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economic troubles « Previous | |Next »
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:

Swan.jpg 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.

| Posted by Gary Sauer-Thompson at 7:18 AM | | Comments (8)


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.

Rubbish Rumpole.

We were promised a deliberative form of government, where the government first inquired and then reacted. A far cry from policy on the run we had come to expect from Howard.

Pretty much what I have seen so far.

This whole construct that the right is building of Rudd promising massive change in a short term is patently false and disingenuous from those that were saying before the election that Rudd was just a Howard clone.

We are 6 months into the term, the government hasn't delivered it's first budget. There can be no fair appraisal of the government yet.

RUDD: If we’re elected I want an incoming Labor Government to hit the ground running.

Does that count for anything or was he a marionette for the day?

They did hit the ground running.There were lots of symbolic acts--Kyoto and a national apology. There has also been a lot of spin eg., the Robin Hood Budget.

Swan sticks to the message. Inflation is the no 1 problem, a tough budget is required, and spending cuts are essential because of the Howard Government's financial legacy.

Turnbull is arguing thus:
1.Inflation has been deliberately overstated by Swan as a threat.
2. The external shadows cast over the economy in the form of the US sub-prime crisis are the much greater danger to sustained growth.
3. Therefore, the case for deep spending cuts in the budget, as distinct from maintaining a healthy surplus, is unsustainable.

I suggest you start listening to the positive changes the Rudd government is putting into place rather than the negatives, before you start confiscating his 'magic wand'. The negatives being these you have stated but problems well in duress before Rudd took leadership. There have been investigations into the fuel crisis, but if it was a quick overnight fix you were looking for, I would like you to find me a government capable of such an act. As BigBob stated, we are only 6 months into the term and they have yet to deliver their first budget. I still have faith that Rudd is the best man for the job.

I see that Brendon Nelson has signed up to Turnbull's argument.

Nelson is arguing that there is no inflation crisis and that there is no need for cuts in government expenditure. The entire focus on inflation, Nelson says is a Rudd-Swan attempt to discredit the Coalition’s economic credentials.

I find it hard to accept the the “what inflation?” argument that Turnbull---and now Nelson---have been putting forth. It does not accord with what Treasury and Reserve Bank have been saying about the economic data.

Why are they denying what is obvious?