Friday, 21 September 2007

The Big E

In the lead-up to the current election campaign, dear fellow blogger, we’ve heard a great deal about the coalition’s economic credentials. The thirty year old shibboleth around Whitlam’s mismanagement of the economy is routinely dragged out, dusted down, and displayed for all to see. (For those born since that time, it’s probably as relevant as the legend of King O’Malley, and has about as much substance).

It’s refreshing to read Michael Costello take on this in today’s Oz –

“It has dawned on voters that the Coalition simply does not get contemporary economic reality. The Coalition still thinks economic management is just about running budget surpluses and keeping down debt. As Wayne Swan has hammered with increasing success, both with business and in the wider community, although that's necessary, in modern Australia it's no longer enough.”

and –

“The truth is the Coalition has had it easy, managing the economy during 11 years of extraordinary global boom. It's Labor that managed the economy during tough global economic times for 13 years and. with the support of far-sighted trade union leaders (that's right, trade union leaders), revolutionised our economic future.
The voters are seeing in Swan a shadow treasurer deeply engaged with contemporary economic realities and the business community, backed by an avowedly fiscal conservative in Labor leader Rudd.”

Sure, I know Costello’s background, but his economic credentials are sound (previously Deputy-Managing Director of the Australian Stock Exchange and a Director of Export Finance Insurance Corporation and the Australian Trade Commission), and he understands the Labor Party.

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