The reason for floating the AUD was to avert credit squeezes
and high interest rates on overseas borrowings which had plagued
the economy during the Fraser regime and before.
Ironically that had Neo-Liberal (anti-Labor) baggage in that
the Yanks compelled us via the US Treasury, World Bank,
BIS etc to divest SOEs such as the Comm Bank, Telstra, Qantas etc
as a prerequisite for a floated AUD.
Of course this did not prevent "the recession we had to have " and the
historically high interest rates leading into it.
The floating the AUD achieved US economic dominance of our economy
via US investment (equity) and the manipulation of the AUD to suit US interests.
Of course it opened up our access to O/S bond markets at a price.
And the winner is:
PS: Since the floating of the AUD and divestment of the CBA, the US
share of our big 4 banks exceeds 50% with overall foreign ownership over 70%!!!
