Re:Australia hasn't had a recession for over 25 years
by jacques_chester on Friday March 31, 2017 @07:39AM
(#14002765)
Howard's instinct as Prime Minister was the spend like a drunken sailor.
I note that you didn't mention his Treasurer, Peter Costello. The pair of them basically invented the Australian political norm, now dead, that government debt was bad and ought to be paid down as quickly as possible.
No to mention setting aside what is now one of the larger sovereign funds to cover future Commonwealth pension liabilities.
While middle-class welfare has done irreparable structural damage, painting them in a single shade of black or white isn't fair.
Some of the rot or failure to act started under PM Hawke / Treasurer Keating, PM Keating / Treasurer Dawkins, PM Keating / Treasurer Willis and continued under PM Revolving Door / Treasurer Roundabout.
Overall the Hawke-Keating-Howard-Costello years transformed Australia from an economic backwater into a much wealthier and more successful country.
Could there have been better choices? Of course.
Could there have been worse? Oh yes. Australia can't sustain US-style fiscal policy, no matter how politically attractive.
I note that you didn't mention his Treasurer, Peter Costello. The pair of them basically invented the Australian political norm, now dead, that government debt was bad and ought to be paid down as quickly as possible.
No to mention setting aside what is now one of the larger sovereign funds to cover future Commonwealth pension liabilities.
While middle-class welfare has done irreparable structural damage, painting them in a single shade of black or white isn't fair.
Some of the rot or failure to act started under PM Hawke / Treasurer Keating, PM Keating / Treasurer Dawkins, PM Keating / Treasurer Willis and continued under PM Revolving Door / Treasurer Roundabout.
Overall the Hawke-Keating-Howard-Costello years transformed Australia from an economic backwater into a much wealthier and more successful country.
Could there have been better choices? Of course.
Could there have been worse? Oh yes. Australia can't sustain US-style fiscal policy, no matter how politically attractive.