Reference no: EM131736960

The ruling Australian Labor Party (ALP) maintains close ties to the trade union movement and has held office since 1983. During that period, the government has carried out major restructuring of the economy (e.g., floating the Australian dollar, cutting tariffs by substantial amounts, reducing and simplifying regulations that affect business). Liberalizing trade and enhancing economic integration with Asia-Pacific countries are major tenets of the ALP and, in particular, of the incumbent Prime Minister, Paul Keating. The opposition Liberal-National Coalition is often described to Americans as the more "conservative" party. It upholds traditional social values and stresses the importance of a free market, entrepreneurial approach to economic growth (i.e., it promotes an updated version of the classical liberalism originated by Adam Smith). The Liberal Party is the senior partner, holding 79 of the Coalition's 101 seats in he current Parliament. The National Party is identified closely with the interests of farmers, and its supporters reside mainly in rural areas. Two minor parties, the Australian Democrats and the Western Australia "Greens", are represented only in the Senate but have political and media effects that are disproportionate to their numbers. They take highly visible stands on various economic, political, environmental, and social issues