Neoliberalism is rarely named by conservative politicians, let alone something they bicker about in public. It is, however, the doctrine the Coalition – and the Liberal Party in particular – has long championed.

It was embraced enthusiastically under John Howard’s government from the late 1990s, through market liberalisation, industrial relations reform, privatisation of state enterprises, financial deregulation and significant reductions in corporate taxation.

Neoliberalism is also the word traditionally used by the Left to criticise this policy agenda, particularly the inequality it fuelled by shifting power, income, and security away from labour and towards capital.

On the face of it, Hastie’s language overlaps with elements of that critique, for example when he says that “a lot of Australians feel like the system is rigged against them” and that “we’re experiencing a lot of economic pain” as the global order fractures.