His father, originally from Adelaide, was an orthopaedic surgeon and military physician during World War II with the rank of brigadier.

In June 1991 Treasurer Paul Keating resigned after launching an unsuccessful leadership challenge against Prime Minister Bob Hawke.

After Keating's unexpected victory in the 1993 federal election, Dawkins brought down a budget which contained a series of highly unpopular revenue measures which were seen as an attack on Labor's traditional supporters.

Dawkins did not help his stock when he taunted Liberal MP Kathy Sullivan by calling her "sweetheart", angering several female MPs from his own party.

In December 1993 Dawkins, frustrated at what he saw as the lack of economic realism of his colleagues, suddenly announced his resignation, and quit politics altogether soon after.

It was during his farewell speech that he suggested that the date of presenting the Budget be moved from August to May, a practice that would be started by his successor Ralph Willis in May 1994.

He has been non-executive Chair of Elders Rural Bank, LawCentral, Integrated Legal Holdings, The Retail Energy Market Company which operates the retail gas markets in South Australia and Western Australia, Fortuna Funds Management and director of Cbus superannuation, Genetic Technologies and MGM Wireless.

[9] In 2000, Dawkins's family agreed to use 104 hectares of their sizeable holdings of grazing land in Forrestdale outside Perth in a property venture where the profits from land sales would be invested in research and development for technology that is conducted at the CY O'Connor ERADE Village, including research laboratories, offices and accommodation, at the entrance of the twelve hectare estate.

The company collapsed in 2015 and Dawkins had civil proceedings from the Australian Securities and Investments Commission regarding claimed contravention of disclosure provisions.

His nephew Ben Dawkins is a current Pauline Hanson's One Nation member of the Western Australian Legislative Council.