ANZUS was established in geopolitical circumstances that no longer exist. A changing environment doesn’t mean Australia should exit the alliance, but in light of a rising China, it must rethink how ANZUS determines policy.
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The Australian Treasury’s initial purpose was to be a bookkeeper and budget manager for the new commonwealth government. A couple of decades later, the inadequacy of Treasury in providing meaningful economic policy advice to the government during the Great Depression was a catalyst for the development of a more substantive policy role.