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Costello's Lucky Country « Previous | |Next »
December 8, 2005

Peter Costello has withdrawn from the leadership challenge wounded. I must admit that did enjoyed watching the retreat as his political ambition was deflated over two weeks of name-calling, backbiting, point-scoring and finger-pointing in the feisty atmosphere of Question Time. The Costello camp is saying that a truce has been declined.

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Nicholson

Yesterdays national accounts figures showed an economy flatlining at 0.2 per cent in the September quarter and indicated the continued weakness of exports, the decline of manaufacturing a fall in productivity and a continual deterioration in the current account deficit to 6.5% of GDP.

Though we know that he is not much of an economic reformer the Treasurer is still seen as a successful economic manager. He talks about the record low levels of unemployment, low interest rates and budget surpluses.The Treasurer's tone is reassuring on the economy. There is no need to worry as ecconomic growth will bounce back from the current 2.6% up over the year. There is no need to worry about the decline in foreign investor confidence or a fall in the Australian dollar due to the high current account deficit.

Where is the export bonanza?

The Treasurer may be an excellent performer in the political theatre of a gladiatorial Question Time in the House of Representatives, but where is the policy substance on the economy? How does he deal with the challenge posed to Australia by China and India in relation to their more cost effective manufacturing and service industries? Through a low wage economy?

| Posted by Gary Sauer-Thompson at 2:22 PM | | Comments (2)
Comments

Comments

I read somewhere recently, that the reforms put together by the Hawk/Keating govt. is now running dry for Peter Costello.

AJ,
yeah a number of economic commentators are saying that. So is the ALP Hence the decline in the productivity of labour.

I cannot see reducing working conditions, greater casualization of labour and reducing the minimium wage will address this decline.

There needs to be upskilling of labour not downskilling. The old clever country scenarrio of Hawke and Keating is stil relevant.