9 January – Prime Minister Paul Keating denies any involvement in a multimillion-dollar salami venture with a Hungarian company in the NSW Hunter Valley, as had been alleged by Senator Michael Baume.
13 January – National Party Leader Tim Fischer calls on Japan to apologise for Japanese atrocities committed during World War II.
20 January – A funeral is held for former Governor-General, Sir Paul Hasluck in St. George's Cathedral, Perth.
21 January – The Australian dollar slumps to its lowest level since early 1987 (US 66.3c) prompting international investors to abandon the currency and a rescue intervention effort from the Reserve Bank of Australia.
Prime Minister Paul Keating releases a statement revealing that he is suing Senator Michael Baume over comments he made in a 3AW radio interview about Mr. Keating's involvement in a Scone piggery, Danpork and tax concessions for which he applied.
Shell Australia announces plans to close more than half of the nation's oldest colliery, the South Bulli Mine, leading to 230 job losses for New South Wales coal miners.
25 January – The Remuneration Tribunal announces that MPs will have their pay boosted by 1.4 per cent from March 11.
The Federal Government curtails MDS microwave delivery as a secondary pay TV system to satellite and calls off the auction for new MDS licences, a decision which Prime Minister Paul Keating claims is to stop "inferior technology" – the microwave system – from hijacking the pay-TV industry.
Federal Treasurer John Dawkins announces that the Federal Government is revising its Budget forecasts for growth in 1992–93 from 3 per cent to 2.5 per cent.
31 January – New South Wales Transport Minister, Mr. Baird, announces that 2,000 jobs will disappear from the State Rail Authority this year and stressed that all redundancies would be voluntary.
13 March – Paul Keating and the ALP win the federal 'unwinnable election' and are re-elected for a fifth term in power. Labor increases its primary vote by 5.5% to 44.9% and its seats by 2 to 80. The Coalition, on 44.3%, up 0.9%, won 65 seats (Liberals 49, Nationals 16), a loss of 4. The Australian Democrats fell dramatically in both houses, although their winning of Senate seats in South Australia and Queensland still leaves them with a total of 7 in all.
24 March - Following several retirements, the new Cabinet includes a predominance (13 out of 19) from the right. Newcomers include Michael Lavarch, Peter Baldwin, Laurie Brereton, Bob McMullan and Michael Lee.
29 April - Acting leader Cheryl Kernot is confirmed as leader of the Australian Democrats by an 81% vote of the membership. She is given a mandate to pursue more mainstream policy objectives and to reform the party's cumbersome internal procedures.
4 August – Coles Myer announces a $4 billion expansion plan creating 100,000 new jobs & spanning five years.
18 August - The Senate supports the motion of West Australian Green MP Christabel Chamarette to impose a "double deadline" on bills from the House of Representatives, refusing to guarantee dealing with bills which had not been introduced to the House by October 1 and reached the Senate by October 29. Exceptions are allowed for, but the Federal Government is enraged.
30 August - Caucus' Economic Committee attacks Prime Minister Paul Keating over the Dawkins Budget. Annoyed at the favourable publicity being received by the Australian Democrats as the voice of fairness, the Labor left and right factions combine to insist on compromises.
1 October - The Senate approves a new oath of office which omits any reference to the Queen.
20 October - Prime Minister Paul Keating changes his mind and decides against a recommendation to allow wider televising of parliamentary debate, including points of order and comments later withdrawn.
30 July – A Country Practice is axed after 1,058 episodes by the Seven Network. The final episode aired on 22 November, Network Ten pick up the series the following year, but it is nowhere near as successful as the Channel Seven version and is axed soon after.