History of Australia since 1945 Fraser, Hawke re-established a new, universal system of health insurance called Medicare. Hawke and Keating abandoned traditional Labor support for tariffs to protect industry and jobs. They moved to deregulate Australia's financial system and ‘floated’ the Australian dollar. An agreement was reached with trade unions to moderate wage demands and accept more flexible working condition arrangements by accepting tax cuts in return. Ultimately, many of the reforms, continued by successive governments, appear to have been successful in pushing the economy along. The Australian Bicentenary was celebrated in 1988 along with the opening of a new Parliament House in Canberra. The
1988 Summer Olympics 1988 Summer Olympics The 1988 Summer Olympics, officially known as the Games of the XXIV Olympiad (Korean: ; ), was an international multi-sport event celebrated from 17 September to 2 October 1988 in Seoul, South Korea. In the Seoul Games, 159 nations were represented by a total of 8,391 athletes: 6,197 men and 2,194 women. 237 events were held and 27,221 volunteers helped to prepare the Olympics. 11,331 media (4,978 written press and 6,353 broadcasters) showed the Games all over the world. These were the last Olympic Games for the Soviet Union and East Germany, as both ceased to exist