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The Main Questions

1 Dec 1988 RDP 8812
Ian Macfarlane
A major reason behind the floating of the exchange rate was, as in the textbooks, to gain greater monetary policy independence.
https://www.rba.gov.au/publications/rdp/1988/8812/main-questions.html

Structural Background

1 Dec 1988 RDP 8812
Ian Macfarlane
While the exchange rate changed frequently, there was no market in foreign exchange and the system was more similar to the textbook fixed exchange rate regime than to a floating exchange
https://www.rba.gov.au/publications/rdp/1988/8812/structural-background.html