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As someone coming from a political environment that doesn't use the term, I seem to periodically forget what is meant by liberal. Your concise definition is very useful.

In North America, liberal generally means left of centre and conservative means right of centre. Of course, I've never liked the one dimensional left/right political spectrum.

In this case it's literally the name of the party (Liberals and Labor are the two major parties). You're correct on the economic and social axes, but that's become less distinct over the last decade.

> small government, no regulations

looks at the encryption law