Such organisations included the Chamber of Commerce, Chamber of Manufacturers, Real Estate Institutes, the Wool Growers and Grazer’s Association, the NSW Institute of Public Affairs and various other organisations that had vested interest in the proposal. Results Before the 1977 Australian Referendum citizens living in Australian Territories were not able to vote in referendums. Aftermath Prices Justification Tribunal Following the failed referendum in 1974 Whitlam further strengthened the powers of the Prices Justification Tribunal. The power was extended so that the tribunal could inquire and report on prices charged by a company irrespective of their annual turnover. Where previously the tribunal could only inquire and report on companies with annual turnover of $20 million or more. These changes were aimed at examining retail prices and the price of imported goods, which were previously not examined by the tribunal. However, the jurisdiction of the tribunal was not extended to make the findings of inquiries mandatory for companies to comply with. Therefore, the tribunal was scrutinised for lacking the appropriate power to make real economic differences. Additionally, separate legislation that gave pricing power to state governments such as New South Wales, South Australia, Australian Capital Territory and Northern Territory meant that giving the tribunal further power over prices would contradict this existing legislation. The coverage and role of the Prices Justification Tribunal was reduced, as Fraser's Liberal party took office in 1975. In addition to scrutiny over the ineffective nature of the tribunal, concerns were raised about compliance costs, the overlapping of the tribunals operations with existing government bodies and the effect of the tribunal on industry efficiency and investment decisions. The tribunal was ultimately abolished in 1981. Economic policy The rejection of the referendum and the ultimate reduction of the Prices Justification Tribunal, meant that other economic policies took greater credence. As such two key economic policies were adopted; monetary targeting and indexation. Following the global trend of inflation targeting, the Reserve Bank of Australia employed a loose form of monetary targeting. The policy objective was to reduce the rate of increase in domestic prices. From 1976 to 1985, between which monetary targeting was employed, the inflation rate decreased from 13% to 8.4%. Although the decline in inflation would suggest this policy was a success, the policy relied on a consistent and stable relationship between growth rates and price changes. However, this period proved this consistent relationship was not the case