153 9. The Australian variant of neoliberal capitalism Lynne Chester Capitalism has evolved into diferent ‘varieties’ or forms, notwithstanding one of its deining features being sustained but irregular growth (Amable 2003; Boyer 2005; Hall and Soskice 2001; Hodgson et al. 2001; Keen 2003). Within typologies of capitalism, Australia is classiied as a ‘liberal market-based economy’, falling within a ‘highly homogenous Anglophone cluster’ of the United States (US), United Kingdom (UK), Canada and New Zealand. Australia experienced exceptionally fast and stable growth during the two decades after the World War II, followed by a more erratic pattern in the 1970s and 1980s. The subsequent twenty years has witnessed far less volatility with annual economic growth rates sustained within a band of around 5 per cent or less. Growth, albeit at a markedly reduced rate, continued through the recent global inancial crisis which is contrary to the experience of the US, UK and Canada. The latter period of less volatile but sustained positive growth coincides with the political ascendancy of neoliberalism which has become the ‘central guiding principle of economic thought and management’ (Harvey 2005: 2). Neoliberalism, as a hegemonic discourse, became progressively embedded in the actions and policies of the Australian state from the mid- 1980s. Market discipline, competition and commodiication symbolize neoliberalism although some acolytes have acknowledged that ‘market order requires a particular kind of state to secure it’ (Gamble 2006: 22). Why has Australia’s growth pattern occurred since neoliberalism’s ascendancy? Why has Australia continued to experience positive growth through the period of the global inancial crisis although other liberal market-based economies have not? Is the Australian growth regime dif- ferent in some way from those other economies within the Anglophone capitalism cluster? The purpose of this chapter is to delineate the deining nature of the institutional architecture and coniguration of the Australian neoliberal growth regime and determine if there are diferences with other neoliberal market-based regimes which may explain the reasons why growth has continued despite the downturn elsewhere. M2889 - CAHILL PRINT.indd 153 M2889 - CAHILL PRINT.indd 153 22/02/2012 15:04 22/02/2012 15:04