Is the Coalition the party of superior economic management?

#ANALYSIS: Is the Coalition the party of superior economic management?

Economy, Election

6/12/2021 12:45:00 AM

ANALYSIS: Is the Coalition the party of superior economic management?

Prime Minister Scott Morrison is almost certain to revert to the tried and trusty electioneering playbook, the mantra which for decades has helped the Coalition scrape across the line; superior economic management, writes Ian Verrender.

The economy contracted a whopping 1.9 per cent in the September quarter, the third worst performance in history, a result of catastrophic failures in quarantine compounded by a botched vaccine rollout that left the two biggest states with no alternative but to shut down.

Luckily for the federal government, all the pain was concentrated in that one quarter.Had June registered a negative, even a tiny one, we would have been in recession for a second year running which would have thrown a wet blanket over the superior economic management argument.

That's left Mr Morrison in the race.How governments abandoned the economyGovernments across the developed world took a back seat when it came to running their economies back in the 1980s.They handed most of the difficult decisions to independent central banks, deregulated banking and financial systems, sold off vast chunks of state-owned assets and infrastructure, hollowed out the bureaucracy and allowed markets to price their currencies.

Curve serve and forehand slice: How Dylan Alcott has dominated his sport

In fact, they did everything they could to let the system run itself. The ethos was that government should step back to make way for free enterprise.They also took a sledgehammer to trade barriers. The end result was that China emerged as the world's factory, and its biggest export was low inflation.

The ethos in the 1980s was that government should step back to make way for free enterprise.(Supplied)Every conceivable product from shoes and shirts to heavy machinery and ships suddenly became cheaper, as they were produced en-masse.As a nation that embraced the new era of free trade and deregulation, we rode the wave of prosperity that flowed from China.

All that industry had to be fuelled with raw materials and we were in the sweet spot in the early years of the new millennium.Year after year, the Howard government delivered budget surpluses fuelled by ever greater windfalls from iron ore and coal, wiped out our national debt and presided over a low inflation economy.

Interstate buyers push Brisbane house prices to steepest rise in 18 years

But that all changed in 2008. The excesses and tensions from all those years of deregulation and financial innovation built to an unexpected crescendo, resulting in a near catastrophic collapse of the global banking system.The Rudd and Gillard governments were forced to inject cash into the economy, as this graph from the budget papers illustrate.

But the biggest problem was not spending. It was revenue. As the economy dived, corporate tax, income tax and consumption tax receipts plummeted.Australian government debt — foreign and domesticThose deficits had to be financed with debt.Despite all the promises of the incoming Abbott government in 2013, the deficits continued.

The superior economic management skills which, as former Treasurer Joe Hockey claimed, were in the party's DNA, failed to quell the funding shortfalls. And the debt kept rising.By the time bushfires razed the east coast in 2019, Australia's national debt had more than doubled under the Coalition. In the aftermath of the COVID pandemic, it has more than trebled.

‘People are frightened’: COVID outbreak spreading in Central Australia

Different crises, similar responseThe bill from the Rudd and Gillard government GFC bailouts, delivered in three separate programs, amounted to $52 billion.

Read more: ABC News »

Rival reveals the reason Ash Barty is unbeatable - and barely playable - at the Australian Open

After being thrashed by the world No.1, Jessica Pegula has pinpointed an unstoppable aspect of the Aussie’s game. Read more >>

Ha ha ha $20,000,000,000 of corporate JobKeeper rorting shows how much LNP hates ordinary Australians. The superior economic managers who tripled the national debt NO! 😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😘😂😂😂😂😂 Er, No. If you wanna make lots of money disappear, run a contract for some mates and wags Now do the Labor Party and Health or Education. It’s a complete myth.

Rephrase that question: Is the Coalition the party of corrupt administrators and inept economic managers? No. They just broke the all-time debt record, $880 billion or so. 😳

Andrews admits mistakes, but declares Victoria’s pandemic response a ‘triumph’In a rare and expansive one-on-one interview to a little-known left-wing podcast, Mr Andrews accused Victorian federal ministers of disloyalty to their own state by “bagging” his government amid lockdowns auspol COVID19Vic Jurno forgets to add that all the current Delta deaths due to the NSW outbreak? Far too polite. The behaviour of federal Liberal Victorians is disgraceful. How dare anyone have an opinion against lockdowns which to this day he refuses to release the documents behind them. How could anyone question it.

No. Never has been, just a lie perpetrated by Murdoch, right wing media and failed wannabes, who have managed to fool enough of us enough times to stay in power. How hard do we need to be pinched before we wake up? Seriously? This is a govt responsible for $38b in Jobkeeper overpayments, lots of other Rorts and gov't waste and consequently a debt of close to a trillion dollars. They are the second highest taxing govt (Howard was the highest) and what have we got to show for it? Nothing!!!

Of course they are given the gross incompetence of labour - but let’s not expect any genuine sensible reporting from our tax payer funded broadcaster. Nope. Clearly not. They’ve been telling everyone for years how great they are and many in the media have parroted their spin but they have been economically disastrous over the last 8 years.

The Coalition are far from perfect on economic management and Covid 19 has put them between a rock and a hard place but God help Australia if Labour are elected !! And compulsive bullshitting STOP IT Is that a joke 😳

Voters believe Labor will win federal election, Newspoll revealsThe latest Newspoll reveals Australian voters think Prime Minister Scott Morrison and the Coalition are the underdogs ahead of next year's federal election. We witnessed a realistic gauge of Morrison's popularity when he thought it a good idea, at taxpayer expense to fly to Bathurst & hijack an iconic Aussie event. He was loudly & widely boo'ed by the Bathurst crowd. Again the boofhead failed to read the room. I don't think, I know. So they should be. Proven liars and incompetents at best, corrupt at worst, they can’t be trusted to take responsibility for the last term. Why would you trust them for the next? Well when you lie constantly can’t organise vaccines and are generally hopeless you become the underdog out of pure fucking incompetence

Hahaha really not nearly 1 trillion in the red. HAHAHAHA. Oh go away! Trillion debt? Rorts? NO! If you count paying job keeper to companies making record profits. Absolutely not, treasury figures back to menzies expose the lie As a start, $40B JobKeeper to the un-needy without a 'clawback' clause says no, not superior economic managers.

Hahahahahahahahahahahahaha No. Howard saved 50 billion dollars, he had no idea what to do with it, no vision, no economic sence, he could of diversified Australia's economy and created the 'future Jobs' they keep talking about every election. All Libs after him are even worse. Wtf is wrong with you ABC?

HELL NO! What a stupid headline 😂 ThisIsNotJournalism auspol

Tax revenue surge improves budget bottom line but big deficit awaitsA surge in tax revenue from everyday workers, companies and superannuation funds are helping the federal budget recover from the fiscal fallout of the COVID-19 recession | swrighteconomy swrighteconomy 'A surge in tax revenue from everyday workers, companies & superannuation funds are helping the federal budget recover from the fiscal incompetence of not having a suitable claw-back provision for JobKeeper.' Morons! 😠 ScottMorrisonMP JoshFrydenberg AlboMP JEChalmers swrighteconomy Scott Morrison is highest taxing government in more than 30 years. swrighteconomy People started believing/working to common/shared security policy amd goals, being Aussie?

By any economic standard you care to name - you have got to joking! 🤣 The COALition couldn't manage the change for buying a bag of lollies for your child (and I wouldn't want them anywhere near them)! No They have fked us royally and this post is gone deaf Morrison doesn't just lie before elections. He lies all the time. He lies when he doesn't have any reason to lie. How can you trust a thing he says? He is ably assisted by a non-critical media, as are his ministers. Don't you lot feel any shame? This analysis should be flushed.😡

🤣🤣🤣🤣 is this satire. The lnp have shown how bad they ate by tripling the debt Not in a million years!! They spend our money like a slush fund and not for Australia or its citizens!! If I ran my business like the LNPCorruptionParty I would be bankrupt AND in jail!! Are they doing anything to prepare for the increasing number of climate catastrophes we will have, or anything to abrogate our greenhouse pollution? Cos those disasters are gonna be EXPENSIVE when they hit if we're not prepared.

No. Didn’t look like it right now That's a ong-winded way to say 'No, it's not'.

Senator accused of trying to punch colleagueNorthern Territory senator Sam McMahon has been accused of trying to physically punch one of her Nationals party colleagues in a Canberra pub. I don't know whether to condemn her or not. I mean I don't believe in violence...but it's against a politician! So confused! Fine NT tradition. Oh if it is true then let us make it a law. We should also be allowed to punch her or others.

They haven’t a clue. No. Absolutely not. Reckless spending and only to their mates. How much is the national debt again? Don’t make me laugh numpties 😂 Betteridge’s Law applies MSMWatchdog2013 No... Absolutely not! More people would know this if economists & commentators on the ABC knew how federal govt money actually works So far I can count just one - Alan Kohler - that does understand HINT: If you ask a federal MP 'how are you going to pay for that?' you don't understand

How about considering which party is better at social management? We live in a society, not an economy!!!! 🤣😂🤣😂🤣😂🤣😂🤣

Parliament House shuts after COVID-19 caseParliament House has shut its doors after a staff member for Greens party leader Adam Bandt tested positive to COVID-19. Oh how convenient What exact test was done on the staff member? 😂 More lying misinformation scamdemic propaganda narrative, very surprised if Australia sees a federal election by March 2021. Waiting for the punch line…

FFS ABC; are you all cut out of chocolate ? ? Aust by LNP was in per capita recession before Covid. Now a trillion $$ deficit. LNP have just pissed Forty Thousand 'Million' JobKeeper out the treasury window to profitable corporates. YES: FORTY BILLION $$s FFS: TELL IT HOW IT IS. I don’t even need to read this to know that because it’s from the ABC their answer will be no

no, its a myth thats somehow popular There is no evidence to suggest that the LNP can deliver anything other then record debt, worse living standards and industrial scale corruption. They have never been superior economic managers. I want the ABC to stop gaslighting. The question is preposterous. It was always a facade as they do not CARE for those less fortunate than them and everything they do is NEGATIVE as they have no Positive ideas or policies.

What happened to the $443Million that Turnbull gave to his 3 Qld mates in 2016 to look after the GBR.? No they though mismangement have racked up 100BILLION DOLLARS,OF TAXPAYERS DEPT. No On every measure you care to take the economy has always fared better under Labor governments...just google it. No!

Labor pledges boost in university and TAFE funding to address skills shortagesOpposition Leader Anthony Albanese will use a speech in Sydney to outline how his party will provide more than $1 billion for more TAFE and university places.

No it’s a front for right wing racists, religious zealots, corruption, anti-democratic rorts and inappropriate political donations. It’s a part that has been captured by dangerous powerful interest groups. No *mismanagement Is the Murdoch press good for your health? No. Especially if you look at benefit-to-citizen terms. Things like Medicare are a WIN and things like negative gearing are a loss. Oh and there's that thing to demean/defund the public service then spend more bucks on out-of-touch and expensive consultancies. dumb wasteful

No! Scott and Josh just keep saying they are. Look at the results. Answer:🤣🤣🤣🤣 No Well, as Morrison was saying this morning in an interview, his government is great at waste management. Plenty of practice with taxpayer dollars

For their corporate handlers, for sure. The words Morrison and management should never appear in the same sentence. 🐂💩 No This article is shit. 'you have to feel sorry' for ScuMo? Get real. 3 more years of left wing tears Yet another Pro-Labor Anti-LNP rant from the Socialist Left ABC. Give the ABC immediately to all of the “our ABC” cult and let them fund and run it. I don’t want any of my money spent on it.

Lost me at “you have to feel some sympathy for Mr. Morrison”. That man deserves sympathy from no one.

when did the ABC start doing satire? Labor is like giving a bunch of school kids access to all the money. They are great spending but managing it is beyond them ! Superior economic bungling yes of course they are .. problem is they are only the lesser of two evils .. imagine if the Greens were in control .... which they sort of are when Labor is ...

We may never know… Any party that gets elected to government on a mantra of 'Budget Emergency' and then proceeds to more than double the budget deficit are NOT superior economic managers. Yes & with daylight second. Let's have a look at the crushing mental health, homelessness and crime statistics since the economy is meant to serve the public.

What if they win again ? opinionnotanalysis That’s a cover, sold by their rich media mates, for them being the opposite. They take things Labor build and sell off or ruin…then still manage to rack up huge debt. Whitlam, Hawke, Keating build…Howard on, ruined.

These are the people who gave the top end of Town millions with no claw back clause, very good economic management. Yet overpay someone on welfare they hound them to death. Why do the ABC keep appointing Economics editors who actually have no experience in economics, business or finance? Like Alberici who didn’t know the difference between revenue and NPAT.

Absolutely not, it is abundantly clear they are utterly inept and deeply corrupt not a chance. Biggest deficit ever. Highest debt in Australian history. We've gone from 'back in black' to 'forever in the red'. We have a Treasurer who misplaced $60b and then handed out public money to companies that didn't need it. Billions spent on rorts and sponsors.

Next year they will be If you need money laundered, then yes, the LNP is the go to party. Rorts are not economic genius actions are they? Money to the Caymans, GBRF grant to who? Millions to a media magnate... These are massive examples of money mismanagement! Leppington Triangle? No, they fail very much. China trade dead! It goes on and on and...

NO I won’t even read this… but let me guess the Labor ABC would think not?! All Hail Albo…

Looking in recent times Keating vs Costello or Swan vs Frydenberg ? Who would be your winners ? I'll take 'Betteridge's Law of Headlines' for $60bn, Alex. No. Next question? From the marketing dept. Imagine as a financial controller you made a mistake on the annual report that was billions out. How long do you think you would have a job for? So no, fiscal managment and reporting is not something the Libs do well.

No, but they will lie to try and make you believe they are! LNPCorruptionParty LNPDisgrace auspol 😂😂😂😂 I suspect the answer to this is having a broader perspective of what a good economy looks like. It's not just a set of figures. It's how balanced it is, how broad-based to not be as vulnerable to change, how it delivers benefits for all. But that's probably too complex to digest.

Wow this is laughably poor analysis even for the ABC.

Absolutely not. They are the party of feathering their own nest under the guise of good economic management. No. They outsouce the public service to mates so finances can't be investigate, and leave the population worse off in the process. If superior economic management means shuffling and siphoning cash off to everywhere except where it was actually intended..., then yep, they're superior.

Is it coincidence that the headline here manages to repeat 'coalition the party of economic management' ? Which is what will once again stick with those who already have a bias! When doing a piece on how that is a political lie, how about actually saying so in the heading? No they are not, and never have been.

NO. has been THE TREASURER MISCALCULATED 60BILLION DOLLARS I WOULDN'T TRUST THEM TO RUN A CHOOK RAFFLE Any party that parrots 'Labor's debt and deficit disaster' ad nauseam for years, and then DOUBLES the national debt even before the pandemic started, absolutely cannot claim to be the 'party of superior economic management'. They are frauds.

NO Don’t need analysis. Living through it.

Good question, here's a hint... 'Coalition adds more debt in nine months than Labor did in under six years:'