The Labor Right views itself as the more mainstream and fiscally responsible faction within Labor. The faction is most famous for its support of Third Way economic policies over Labor's traditional early twentieth century social democratic policies, such as the economic rationalist policies of the Bob Hawke and Paul Keating governments, including floating the Australian dollar in December 1983, reductions in trade tariffs, taxation reforms such as the introduction of dividend imputation to eliminate double-taxation of dividends and the lowering of the top marginal income tax rate from 60% in 1983 to 47% in 1996, changing from centralised wage-fixing to enterprise bargaining, the privatisation of Qantas and Commonwealth Bank, making the Reserve Bank of Australia independent, and deregulating the banking system.