They've concluded that competition and the relatively free play of market forces are the way go. Now, you have to say that, accepting their rather narrow objective, their advice on how to achieve that objective is sound. What's more, the implementation of their advice has been highly successful. It rose faster than in any decade since the '60s. The trouble is that higher living standards are just one of the things the public cares about.
People also have strong views about fairness.
Take that outcry over the jump in petrol prices on Anzac Day. The public seemed to think it was most improper, despicable behaviour. Having suffered an overdose of economics myself, I was itching to write a column telling people to stop being so stupid. This has nothing to do with fairness. It's the way markets work and have always worked.