[2][3] However, it was ultimately determined by the voters that this was an unnecessary intervention by government, with concerns raised about the future possibility of the abuse of such powers.

A resource boom derived from the demands of Japanese industrialisation and increased capital inflows due to the Australian dollar being perceived as undervalued drove Australia's economy in the early 1970s.

The Whitlam Labor government announced tax cuts, along with spending on education, health, urban development and the environment.

[7] Additionally, Whitlam's government supported pay rises, improvements in working conditions and gender equality in income.

In 1973, average weekly earnings had increased to 15.3% driven by wage decisions and consequently the inflation rate began to push double figures.

Snedden's Liberal party opposition accused Whitlam of allowing inflation to get out of control, while instead spending extensively on social issues like education and health.

[10] Whitlam argued the Labor Party had inherited 'stagflation' from the previous government[11] who had instigated wage rises and created circumstances for an overvalued dollar.

[17] The question appeared on the ballot paper as: Do you approve the proposed law for the alteration of the Constitution entitled "An Act to alter the Constitution so as to enable the Australian Parliament to control prices"?Numerous polls were published before the referendum by reputable polling organisations.

[18] Strong public opposition to the proposed changes came from organisations that considered the governments control of prices a direct threat to their industry.

[13] The power was extended so that the tribunal could inquire and report on prices charged by a company irrespective of their annual turnover.

[21] Additionally, separate legislation that gave pricing power to state governments such as New South Wales, South Australia, Australian Capital Territory and Northern Territory meant that giving the tribunal further power over prices would contradict this existing legislation.

[13] The rejection of the referendum and the ultimate reduction of the Prices Justification Tribunal, meant that other economic policies took greater credence.

[22] However, this period proved this consistent relationship was not the case suggesting a causal link between the decrease in domestic prices and monetary targeting.

In 1977 Australia experienced high economic growth and rising oil prices which forced an increase in inflation before it was back under control.