section_path: Ideology and factions
section_name: Ideology and factions
paragraph_text: Ideology and factions
  
  Labor's constitution has long stated: "The Australian Labor Party is a democratic socialist party and has the objective of the democratic socialisation of industry, production, distribution and exchange, to the extent necessary to eliminate exploitation and other anti-social features in these fields". This "socialist objective" was introduced in 1921, but was later qualified by two further objectives: "maintenance of and support for a competitive non-monopolistic private sector" and "the right to own private property". Labor governments have not attempted the "democratic socialisation" of any industry since the 1940s, when the Chifley government failed to nationalise the private banks, and in fact have privatised several industries such as aviation and banking.