Hastie’s break with neoliberalism puts business on notice

With Liberal leadership candidate Andrew Hastie openly challenging the “neoliberalism” that has underpinned Coalition politics for decades, the once-enjoyable job of political protection can no longer be taken for granted, writes Professor Carl Rhodes.

OPPOSITION LEADER Angus Taylor looked wary. It seems Sky News was put under repeated pressure by the landlord last week Andrew Clennell About his relationship with his Liberal colleague and possible leadership rival, Opposition sector spokesman Andrew Hastie.

“Is that it? [Hastie] After work?” Clennell asked. Taylor laughed, then turned to taxes, housing, oil and gas.

Clennell didn’t let go. “But is he after your business?” he repeated. Taylor laughed again. Finally, he answered without actually answering. “Andrew and I are good friends and have been together for a long time.”

The question lingered because only a few weeks earlier Hastie had openly challenged “neoliberalism”, the worldview that has underpinned Coalition politics and its relationship with business for decades.

The consequences of this challenge remain unclear, but business is aware that the political protection it once enjoyed can no longer be taken for granted.

#Angus_Taylor scoldings #Andrew_Hastie to call #Libraries keeping an ‘open mind’ about tax increases and property concessions

The split emerged as some MPs raised the possibility of a new meeting over the party’s leadershiphttps://t.co/h7ZWhGAI9M

— Nes Evan  (@NesEvan9) March 31, 2026

Hasti broke the ranking

Things had started to improve since Andrew Hastie spoke. ABC insider On Sunday, March 29.

When asked about his support for windfall taxes on gas exports, Hastie said:

“The Liberal Party is not corporate Australia’s first line of defence. Multinationals and major corporations in this country have lost their social licence.”

He went further and added:

“No one will reward us for one last stand in the name of Neo-Liberal politics. There are no medals for that.”

the next dayTaylor silenced him by making it clear that increasing taxes was against this legislation. “The deep-rooted understanding of the economics profession in the Liberal Party”.

Neoliberalism is rarely mentioned by conservative politicians, let alone as an issue they discuss publicly. But this is the doctrine that the Coalition, and especially the Liberal Party, has long advocated.

From the late 1990s under John Howard’s government, market liberalization was enthusiastically embraced through industrial relations reform, privatization of state enterprises, financial liberalization and significant reductions in corporation tax.

Neoliberalism is also the word the Left has traditionally used to criticize this policy agenda, particularly the inequality it fuels by shifting power, income, and security from labor to capital.

On the surface, Hastie’s language overlaps with elements of this critique; for example when he said: “Many Australians feel the system is rigged against them” and this “We are experiencing great economic pain” While the global order is disrupted.

Opinion | Andrew Hastie actually seems to believe it when he says the Liberals are too committed to neoliberalism. https://t.co/vPs1aLo0tj

— Crikey (@crikey_news) April 7, 2026

The Liberals’ old deal is crumbling

Hastie’s view is not a progressive one. This is a pragmatic recognition that the Right will be punished for defending a system that more and more people see as unjust.

His conflict with party orthodoxy is not a turn to the left. But it signals a shift in issues that now span the political spectrum. Economic hardship is spreading as housing is unaffordable for many, cost-of-living pressures are intensifying and young Australians increasingly believe they will be worse off than their parents.

The neoliberal order has lost credibility even among those who once supported it without reservation. It previously seemed obvious that investment, growth and shareholder value would be passed on to all Australians. This belief has been eroded by inequality, wage stagnation, and repeated episodes of corporate abuse.

The fact that the Liberal Party is now discussing neoliberalism, however clumsily, is a sign that something fundamental has changed. The economic solution that once harmonized markets, business and political legitimacy no longer requires automatic approval.

If this agreement changes, it will shape not only the future of the party but also the conditions under which business is judged to serve the public interest. This evaluation occurs in real time.

Business warns

Behind this moment in the news cycle is a deeper shift in the public’s expectations of business itself. Companies are no longer judged solely on their ability to grow, invest, or generate shareholder returns.

The fact that inequality is at levels not seen in decades and conservative politicians are withdrawing automatic support for business is a sign of how frayed the system is. Businesses are increasingly evaluated on whether they contribute to economic justice through responsible practices, paying taxes, and providing safe, well-paid jobs.

Everything from superprofits to resource rents, from wage theft to precarious work, from market power to price setting and the political influence that comes with concentrated wealth can be expected to be examined.

Opposition Leader Angus Taylor sought to distance himself from former leader Peter Dutton but promised many of the same economic policies in a presentation aimed at business. https://t.co/WWFoJV2YdO

— Financial Review (@FinancialReview) March 3, 2026

The fact that figures on the conservative wing of politics now frame issues in these terms shows the depth of the problem.

The implications for business leaders are clear. They must reckon with the political and social consequences of an economic model that provides prosperity for some while leaving others excluded, insecure and unheard. Failure to adapt can leave corporate leaders politically isolated, defended by an increasingly narrow circle of allies but deprived of broader legitimacy.

The challenge for corporate Australia is no longer how to protect markets from politics, but how to act convincingly in the national interest, recognizing that economic power carries civic responsibility and that long-term legitimacy depends on more than just growth.

If business cannot be credibly seen to contribute to the public good, it will not only face pressure from the Left. He will face each other from everywhere.

Carl Rhodes is Professor of Business and Society at the University of Technology Sydney. Wrote several books On the relationship between liberal democracy and contemporary capitalism. You can follow him on X/Twitter @ProfCarlRhodes.

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