Since the mid 1980's economic policy in Australia has centred around microeconomic reform (Dundas 1995, p1). Australia's proactive implementation of microeconomic reform (MER) has sought to improve the performance of its markets and industries in response to the plethora of distortions that had been promoting inefficient performance in the Australian economy (Forsyth 2000, p1). Although these reforms had previously been regarded as an enormous success in our economy, in recent times the success or failure of MER has been brought into question. The much publicised collapse of Ansett Airlines, HIH Insurance and One Tel caused major ripples of discontent towards microeconomic reform, as these two industries had previously been extensively deregulated from microeconomic policy (Secondary Economics Series 2003, p22). To thoroughly evaluate the success or failure of MER in the Australia Economy we must understand what MER is and its goal, what areas of the Australian Economy have been subject...