The year was also a political zenith for John Howard, who claimed victory at his fourth election in October by defeating Mark Latham despite lagging in the polls.
"I thought 2004 was a remarkable year politically. It started interestingly, there were some ebbs and flows. I was, for good reason, happy with the conclusion of the year," Mr Howard said in December.
"The context then (of) cost of living was as pervasive as it is now and although things have changed a lot, one thing hasn't changed and that is the dominance of cost of living as a pervasive political issue."
Incumbent prime minister John Howard defeated Labor's Mark Latham despite lagging in the polls. (Mick Tsikas/AAP PHOTOS)
As the National Archives released hundreds of cabinet papers from 2004 on Wednesday, many of the key political issues going into that election could easily be ripped from headlines ahead of the 2025 federal poll.
Pressures at the supermarket checkout were a big concern in 2004 with cabinet considering a mandatory code of conduct for the grocery industry.
While the code to govern the retailer-supplier relationship was to be voluntary, cabinet rejected making it mandatory despite a report claiming there were issues in the sector.
"Mandating the code on the basis of anecdotal evidence risks exposing the government to criticism of unnecessary regulation and imposing associated compliance costs on an industry which is largely working well," former minister Joe Hockey wrote in a submission Â
"Despite the lack of evidence, there appears to be a genuine perception within parts of the industry ... that growers are being mistreated."
Housing affordability was also front of mind leading into the election, with the cabinet also backing recommendations to boost supply and for states and territories to reduce their reliance on stamp duty.
However, a submission from Mr Howard and then-treasurer Peter Costello rejected the idea that changes to capital gains tax affected property values.
"It is not clear that the change in capital gains taxation in 1999 would have had a large impact on house prices," the submission said.
"While there is limited scope for government to improve affordability for first and other homebuyers in the short term, governments have an important role to play in facilitating efficient housing outcomes."
Cabinet also signed off in December 2004 to sell the government's remaining Telstra shares to help set up a Commonwealth sovereign wealth fund, also known as the Future Fund.
Problems in the aged care sector were also just as prescient in 2004, after a review at the time called the industry "immature" and "constrained by regulation".
With the review identifying stress for the sector's labour market in the coming decade, cabinet agreed to a committee to deliver industry assistance packages.
The 2004 election win set John Howard to become Australia's second-longest serving prime minister. (Alan Porritt/AAP PHOTOS)
The 2004 election victory would see the Howard government hold a rare majority in both houses of parliament, which allowed for controversial industrial relations reforms to pass unimpeded.
The election win saw Mr Howard remain in the top job for a fourth term, and be the second-longest serving prime minister in Australian history.
He said the length of time with the keys to the Lodge was a factor in him eventually losing the 2007 election.
"Clearly there were aspects of (workplace laws) that were very unpopular ... I think longevity is always a big factor in governments winning or losing, no matter what happens in campaigns," Mr Howard said.
"A lot of (the loss) was due to the fact that (voters) got a bit tired of us."
