Australia introduced money supply targets in 1976, and then abandoned them “with reluctance” in February 1985. At the time, Australia tendered two reasons for ending the M3-targeting stage: “The first was the problem of controllability. The fact that targets were often missed was an indication that close control was either not possible, or would have required undesirable movements in the policy instruments.
The second was the instability of the BIS Review 108/1997  relationship between money supply and the ultimate objective of policy such as inflation ...”. (Address by Governor Macfarlane at a Conference of Economists in Hobart, 29 September 1997.)