Australia's longest serving foreign minister ever was Alexander Downer. Mr Downer has written in The Australian:
Why Javier Milei is today’s most exciting politician
'The most interesting world leader today is President Javier Milei of Argentina. For years Argentina ran what was called the Peronist economic model ... familiar to many Australians because we are increasingly applying it ourselves. It involves ever-increasing government expenditure on welfare, massive budget deficits, the empowerment of a select few trade union leaders, propping up loss-making industries, and increased taxes especially on industrious, creative entrepreneurs who produce goods and services people really want.
As always, the results were catastrophic.
Then came Javier Milei, a congressman and candidate for the La Libertad Avanza alliance. He promised a radical, economically rational program to restore the country. The public believed he was genuine and full of conviction. They took a punt on him.
He promised big cuts to government spending, sweeping deregulation, and the slashing of power from vested interests in unions and large corporate stakeholders.
He promised the most fascinating liberal economic experiment the world had seen in a long time.
Now, just under two years later, we can see the results. First, Milei reduced government expenditure by roughly 30 per cent in year one
Subsidies for energy and transport were phased out; ministries abolished; public service employment reduced; some salary cuts implemented. Argentina is now on track for a budget surplus.
Second, the spending cuts drove inflation down from roughly 25 per cent per month in 2023 to just over two per cent by mid-2025. That dramatic drop came as the central bank stopped printing money.
The Milei government also wielded what it called the “chainsaw” on regulation—scrapping some 300 rules; liberalising labour laws; simplifying the tax system; privatising state enterprises; liberalising agricultural exports; encouraging extraction of energy and minerals.
Those reforms delivered growth of between six and seven per cent this year. Investment surged back, the government can issue bonds again internationally, and living standards are rebounding. Poverty remains high—but it has declined from about 57 per cent at end 2023 to around 40 per cent and continues downward.
After dismantling the Peronist economic model, President Milei now enjoys surprisingly strong approval ratings. The lesson: economic liberalism lies at the heart of growth, prosperity and national success.
Australia has been well governed over the past century, but we are drifting toward Peronism—state control, union power, endless spending, deficits, public debt. We must heed Milei."
@JMilei
@AlexanderDowner
theaustralian.com.au/world/w…