Party simply means that people were enjoying themselves.

"The 1980s was a decade of contrasts. The Australian economy was booming - property values skyrocketed and many businesses made large profits. Many people became pre-occupied with making money and of course, spending it. Fashion, music and television from the decade was glitzy, showy and glamorous. For this reason, the 1980s is sometimes called the 'me decade'- a reference to the prevailing climate of economic greed and consumption."
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