Domestically, Menzies presided over a fairly regulated economy in which utilities were publicly owned, and commercial activity was highly regulated through centralised wage-fixing and high tariff protection. Liberal leaders from Menzies to Malcolm Fraser generally maintained Australia's high tariff levels. At that time the Liberals' coalition partner, the Country Party, the older of the two in the coalition (now known as the "National Party"), had considerable influence over the government's economic policies. It was not until the late 1970s and through their period out of power federally in the 1980s that the party came to be influenced by what was known as the "New Right" – a conservative liberal group who advocated market deregulation, privatisation of public utilities, reductions in the size of government programs and tax cuts.