Before 1939, Australia invariably looked to Britain for economic leadership. Britain held a key role in the world economy, and traditionally had been Australia’s chief customer, vendor, shipper, creditor and banker and the principal reservoir of Australian immigration. Insofar as Australia had an international economic policy, therefore, it was that of strengthening and adapting existing economic ties with Britain and the British Commonwealth, to Australia’s advantage; and, when the choice was required, of maintaining British relationships at the expense of those with the rest of the world. There was very little use of economic policy as an adjunct of foreign policy, possibly because Britain was regarded also as Australia’s mainstay of defence.