The Modified Market Economy, Concentrated Mainly on Australia

What is a modified market economy? What factors have been responsible for the emergence of this kind of economic system? How do governments influence economic decision making in such systems? Use Australian examples to illustrate your answer.
A modified market economy is a market economy in which there are varying amounts of intervention and property ownership by the government. The Australian economy would be classed as a modified market, as we have a certain degree of government intervention, and this is something we should feel lucky for in our country, because due to this we are able to experience the free, fair lifestyle which we enjoy.
…