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Inflation targeting is actually a fairly new 'doctrine' which New Zealand adopted in the 80s. Basically it is where inflation alone is targeted and the idea is the rest of the economic stuff such as growth, investment, employment, etc will improve as a result of stable monetary policy. That approach has become the norm now. Australia followed NZ in doing it that way.

The China Effect is pretty recent and certainly doesn't extend back into Fraser's time. I cannot recall China being that big an exporter even in Keating's time?