government unleashed $250 billion in budget stimulus. The banks agreed to loan repayment holidays, avoiding a wave of defaults that would have compounded the economic carnage.","imageID":"","imageRatio":"16:9","imageCaption":"","relatedURLs":[]},{"year":"2020","date":"June 6, 2020","headline":"The virus recession we had to have","text":"Australia’s first recession in 29 years was forced on the economy by the pandemic. Instead of the first budget surplus in a decade, Treasurer Josh Frydenberg presided over the biggest government spending program in Australian history to cushion the sharpest economic downturn since the 1930s Depression. The Financial Review called it “the virus recession we had to have”.","imageID":"09039081cc6e544e3786f44a1e43f0b1880598a5","imageRatio":"2:3","imageCaption":"","relatedURLs":[]},{"year":"2020","date":"August 24, 2020","headline":"AMP’s #metoo moment","text":"AMP chairman David Murray, director John Fraser and banker Boe Pahari resign over a sexual harassment claim, underlining the “time’s up” message of the sexual harassment controversy at one of Australia’s oldest and traditionally most respected financial institutions. The exodus showed tolerating sexually harassing behaviour is no longer acceptable in the modern workplace. ","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[{"headline":"AMP trio fall, Murray, De Ferrari under pressure","url":"https:\u002F\u002Fwww.afr.com\u002Fcompanies\u002Ffinancial-services\u002Fboe-pahari-david-murray-john-fraser-resign-from-amp-20200824-p55ol5"},{"headline":"The secret battle for a billion-dollar Afterpay fortune","url":"https:\u002F\u002Fwww.afr.com\u002Fcompanies\u002Ffinancial-services\u002Fthe-secret-battle-for-a-billion-dollar-afterpay-fortune-20201220-p56p0y"}]},{"year":"2020","date":"November 27, 2020","headline":"Technology rules the Young Rich List","text":"This was the year that technology ate the Young Rich List. Spurred on by the pandemic lockdown, a staggering 81 per cent of the $39.6 billion wealth represented by the 100 people on the list owes its existence to binary code. Altogether, tech entrepreneurs make up more than half the list for the first time, showing the online world is an egalitarian pathway to wealth, in theory for anyone with an idea and an internet connection.","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]},{"year":"2020","date":"December 21, 2020","headline":"From start-up to the ASX 20 in five years","text":"Afterpay, a payments company loved by Millennials, enters the elite club of top-20 listed companies after one of the most volatile but transformative years in the history of the Australian sharemarket. One of Australia’s great corporate success stories, Afterpay’s share price exceeded $122 on the day it entered the top 20, just five years after it was started by Nick Molnar and his former neighbour Anthony Eisen, catapulting the pair onto the Rich List. Afterpay announced its sale to Square for a stunning $39b in August 2021.","imageID":"c1d2ab2db209f8c075f4a66d786ebcb980795a79","imageRatio":"16:9","imageCaption":"","relatedURLs":[{"headline":"Nick Molnar’s runaway success starts with style","url":"https:\u002F\u002Fwww.afr.com\u002Fcompanies\u002Ffinancial-services\u002Fwhy-fashion-is-key-to-afterpay-s-staggering-success-20210211-p571jp"}]}]},{"year":"2021","items":[{"year":"2021","date":"May 11, 2021","headline":"The triumph of ‘Team Australia’","text":"Australia pulls off an astounding recovery from the coronavirus pandemic. After the mass layoffs of 2020, the biggest shortage now is not of jobs but of workers. The Treasurer claimed the economy was “roaring back to life” as he handed down $29 billion in surprise tax cuts and $33 billion in spending. The Financial Review criticised the budget spendathon and lack of reform. “To have a budget for the recovery still with so much Keynes and so little Milton Friedman is a worrying comment on the inability of Australia to manage its own recovery.”","imageID":"","imageRatio":"","imageCaption":"","relatedURLs":[]}]}]}],"footer":{"text":"The Financial Review has provided the first draft of the history of Australian business, and the nation, over the past seven decades. We will continue to explain their story in the decades ahead."},"header":{"text":"For seven decades, The Australian Financial Review has tracked the booms, the busts, the empire-builders, the fraudsters and the disruptors to tell the story of the rise of modern Australia. \nWe have written the first draft of the history of business and the nation since 1951, chronicling the contribution of enterprise to the prosperous and successful Australia of 2021.\nOur timeline shows that modern Australia, share-owning, aspirational and multicultural Australia, rewards those with enterprise, welcomes new ideas and is keen to exploit our place in the world."},"meta":{"italiciseList":["The Australian Financial Review","Financial Review","The Sydney Morning Herald","The Age","Brisbane Times","WAtoday","The Financial Times","The News","Summer of the Seventeenth Doll","Irises","Macbeth","Julius Caesar","Two Centuries of Panic"]}},"supportOnAnimationEnd":false,"type":"index","uiTheme":"dark","webviewErrorStatusCode":undefined,"headers":["fastly-client-ip : 156.146.55.195","x-nine-article : truncate"]},"navigation":{"visible":false},"onboarding":{"hideNewsfeedArticleOnboarding":false,"hideTagOnboarding":true},"paywall":{"isReadyToPayWithGoogle":false,"readyToPayWithGoogleChecked":false,"rule":undefined,"swgAccountCreationStatus":"","swgLoadStatus":"NOT_LOADED"},"purchaseFunnel":{"isConfirmationModalVisible":false},"search":{"tab":"Articles","visible":false},"savedArticles":{"error":undefined,"loading":true,"savedAssetIDs":[],"savedAssets":[]},"todaysPaper":{"url":undefined,"token":undefined},"user":{"accountSettings":undefined,"createdTime":undefined,"draftFollowedTags":[],"followedTagIDs":[],"followedTags":[],"inNewsfeedOnboarding":false,"loadedAccountSettings":false,"newsfeedMode":"","updatedTime":undefined},"userNavigation":{"visible":false},"videoPlayer":{"scriptLoaded":false}};</script><div><script id="__LOADABLE_REQUIRED_CHUNKS__" type="application/json" type="module">["1192","7138"]</script><script id="__LOADABLE_REQUIRED_CHUNKS___ext" type="application/json" type="module">{"namedChunks":["TimelineTemplate"]}</script> <script async data-chunk="client" src="/assets/2759.583a81e99e118a99aa92.js" type="module"></script> <script async data-chunk="client" src="/assets/2914.5696ac08baf065986d76.js" type="module"></script> <script async data-chunk="client" src="/assets/vendors.d5d5f57567b65bb1b6d0.js" type="module"></script> <script async data-chunk="client" src="/assets/client.1a8704ea8bfb0be2cf95.js" type="module"></script> <script async data-chunk="TimelineTemplate" src="/assets/TimelineTemplate.78152d5a20b224b18375.chunk.js" type="module"></script></div><link data-chunk="client" rel="stylesheet" href="/assets/client.c10486cb4396e2fefd22.css"/><link data-chunk="TimelineTemplate" rel="stylesheet" href="/assets/TimelineTemplate.b34bd632156907413f91.chunk.css"/></body></html>