Which of the following was NOT involved in the deregulation process?

The process of deregulation in Australia, particularly in the financial sector, aimed to promote competition, increase efficiency, and foster a more open economy. Each of the options provided reflects changes associated with this deregulation process, except for the option regarding increased import restrictions.

Floating the dollar was a significant step toward deregulation, as it allowed the Australian dollar's exchange rate to be determined by market forces rather than fixed by the government. This change encouraged international trade and investment, aligning with the principles of a deregulated economy.

The removal of direct control by the Reserve Bank of Australia (RBA) involved loosening regulatory constraints and giving more freedom to financial institutions. This shift was aimed at promoting competition and enabling market rates for lending and deposits.

The removal of barriers to foreign banks entering Australia was also part of the deregulation process. By allowing foreign banks to operate, the Australian financial market became more competitive, which could benefit consumers through better services and lower costs.

In contrast, increased import restrictions would be a move toward protectionism rather than deregulation. Protectionist policies are typically employed to shield domestic industries from foreign competition, which contradicts the objectives of deregulation that seek to enhance competition and market efficiency. Therefore, this answer aligns well with what was not