Of several people seen as likely prime ministers of Australia who didn’t make it, Bill Hayden probably came closest.
Early in 1983, many Australians thought Hayden would lead Labor back to power at the next election. Most Labor MPs, however, believed the best way to ensure victory was to replace Hayden with Bob Hawke. Malcolm Fraser’s Coalition government feared this.
As social security minister from 1972, Hayden led the bitter fight for Medibank. As Whitlam’s third treasurer in 1975, he restored credibility to the government’s economic policies. As Labor leader after the party’s defeat in 1977, he restored party morale, established themes of economic responsibility and laid the foundations for the prices and incomes accord.Two great influences were his early home life and the Great Depression.
Hayden worked hard. However, Labor’s thrashing in the 1966 “Vietnam” election and the death of Michaela, his daughter of five years, in a road accident, brought disillusion and introspection. He studied for an economics degree and read Franz Kafka. Hayden’s booklet,, called for a bigger public role in the economy to eradicate inequality and limit the powers of those who controlled “the commanding heights of capital”.Green; Ernest John McLintock/Fairfax Media.
The quadrupling of world oil prices in 1973 derailed the Whitlam program and the economy ran out of control. Jim Cairns replaced Frank Crean as treasurer. When Whitlam sacked Cairns over unorthodox loan raisings, Hayden became treasurer. He restored economic responsibility, but too late. Malcolm Fraser’s incoming government accepted Hayden’s budget.
Discarding pretence, he restored morale, working on economic management, taxation, defence and foreign affairs. He led Labor to 49.6 per cent of the two-party preferred vote at the 1980 election, but the party lacked faith in his leadership. They had used Hayden, Hawke and Neville Wran as a troika in campaign advertising.
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