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May 2, 2008
The official story from the economic policy elite used to be that China ensured that Australia was firewalled against bad times in the global economy, and that working families (Howard 's battlers rebadged ) would be okay. The good times would continue and the commonwealth government was looking after working families. All was well in the world. Not so any more:
Moir
The political talk is now "sharing the burden" of economic slowdown and rising inflation and those people on modest incomes are entitled to a fair go.
If there is a policy it is a move away from Howard government pressing on the accelerator with new spending and the Reserve Bank pressing on the brake by raising interest rates. The Rudd Government's talk, in contrast, is about helping the Reserve Bank in its fight to prevent inflation becoming entrenched in the economy by cutting spending.
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In only a few short months Cardboard Kev’s magic wand seems to have lost its power. We chucked out that other mob because they had run out of steam and ideas. What did we get in return? Not much it would seem. Cardboard Kev gave the impression that he would tame the petrol companies, grocery retailers and reign in galloping inflation and home loan interest rates: all done before lunch mind you. Anecdotal evidence suggests the opposite is true.