conservative government committed to supporting a "mixed economy." The new Australian Government, led by Liberal leader Robert Menzies, continued to regulate economic activity, but preferred to manage the economy "indirectly" where possible. More encouragement was given to private industry, but where public enterprise was deemed "necessary" it was retained, and in some cases expanded. The pragmatic approach of the conservative Menzies Government was underlined with the establishment of the Reserve Bank of Australia, the continuance of the mass immigration policy began in 1946, and the signing of a range of new trade agreements with nations outside the British Empire, including West Germany (1955), Japan (1957) and the USSR (1965). In 1955 Australia began exporting coal to Japan, and by 1967 Japan had surpassed Britain as Australia's main market. In 1966 Australia abandoned the pound and adopted the Australian Dollar. Economic growth, high employment levels, growing foreign investment and the development of new markets led Australia to enjoy a high level of economic prosperity in the post-war period. Rationing was abolished in 1950. High population growth, high government spending, the introduction of television (1956) and the gradual relaxation of government controls over "hire purchase" helped Australia to develop into an affluent society in the 1950s and 1960s. Rising income from taxation receipts eventually allowing the Australian Government to fund a large expansion in higher education, the development of Canberra, the national capital, and the host the 1956 Melbourne Olympics. By the time of Sir Robert Menzies's retirement in 1966, the Australian economy seemed stronger and wealthier than ever before. The Australian governments of this period, dominated by the conservative Liberal Party of Australia, were broadly successful in maintaining economic growth and unemployment, but were criticised by opponents for failing to effectively control inflation, instituting periodic "credit squeezes" (1952 and 1961), and rejecting national economic planning. During the 1960s an increase in tariff protection for new industries protected jobs and profits, but lowered the need for productivity and innovation, and by 1966 foreign investment was shifting to the less heavily regulated mining and pastoral sectors. After 1967 the favourable conditions that Australia had enjoyed in the international economy began to change. From 1962 Britain progressively abandoned the system of Imperial Preference adopted in 1932 and moved towards membership of the European Economic Community. Australia's privileged access to the British market was drawing to a close. In the era of the Vietnam War