The Fraser Government came to power with a mandate to restore Australia’s economy after the disastrous mismanagement of the Whitlam Labor government. The Fraser government began the historic turnaround from the 'big government' approach of Whitlam to an era of liberal reform. Fraser argued strongly for a more limited role for government in economic life, wound back government spending, and restrained union power, while promoting individual rights and opportunities..

The impact of the economic mismanagement of the Whitlam government was intensified by the fallout of the world oil shock, a prolonged record-breaking drought and unsettled world markets. Despite the volatile economic environment, the Fraser Government made hard decisions to ensure Australia’s future was secure.

Some of the features of the Fraser era include:

• effective restraint of government spending
• major new assistance for families
• the introduction of far-reaching reforms to strengthen the Federal system
• large scale investment and development projects, such as dams and roads
• strong legislation to limit union power and secondary boycotts
• major new developments in wages and industrial relations 
• a focus on assisting with employment schemes to encourage employment growth
• laws to stop 'bottom-of-the-harbour' tax evasion schemes
• greater flexibility in the management of the exchange rate
• better training and assistance to sportsmen and women to help them compete at a world level
• assistance to both large and small business through a series of government programs
• strengthening the right of parents to choose the best school for their child
• development of newly discovered mineral resources
• a focus on conservation, the environment and the development of new national parks
• welcoming refugees from Vietnam after the communist takeover
• supporting more effective Western action to overcome the North-South divide between rich and poor countries
• strengthening Australia's defence forces
• a strong stand against Soviet expansion of its activities into the Pacific and its invasion of Afghanistan

The Fraser Government’s time in office is highlighted by a focus on strong economic management, featuring much needed economic reforms as well as a determination to advance the principle of equal rights and respect for people from many different backgrounds, including those in Australia's large immigrant communities. The Fraser government was also notable for its strong recognition of the need for conservation and the environment. Some of the specific achievements of the Fraser Government include:

• the introduction of family allowance, providing direct help for mothers and families, the introduction of the family income supplement as well as the establishment of the Office of Child Care
• laws to require secret ballots before strikes (the CEEP and CERR Acts)
• prohibition of union engagement in secondary boycotts through SS.45D and E of the Trade Practices Act
• the replacement of a means test on pensions with a simpler income test, the automatic indexation of pensions and the introduction of a new pensioner housing scheme
• legal reforms including introduction of the concept of the Ombudsman to protect individual rights, a National Companies and Securities Commission, the Human Rights Commission and Freedom of Information legislation
• the listing of five Australian sites placed on the World Heritage List as well as the banning of whaling in Australian waters and the declaration of the Great Barrier Reef Marine Park
• establishment of the Australian Institute of Sport, the Sports Development Program and the National Committee on Sport and Recreation for the Disabled
• establishment of the Australian Institute of Multicultural Affairs and the Special Broadcasting Service (SBS)
• giving the States and local governments permanent and guaranteed shares of personal income tax collections
• Commissioning the Campbell Report into the reform of the financial system
• Purchase of the FA-18 fighter aircraft
• Peacekeeping force sent to Sinai