Statement on the passing of John Stone AO

It is with profound sadness that we mark the passing of John Stone AO, a towering figure in Australian public life, a brilliant conservative economist, and one of the founding fathers of the H.R. Nicholls Society and the Samuel Griffith Society. John, who passed away on Thursday at 96, leaves behind a legacy that shaped the discourse on economic and industrial reform for the betterment of Australia.

His intellect, courage, and unwavering commitment to free markets and individual liberty will continue to inspire generations. 

In 1986, John Stone, alongside Peter Costello, Barrie Purvis, and Ray Evans, founded the H.R. Nicholls Society at a seminal gathering in Toorak, Victoria. This was a time when Australia’s industrial relations system was stifling economic progress, and John’s vision was clear: to challenge the status quo and advocate for reforms that would unleash the nation’s potential. His leadership set the tone for our Society’s mission to champion deregulation, flexibility, and economic freedom—principles that remain as relevant today as they were then.

Without John Stone’s fearless advocacy, Australia’s economic landscape could have been far diminished. In the 1970s and much of the 1980s, the nation was mired in rigid industrial frameworks, high tariffs, and bureaucratic overreach that threatened to choke growth and innovation. John’s push for deregulation, sound fiscal policy, and labour market reform—both through his role as Secretary to the Treasury and his work with the H.R. Nicholls Society—helped steer Australia away from economic stagnation. Without his influence, we might have faced prolonged high unemployment, entrenched union dominance, and a less competitive economy, leaving Australia ill-equipped to thrive in a globalised world.

As a distinguished economist, public servant, and later a Senator, he brought rigour and clarity to debates on economic policy. His tenure as Secretary to the Treasury from 1979 to 1984 was marked by a steadfast commitment to fiscal discipline and market-driven solutions, earning him respect as one of Australia’s great conservative minds. His writings, speeches, and public commentary were fearless, often sparking debate but always grounded in principle.

Notwithstanding his distinguished career, John was always open to consider and discuss new ideas that advanced individual liberty and freedom of choice. Also, he never hesitated in taking the time to help younger people make their mark.

At the H.R. Nicholls Society’s 1988 conference, “In Search of the Magic Pudding,” John articulated his fierce commitment to transforming Australia’s industrial relations system. Driven by a vision to combat poverty and unemployment through economic freedom, he declared: 

“Of all the remedies proposed from time to time to combat the growth of poverty under a Labor government nothing is so important as the one which that government itself never mentions; namely, the substantial deregulation of labour markets and reduction in the power of trade union bosses operating within those markets.”

His 1988 words resonate strongly today, as debates on productivity continue to sidestep the critical issue of industrial relations reform. Stone’s call to defend labour market freedom and challenge entrenched interests remains urgent.

John Stone’s passing is a moment to reflect not only on his extraordinary contributions but on the work still ahead. His legacy challenges us to continue advocating for policies that empower individuals, reduce regulatory burdens, and foster a vibrant, competitive economy. We invite our members, supporters, and all Australians to honour John by revisiting his writings and recommitting to the principles he championed.

We extend our deepest condolences to John’s family, friends, and all who were touched by his wisdom and resolve. Rest in peace, John Stone AO—a true giant of Australian thought.