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Counterpunch: We saved Australia from a recession

David Bradbury

by David Bradbury

09 May 05:50am

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Filed under: Budget 2011, Economy, Gfc, Government, Julia Gillard

138 comments

Fresh from declaring that “climate change is crap”, the Opposition has trawled through their repertoire of One Nation emails to emerge with a version of recent economic history that airbrushes out the Global Financial Crisis. 

What crisis? Whose jobs?

This denial theory being peddled by the Opposition is that the “GFC was crap”.  If you listen and watch closely, everything they say and do is based upon this single “article of denial” – that the Global Recession was a figment of Labor’s imagination. 

They will tell you that the massive hit to our revenue caused by the collapse of financial markets in 2008, to the tune of $110 billion, simply didn’t happen.

In fact, Jamie Briggs, in his piece today invokes every historical financial challenge of the last decade while conveniently forgetting to mention the largest global downturn since the Great Depression.

The Government isn’t making excuses for tackling head on the enormous economic challenges that have emerged over the past three years, including, most recently, the impact of the disasters in Queensland and Japan.

We have simply taken the necessary decisions to help shield the Australian economy from the worst effects of the GFC and manage a return to surplus against the backdrop of some hard fiscal realities.

Tony Abbott and the Opposition deliberately deny the economic facts. In fact, they are being downright dishonest with the Australian people.

Fact: Australia, compared to the world’s major advanced economies, avoided recession - in fact our economy began growing while others had yet to stop their slide into negative territory.

Fact: Australia has an unemployment rate of less than 5 per cent when other major economies, like the United States and United Kingdom, are struggling with unemployment rates that are almost double that.

Fact: At a time when those same countries have shed jobs, Australia has created 750,000 new jobs since we came to Government.

Fact: We have the lowest debt and deficit ratios of any major advanced economy in the world, and we will return to surplus earlier than any other comparable nation.

If the Opposition want to talk about waste, they should take some time to reflect on the waste and desolation that they would have wrought on the lives of those Australians who would have lost their jobs if the Coalition had been in power during the GFC.

When it suits Tony Abbott’s scare campaigns, he says he is a champion of Australian jobs. But the reality is he voted against every job creating program under the Government’s stimulus package.

These included tax breaks for small business, the significant investments in nation building infrastructure, new school infrastructure and facilities, support for local community projects through grants to councils and an unprecedented investment in social housing with the construction of almost 20,000 dwellings.

Each of these projects are delivering, and will continue to deliver for many years to come, improvements to the lives and opportunities of millions of Australians as well as serving to keep hundreds of thousands of Australians employed who would have otherwise been out of work during the GFC.

By voting against these projects, Tony Abbott was prepared to send a generation of Australians to the dole queues and consign our economy to the same dismal fate of other nations hit by the global recession – now that truly would have been a waste.

As we prepare to release the Budget next week, we do so against the backdrop of recovering strongly from the GFC but also facing a whole raft of new challenges.

We have to manage the short-term challenge of the hit to our revenue by the recent natural disasters and the impact of the global recession, and we also have to manage the long-term challenges posed by the massive mining investment boom and the demand for skills and labour that it has generated.

The Opposition throw up glib retorts to these massive fiscal challenges but the reality is they have demonstrated a total inability to provide a credible alternative.

The Opposition have failed every opportunity to show that they can come up with the goods when it comes to the Australian economy.

Tony Abbott failed to put forward any savings proposals during his Budget reply speech last year. He passed the ball to Joe Hockey, but frankly he should have just thrown the cut out pass to Andrew Robb, because in the end it was left to Andrew Robb to carry the can.

We all remember how that ended in tears, with Robb getting his numbers wrong by $18 billion.

When it came time to show the Australian public their election costings, the Liberals’ calculations were so bad the Opposition didn’t even give them to Treasury for verification prior to the election. And we now know why: their costings had a whopping great $11 billion hole.

If they had been elected, that would have been a massive black hole that burned through the pockets of every Australian taxpayer.

The Opposition want to talk the talk when it comes to the economy, but they have shown that under Tony Abbott, they wouldn’t even know where to begin.

The Gillard Government has a proud record of supporting jobs through Australia’s toughest fiscal conditions in a generation, and we will continue to step up to the challenges that now face our economy and tackle them head-on.

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138 comments

Show oldest | newest first

    • John C says:

      05:59am | 09/05/11

      David Bradbury, with his views on refugees, should be the last person to talk about others stealing from the One Nation handbook. Black pot David.

      Reply

    • acotrel says:

      06:18am | 09/05/11

      ‘Tony Abbott and the Opposition deliberately deny the economic facts. In fact, they are being downright dishonest with the Australian people. ‘

      SO WHAT IS NEW?  Abbott and his mates are all ‘hollow men’ - they have NOTHING to offer!  Ask yourself - when was the last time they came up with anything CONSTRUCTIVE, that might help Australia’s future?  I’ll bet you cannot answer that question!  When did the iIberal party ever initiate a major infrastructure project?  What was THEIR Sydney Harbour Bridge, THEIR Snowy Hydro Scheme, or THEIR National Broadband Network?  Even when the Howard Government was rolling in money from the resources boom, they held onto the purse strings like grim death, and did NOTHING towards building Australia’s economy.  They simply sat back dreaming up how to shaft the unions, sitting on their hands.

      Reply

    • MarK says:

      08:13am | 09/05/11

      “came up with anything CONSTRUCTIVE,”

      Oh I don’t know. Maybe individual workplace agreements which you yourself use. Hmmm? Yah that would be one.

      “they held onto the purse strings like grim death”

      And amazing how that saved us from the GFC. I mean if we are going to spin let’s get it right alan.

      How did that work contract go fro you alan? Find it ok?

      Must remember to ask the federal Labor people how they went about building the Sydney Harbour Bridge. Awesome federal project that.

    • George says:

      08:16am | 09/05/11

      Typical rant by a fanatical ALP apologist and bitter Tony Abbott ‘basher’, typical!  This is no better than the heavily scripted ‘rant’ of that expired refugee from Get Up who Tony Abbott took surfing on the weekend.

      With all the policies the Rudd/Gillard/Brown government came up which squandered the prosperity that the Howard government left the Australian people, the Coalition don’t much have time for anything else but to fight it off.

      It’s a bit rich for the ALP fanatics like ‘acotrel’ to say that the Coalition does nothing towards building Australia’s economy when all that the Rudd/Gillard/Brown government does is to squander tax payer’s money, our money.
      The list of epic failed policies are long, I won’t enumerate them anymore, now here’s the latest ‘con’ the Malaysian refugee solution - Malaysia takes 1 from Australia and we take 5 from them at a cost of $54,000.00 AUD per refugee, go work out the sums.

      Oh I forgot in case this is another ‘satire’ I am laughing ha- ha- ha-hee-ha-ha-haw (slowly)!

    • Joyce says:

      08:26am | 09/05/11

      acotrel

      If Abbott and his mates are all ‘hollow men’ David Bradbury’s lot are the other ‘hollow men & women’ without any conviction. Lets talk about the last 4 years since the Labor party came into power. GFC, GFC,GFC is all they did which was the cause of their reckless spending. Least we forget, the BER, Pink Batts, over priced flashy school halls etc etc

      The Labor Party, not the minority government is looking desperate and more desperate each day and have so much unfinished business, eg mining tax, carbon tax, asylum seekers, gay marriage and the easy one Wilkie’s pokie machine. Perhaps they should start backwards to move forward. Not sure if that makes sense. The Independents and Greens are still blooming while the Labor Party is floundering. Would like to know who is holding who up?

    • dovif says:

      08:55am | 09/05/11

      Acrotel

      The facts are Swann had no idea about the GFC, he was telling everyone to tighten their pursestring and telling us that “inflation genie” is out of the bottle. 3 months prior to panicking about the GFC

      The fact that they spend money (unwisely) and wastefully does not make it a good thing.

      It was just done incompetantly just like everything this government has done in 4 years

    • Rosie says:

      10:20am | 09/05/11

      When are you going to admit that this Govt has definitely lost its way or more like the Labor party has lost its marbles and is scrambling around trying to find themselves. The “Malaysian Solution,” I give you one I pay, you then give me 5 and I pay again! Even a 3 year old could do a better deal than that at a lolly shop.

      Best response to the “Malaysian Solution” was the one from Tony Abbott’s lovely wife; “It must be an April’s fool’s joke!”

    • Mikko says:

      03:21pm | 09/05/11

      The opinion polls say it all. As the old saying goes, you can fool some of the people some of the time… the NSW election results were just the warm up match for the main game when this lame duck lot finally limp to the next federal polls.

    • Vaunted says:

      06:23am | 09/05/11

      Counterpunch? Well knock me down with a feather David. You kick off with a straw man and it’s all downhill from there.

      Reply

    • Stumps says:

      11:59am | 09/05/11

      I had to check the date on the piece when I saw the word “Fresh” in the first sentence.

    • deb says:

      06:49am | 09/05/11

      the only fact i can see: the poor getting poorer ect…
      Wont have a middle class soon just the wealthy and poor.

      Reply

    • DaveinPerth says:

      12:41am | 10/05/11

      We have a strong middle class and it looks like staying strong for some time to come.

      But there are many people that are VERY annoyed at the stimulus packages that saved the economy from recession and deflation.

      This was supposed to be their chance to snap up huge amounts of assets (businesses mostly) for fire sale prices. When most businesses struggled through, without going bust, these people were deprived of their rightful role in the recession as vultures, picking at the bones of other peoples hard work in order to enrich themselves. It’s called ‘Disaster Capitalism’ and it’s fantastic if you have lots of cash.

      But not much fun if your got a govt run by adults.

    • Lisa H. says:

      02:17pm | 10/05/11

      Well we run exactly the kind of small business you are talking about, and I don’t feel happy about the amount of money this government spent on ‘stimulus’.

      I feel the total spend was execessive, poorly targeted and extremely bad value for money.

      I also feel very badly for the businesses and lives lost as a direct result of the government’s pnk batt mess-up.

      I also feel rather confused about what seems to be a covering-up regrading details of the school hall debacle. I feel it is likely true that principals were pressured not to talk truthfully about their experiences.

      And at the same time as the government was talking stimulus, it was introducing some very anti-business policies! Employee-employer relations have done a 180 turn and regressed 20 years. Productivity has taken a nosedive as a result of this government’s policies, and it seems more productivity-sapping policies are to follow.

      Propaganda, on the other hand, is at an all-time high. It conveys the impression that a bunch of university politicians have their hands on the till at last.

    • TimB says:

      06:51am | 09/05/11

      As Tory likes to say, I Call Bullshit.

      First you lead off with a desperate ad hominem about climate change. Then you launch into a strawman about “GFC denial”. 
      This is supposed to be a CounterPunch right? So you tell me where over in Jamie’s article, he tries to claim the GFC never happened?

      Oh, it’s because he never mentioned it? Yeah because THAT’S the same as him saying it never happened[/sarc]. In any case you’re still wrong.

      “This is not to say that issues faced by Wayne Swan aren’t impacting on the federal budget.”

      Now lets look at your facts.

      “Fact: Australia, compared to the world’s major advanced economies, avoided recession - in fact our economy began growing while others had yet to stop their slide into negative territory. “

      Something you were able to do thanks to the giant piggy bank the previous Coalition government left you with. I notice you don’t mention that in your article. Heaven forbid you give the Coalition credit.

      “Fact: Australia has an unemployment rate of less than 5 per cent when other major economies, like the United States and United Kingdom, are struggling with unemployment rates that are almost double that.”

      Our employment was also pretty low when the Coalition was in power too.

      “Fact: We have the lowest debt and deficit ratios of any major advanced economy in the world, and we will return to surplus earlier than any other comparable nation”

      And they were even better 4 years ago. Every other comparable nation was already in debt before the GFC. Your “accomplishment” (which still hasn’t happened by the way) means nothing.

      And you finish up with further perpetuation of the $11 Billion black hole myth. Something that only came about due to tweaking of Treasury assumptions ( like forward interest rates, etc). You know those pesky things that prevent you from accurately telling you how much your mining tax would bring in.
      If you want a REAL black hole, perhaps you’d like to talk to Keating. Or the recently fallen NSW Labor government.

      Jamie is right. Here you are crowing about economic credentials. Getting us through the GFC (on the back of the Coalition created piggy bank). Sitting on yet another mining boom. The economy apparently in great shape.

      Yet you’re about to release a killer budget.

      In such good economic times you should be able to share the wealth. Yet your gearing us up to tighten the belts. Why? Because you need to claw back all the money you wasted over the last four years, under the guise of saving us from recession. Heck, just look at all your lovely new taxes, designed to try and refill the empty coffers…. Flood levy, mining tax, carbon tax…

      You guys must be really hurting. Despite all your promises, I’m not expecting a surplus any time soon. I am expecting to see you back on the opposition benches by 2013 though.

      I only hope you end up there before your joke of a government causes too much damage.

      Reply

    • Realist says:

      08:39am | 09/05/11

      The first thing howard and costello did when they got in was release a series of slash & burn budgets under the premise of ‘labor debt’, and all praised his tough economic prowess.
      Fact is, we were already in recovery.
      I flat-out guarantee the first thing an abbott government would do (had Australia been masochistic enough to give itself one) would be to release a slash & burn budget under the premise of labor debt - and all who are currently squealing about Swan’s tight budget would be saying how it was necessary, and proved his ‘tough economic credentials’.
      Fact is - we are the only country that dodged the GFC bullet. The only one. And we are now back in recovery.

      Liberals squealed when the government invested in the infrastructure of a country (none of the debt is operational. Not even the blindest H R Nichols pamphleteer is suggesting the borrowings are for operational expenditure).
      Liberals are now squealing when the government reins back spending.
      Common thread - liberals squeal.

      Labor’s main budgetary failing, from a purely political point of view, is not targeting expenditure to its vote base, as howard and cornholio did for 11 years… sitting on a surplus (my taxes) until they could figure out how to give it to their friends.
      Oh and intoducing the biggest great big tax on everything since ever, after saying they’d ‘never ever’ do it…

      Basically, the real fact is - Labor’s proven itself to be economically superior to the liberals. But if you have enough media pets, your denial of such will be the loudest noise the voters hear.

    • fairsfair says:

      08:52am | 09/05/11

      Some of your finest work TimB. Well said.

    • Nathan says:

      09:48am | 09/05/11

      Realist, we have been traveling the last 2 years on a flase economy of Labor spending, As the stimulous is fully withdrawn you will see the recession we should have has 2 years ago.

      Consumer confidence is already at all time lows, spening is shopping centres is only on necesities, and retail spending is dropping at a rate of knots.

      The mining boom is the only reason the government has any money and you will see jobs lost in retail. On the back of all of this the RBA wants to raise interest rates. Do they actually live in the real world?

      We are approaching the March quater to be in negative growth and the June quater will be the same.

      We didn’t avoid the GFC recession, we just delayed it.

    • TimB says:

      12:01pm | 09/05/11

      @ Realist- Labor debt is not just a mere premise. It existed. It needed to be dealt with. Just like it exists now and needs to be dealt with.

      Only difference is then it was the Liberals cleaning up the Labor mess. Now it’s Labor cleaning up their own mess. Except they can’t admit they made a mess. They’re instead blaming it on the GFC,  and cyclones and anything else they can think of.

      “Labor’s proven itself to be economically superior to the liberals.”

      No they haven’t. If they were they wouldn’t have a mess to clean up in the first place. Waste and tax, it’s the Labor way.

      @ Fairsfair. Thanks wink  It’d be even better if David or some other ALP MP actually read it. Maybe they’d grow a conscience and move to sack themselves.  Never going to happen though.

      It’s fun to vent though smile.

    • Skylark says:

      12:09pm | 09/05/11

      Keep hope alive TimB
      Keep spinning, the conservative whirling dervishes are in a trance and the future looks Rosie.
      Meanwhile back here in the real world, things never looked so good.

    • Realist says:

      12:21pm | 09/05/11

      Nathan…

      Cyclone & floods in Qld, earthquakes in NZL and JPN, tsunami in the latter… no impact on 2011 economic figures? All still due to 2008?
      Maybe the stimulus package caused so much unwarranted market heat that the earth itself warmed up which triggered the cyclone and a Carbon market proposal is so h-e-a-v-y that it loosened the tectonic plates near a country that buys our steel… yeah. Thats what happened. Its all still Swan’s fault.

      Be fair your dudeness… not all events that occur after point X are ‘because of’ point X. You have to factor in loss of production in Qld and loss of buyers in Jpn when you look at 2011.

    • fairsfair says:

      12:23pm | 09/05/11

      Badge, your such a cack. I love how you worked in Rosie’s name there. Ingenious!

      It is fun Tim. I had brunch yesterday at Jam, which is just up the road from Wayne Swan’s Nundah electoral office. My sister, a green voter who refuses to talk politics, agreed that it would be mighty fun to drive her car through the front doors. Oh how we laughed.

    • Elphaba says:

      12:24pm | 09/05/11

      @TimB, you’re right, it’s appalling that your post will not be read by those that matter.  Fantastic work, well done.

      It won’t matter who leads the Libs, and it won’t matter if the only election platform the Libs build for themselves is “We will repeal the carbon tax”.  The Fed Labor Govt is headed for a spectacular fall.

      I might just avoid working for the AEC in 2013 just to stay at home and watch it…

    • Debra says:

      12:49pm | 09/05/11

      Good work TimB - keep it coming!

      @ Skylark

      Sure the conservatives can’t believe their luck, they have found themselves as enraptured whirling dervishs. Glad you used the word dervish (a member of any several Muslim fraternities vowed to poverty and moral severity) and not Tony Abbott. They are in raptures because they know their time is looking Rosie to take over from this skylarking of a government.

    • dovif says:

      01:48pm | 09/05/11

      Realist

      you can also name every disaster under the Keating and Howard government.

      Facts are China and India are buying more from us then ever. Because of the earthquake in Japan, we are new selling more seafood and Beef overseas then ever, taking over from the Japan suppliers.

      The metal prices is higher then ever. Our export income is higher then ever.

      This is shown by the extremely high exchange rates, meaning people want the cash to pay us

      The facts are the government has had extremely good times, the fact that they manage to stuff up the budget, shows how incompetant they have been

    • Chris L says:

      10:41pm | 09/05/11

      “Because of the earthquake in Japan, we are new selling more seafood and Beef overseas then ever, taking over from the Japan suppliers.” - Just keep up that positive attitude Jovif! We’re not sinking into the ocean after all grin

    • TM says:

      06:53am | 09/05/11

      Your first sentence is a typical Labor lowlife lie. Abbott said that the science being settled was crap, you fool.

      You and your ilk were screaming about inflation and you never saw the GFC coming until it hit you on the head and then you over reacted with the gloom and doom and wasted billions. You over egged the crisis to make you look like heroes.

      Another lie that you keep espousing is the $110B in lost revenue. More like you borrowed and wasted the money. Here is some interesting reading which does not indicate the revenue lies.

      http://www.budget.gov.au/2010-11/content/overview/html/overview_39.htm

      Ha, your so called return to surplus is a smoke screen for the debt that you have racked up that you have no plan to repay. You slimy bastards don’t even account for the $10B a year of interest in your budget so in fact your dream of turning out a surplus will be yet another lie perpetuated on the people.

      http://www.aofm.gov.au/default.asp?NavID=22

      You can not claim that you have created jobs, only the 200,000 public servant jobs since you lot came to office, the worst federal government ever!

      As usual, you attack the opposition to cover your woeful government. Why should the Libs offer any policy this early in the electoral cycle? Oh that’s right, you lot have not a clue and need the Libs ideas to steal. Pathetic!

      Reply

    • Economist says:

      10:46am | 09/05/11

      Sorry @TM, the table you refer to clear shows a fall in receipts. Sure the 110 B may be an exaggeration. but receipts fell from the upward trend. As for 200000 jobs, Ummm the entire federal public service consists of 160000 people. Since Labor came to office it’s only grown in real terms less than half a percent. So I’d adjust that figure and look for other areas to critcise this government.

    • JT says:

      11:39am | 09/05/11

      An exaggeration? Is that what you call a lie nowadays. It always gives me a laugh that one of the most economic illiterate posters on The Punch uses the nick Economist.

    • Economist says:

      12:52pm | 09/05/11

      @JT I was polite to TM in my response…. Fine you can call it a lie. If that’s the case any figure form either side of government that’s based on some modelling is a lie. Jamie’s $8B on BER a lie, Abbott or Gillard’s costings of a carbon tax, lie. I could go on, but I’m smart enough to know that it’s speculation. For all we know it could have been $150B it could have been $5B, but what we can conclude from the table is that revenue did fall.

      As for being illiterate, facts and ideas please. I dare you to look at my previous postings and pick a hole in the economics behind them. I’m more than happy to take it on the chin and will admit where I’m wrong, as I have done in the past. Take your time….  Didn’t think so.

      Rather than laugh it makes me sad that there are so many people wedded to their side of politics that they can’t look at an issue objectively.  And I’d prefer to be accused of being economic illiterate, than someone who can’t think for themselves, or look at an issue objectively and provide a more reasonable interpretation.

    • Alicia says:

      07:35am | 09/05/11

      “climate change is crap” the truth is he actually said - “the settled science on climate change, is absolute crap”
      This denial theory being peddled by the Opposition is that the “GFC was crap”.
      If Abbott thought that the “GFC” was crap,
      why then did the Opposition support the first stimulus package?
      I know who’s doing the peddling Mr Bradbury, and so do more and more Australians everyday the Rudd/Gillard/Brown/Independents Government are in Office.

      Reply

    • Denny Crane says:

      07:38am | 09/05/11

      As long as labor fools continue to believe that they alone, saved Australia from the GFC, then we will contine down the slippery path of debt and deficit. Had labor been in power for the 10 years leading up to the GFC then there is no doubt that we would be in a similar position to Ireland or Greece.

      These fools have the hide to call Tony Abbott negative yet they opposed every economic reform of the Howard government. The economic reforms that were the actual saviour of the GFC. Strong banking regulation, strong trade links with China, a flexible workforce.

      The sad thing is that it is going to get a whole lot worse before it gets better. These clowns will hold on for as long as possible without any regard to the damage they are doing to both the economy and society. The only positive will be that once they do go it will be another 10 years before they get another shot but it will take those 10 years for the Coalition to repair the damage.

      Reply

    • Steve Putnam says:

      09:09am | 09/05/11

      What economic reforms? Costello sold off $200 billion worth of assets to show surplesses and then trotted out cash every three years to use in bribing the electorate. His only economic reform was a 10% across the board tax.
      By contrast Keating floated the dollar, brought in the foreign banks to introduce some much needed competition to the Australian financial sector, got rid of the tarrifs that had cocooned the Australian economy for a century, introduced productivity based wage bargaining, and set in place the beginnings of a superannuation scheme that is the envy of the world. These were “the economic reforms that were the actual saviour (sic) of the GFC”.

    • dovif says:

      10:21am | 09/05/11

      Steve

      Can we get our facts right first.

      Telstra was sold off by the Liberals, but that is the same as the ALP selling off Qantas and CBA, public ownership is rare around the world and very few country owns their own Telecommunication network

      The sell does not go into the budget, therefore surplus has nothing to do with the sell off

      Most of the money went into the futures fund, to fund future superannuation liability that was not funded by the ALP, whom this ALP has already raided because of their inability to manage the budget

    • Economist says:

      10:48am | 09/05/11

      Dovif, No the 200B was used to pay down debt and prop up consolidated revenue. Only a third of the money was put aside into the future fund and Higher Education fund.

    • Steve Putnam says:

      05:48pm | 09/05/11

      @dovif QANTAS by the time it was sold had made losses for ten years straight costing us billions unlike Telstra which had been nothing less than highly profitable, returning easily the biggest chunk of public sector profit to the Australian taxpayer. What sort of economic nitwit sells a highly profitable company that was, moreover, a monopoly?

    • Against the Man says:

      07:53am | 09/05/11

      Well buddy, if you ALP twits think you are doing a great job than tell me why the great majority of us can’t see or feel it?

      The truth is Gilltard is looking out for herself and looking out for that $600, 000 per year pension. Dud policies, and BS are all part of the ALP recipe…....... has been from day one.

      Reply

    • Danke says:

      12:12pm | 09/05/11

      Since when is a conservative fringe dweller a “great majority”?

      The truth is, the brain dead are not known for their sense of sight or feeling.

      If it were up to me, I would shut off the machine that’s keeping you going.

    • Against the Man says:

      04:19pm | 09/05/11

      Danke, good to know your minority opinion counts for nothing.

    • Bris Jack says:

      07:58am | 09/05/11

      Thanks, I have finally been able to put a name to the yes nodding knome often seen standing behind your Julia.
      What you have to say can be summed up in a 4 letter word and I can think of a few.

      Reply

    • nossy says:

      08:06am | 09/05/11

      A magnificent effort David by Labor indeed to save Australia from the GFC. Today we have an economy that is the envy of the world - bar none ! Unemployment is low and our dollar rides the highest it ever has against the US buck. And now Labor will put forward a Budget that will end Howards middle class welfare amongst many other things and set Labor on the right path to a magnificient victory in 2013 ! Fortunately Labor has as its opposition a chappie with no policies, no vision for Australias future and despite his squeals that he “was electable” is most definately not. Abbott remains a wonderful assett for Labor - maybe David he should be made an honourary member of the Labor Party for services renendered and for services to be rendered !  hahahahahhaha

      Reply

    • TimB says:

      08:38am | 09/05/11

      Hey Nossy, are we going to have another little bet(/agreement) on the election result? smile

    • Freeman says:

      09:42am | 09/05/11

      Yeah, your money would be pretty safe TimB.

      According to Nossy, Abbott will be ousted before easter 2011

    • Nafe says:

      09:52am | 09/05/11

      Umm a high Australian Dollar is not a good thing. We should be lowering our dollar to assist our exporters.

    • nossy says:

      11:46am | 09/05/11

      @TimB - I would love to take your money Timmy - however lets wait and see who lines up as yourOIC - I think Turnbull is a shoe in to lead the Libs to the 2013 election. I like Malcolm.

    • Rosie says:

      12:16pm | 09/05/11

      Hi Nosthow

      Please get with the times, you are lagging behind. This morning it is music to our ears that Sarah Hansen Young is proclaiming that Julia and Tony are holding hands when it comes to the Malaysia solution. What, has the Labor party left the Greens and the Independents powerless and gone over to support Tony? Is Julia the PM in name only and Tony running the country? A new outlook to Swan’s budget, no carbon tax in the budget means it is worthless that is what the Opposition is saying to the Australian people and we are listening! Another fight on your hands! Damm this Dr No One Trick Pony is making my life miserable - must up the ante did I hear mutter in desperation.

      I do admire your supportive stance towards the Labor Party, I would have given up ages ago. I think that is the reason you a lagging behind and not update with the political news.

    • nossy says:

      04:11pm | 09/05/11

      @Rosie - good afternoon Rosie - I note you MarK and TimB very active on the blogs today - now tell me is my information true that you Libs dont get any money for all the work you do on the blogs ?  hahahahah Well it must be given we also hear the Liberal Party Federally is almost broke ! Oh how sweet it is ! You must come to my “Labor Victory Party” at Southport in 2013 Rosie !

    • TimB says:

      05:56pm | 09/05/11

      Labor victory party in 2013 Nossy?

      Have you found a way to access an alternate reality? One where the ALP doesn’t suck? I assume that’s where this party would be held.

    • nossy says:

      06:42pm | 09/05/11

      @TimB - you are invited Timmy and MarK and Rosie and Co - what do you drink in the hard liquor department fella ?

    • Anthony of WA says:

      08:07am | 09/05/11

      Pathetic really. The longer you try and hang in there with BS like this the worse it becomes for you, which you do not seem to be able to figure out.
      Weve got it figured out, hence the polling results for you.

      Reply

    • michael j says:

      08:10am | 09/05/11

      Climate Change is crap,sounds fair from both sides,
      GFC was crap,past tense ,you printing money ?
      You still mates with Mark Latham ?
      sharing medication maybe ?

      Reply

    • iansand says:

      08:11am | 09/05/11

      Interesting variation on the “climate change is crap” line coming out of the Young Liberal Talking Points email this week.  Are we looking at a looming policy tweak here?

      Reply

    • acotrel says:

      09:21am | 09/05/11

      Has to happen sooner or later!  Too many people are wearing the results of climate change to ignore it!  Just because some dill wants to stymie every debate with a one-liner, doesn’t mean the debate isn’t still there with unanswered questions?

    • TimB says:

      10:18am | 09/05/11

      Debate stifling one-liners like “The science is settled” do you mean Acotrel?

      BTW What are these “results of climate change” that we are wearing? Personally I’m wearing my usual collared shirt and long pants. It’s a bit nippy outside though so I might throw on my jacket later.

      I’m fairly certain that’s just a symptom of the approaching winter months though, not climate change.

      iansand, what is this Young Lib talking point email you speak of? How did you get on the mailing list for such a document? What other mysterious secrets does it hold? Enlighten me please.

    • Alas says:

      12:41pm | 09/05/11

      TimB
      The science is settled, didn’t you get the memo?
      We have been debating what to do about it for quite a few years now, where have you been?
      Living in Tora Bora?

    • DaveinPerth says:

      12:28am | 10/05/11

      Is anyone else enjoying the irony of the Sepps being the first ones to get consistently smashed from climate change ?

    • Gladys says:

      08:20am | 09/05/11

      You might have avoided a statistical recession, but that doesn’t mean we’re not hurting from huge increases to power, petrol and fresh food.

      You wasted the surplus and now you’re got the fiscal whipper snippet onto medical research.

      And you haven’t finished the mining tax but you want to introduce the most insulting tax of them all - the carbon tax. And rather than making it fair to this generation and the next, you’re going to do it fast and badly. Why cant a carbon price be introduced by 0.25% increments over forty years? Oh that’s right, you’re in bed with the greens.

      Meanwhile back at the Lodge, the PM has become the easiest touch in the south pacific. Malaysia is the latest nation to work out that Gillard is out of her depth and seems to be a girl who just can’t say no to deals which cost us and benefit them (China last week, America in January).

      So you can spruik your statistics till the cows are taxed for their flatulence, but
      your government and your state labor counterparts have done more harm than good.

      And she hasn’t been leader for a full year yet.

      Do us a favor, stop defending yourselves. You’re only making it worse.

      Reply

    • Reggie says:

      08:20am | 09/05/11

      Given the faux-liberal policy of sitting on their hands, they would have led from the REAR in the Global Collapse. A market led recovery with the dimensions of the Great Depression, leaving Australia the only country in the world to have learned nothing from that dreadful experience. The government is there for the people, not just for the privileged few.

      Reply

    • richo says:

      08:21am | 09/05/11

      written by Mark Arbib

      spoken by David Bradbury.

      courtesy of the ALP spin machine.

      Reply

    • Freeman says:

      09:45am | 09/05/11

      Haha

    • Marty says:

      10:36am | 09/05/11

      The Punch defnitely needs a “like” button

    • MarK says:

      08:21am | 09/05/11

      “Fresh from declaring that “climate change is crap”,”

      Well yah.

      I fail to see your point. Aprt from mentioning the extreme One Nation while you are in government with the extreme Greens and the hypocritical and arrogant independents.

      Tell you what David why don’t you hop on a patrol boat from one the docks in your electorate and go cruise the high seas to search out those pesky asylum seekers that you toild us you would stop so effectively before the last election.

      Dare I say it you are a liar son. A bald faced liar. You are a pathetic example of a moribund government full of cowards and slogans and not much else.

      Awesome work on the Malaysian deal by the way…oh that’s right you guys didn’t know and were only told about it a few hours before the announcement.

      Well it is easy to see why. A certain foreign minister would have leaked the debacle and taken any credit anyway. This is how dysfunctional you idiots have become.

      So fresh off your pre election stunt on HMAS Welfare that welcomes and shepherds our economic refugees to Centrelink Island did you have any hand in the hard negotiations with Malaysia?

      did we get a 1 for 1 swap? A 2 for 1. Well 3 for 1 is sort of palatable. Naaaaaah.You geniuses went for 5 for 1. All paid by us.

      Thanks for that mate. Real good effort.

      it must actually terrify you how little people listen to you now.

      The public has stopped listening.

      You are liars and bullshit artists.

      You have achieved nothing.

      It must be embarrassing being you.

      Reply

    • TC says:

      02:19pm | 09/05/11

      Kind of blunt but ... fair enough

    • Judd says:

      08:26am | 09/05/11

      Please- We all know it was not Labor who saved us from recession but the surplus created by Howard and China buying up our resources without whom we would have gone bust.

      Excuses, incompetence and waste…...the same old Labor

      Reply

    • Reggie says:

      08:54am | 09/05/11

      Meanwhile ... “In November 2008 the (Chinese) government introduced a 4 trillion Yuan stimulus package (14 per cent of 2008 GDP) for 2009 and 2010.

      You were saying?

    • Marty says:

      10:39am | 09/05/11

      Reggie, thanks for randomly throwing out a figure with no context.  So stimulating I broke out into song: I can see clearly now the rain has gone.  Yes, pointless song quote.  You were saying?

    • Economist says:

      11:03am | 09/05/11

      Marty the context is the Chinese implemented one of the largest stimulus packages in their history, resulting in an increase in demand for our resources. I would have thought it was self explanatory. Without it our Terms of Trade wouldn’t be so good.

      According to Reggie, it was 14% of their GDP. I have no reason to doubt this figure.

    • Richard says:

      11:41am | 09/05/11

      The difference though Economist: China paid for its stimulus package with real cold hard cash from its accumulated savings and reserves, we just put ours on the national credit card.

      And the thing is, because China spent so much on stimulus, which was a direct boost in demand for our export products, why did we even really need stimulus spending of our own? We didn’t, it was a waste, and that waste is still accruing interest and we having even started to pay it back.

    • Economist says:

      01:04pm | 09/05/11

      @Richard, I agree with your first point, but your second is speculation.

      How were we going to know the impact of China’s spending on our economy? Besides the resource sector is simply one component of the economy and the stimulus was targeted at retail and construction, some of our biggest employers. Private investment did fall in response to the GFC and Public sector spending filled this gap. The issue is could the money have been better spent? Well in hindsight yes. Or to reword that question for a Liberal supporter, was the money well spent?  no. Though personally I’ll always support BER, because quite frankly it did achieve it’s objectives.

      From my point of view, of which I’ve contributed to, a lot of what’s stated as comments is simply speculation. What’s done is done, and based on poll the people of Australia have judged the Labor government as failing. I personally have no confidence in this budget, but rather than be a one eyed supporter I like many of the Labor parties policies, it’s just a shame they’re poorly executed.

    • thatmosis says:

      08:31am | 09/05/11

      The man (DAvid Bradbury) is obviously a Labor Troll that has somehow persuaeded the powers to be that he is a journalist. Sorry but epic fail, go and get a real job clown and leave the reporting to real journo’s.

      Reply

    • TimB says:

      09:36am | 09/05/11

      Dude, David’s the Labor MP for Lindsay. He’s not exactly hiding his angle here or “pretending to be a journalist”. At least no more than Jamie Briggs is over on the other article. Seriously, check the bottom of the page.

      That being said, it doesn’t take away from the fact that what David has written here is complete rubbish.

    • Reggie says:

      09:50am | 09/05/11

      If you’ve got nothing to say then stop cluttering up the air-waves. Actually, come to think of it, your input makes you a troll.

      Enough with “the powers that be” you goose-stepping silly person. wink

    • Debra says:

      02:38pm | 09/05/11

      TimB - please excuse thatmosis, we are all confused, it is the only thing this government is doing for us. Each day it gets worse, I think we are allowed to troll. It’s not going to make any difference.

    • Kika says:

      04:05pm | 09/05/11

      The sort of research used by Thatmosis reminds me of the same sort used by SSR.

    • Sad Sad Reality says:

      04:40pm | 09/05/11

      You must be on the ball thatmosis. Kika, only compares posters to me when they say something incredibly accurate that she doesn’t like to hear.

    • Joan says:

      08:42am | 09/05/11

      the real crap is that Labor saved Australia from a recession that we couldn’t even see on the horizon ...at cost a .... $20billion surplus turned to $50billion deficit in just four years inspite of rivers of gold from resource sector. The GFC sunk USA and others and Labor sunk Australia in debt ...  to China and Arabs. Nothing really to show for spendathon The $900 Rudd gift for plasma TVS now 2011 $309million dollar gift to pensioners in form of TV box plus cost of installation to convert anolog to digital….. all on big IOU to China and Arabs.  The Labor motto is spend up big, as quickly as possible,  max out to China and Arabs, ... spend, spend spend do whatever it takes to buy a vote…. and tell the world how wonderful you are at it.

      Reply

    • Tubesteak says:

      08:43am | 09/05/11

      It’s true that before the GFC the Opposition denied that it was going to happen or that it would be severe when it fact it was the worst crisis since the Depression.

      It’s also true that the Opposition voted against the second stimulus package in order to play politics so that now they can claim that the money was wasted (because we never had a GFC - see comments by Andrew Robb and Chris Pyne. Even Peter Costello, Joe Hockey and Malcolm Turnbull were playing down the coming tsunami and telling Labor not to act as if it wasn’t a big problem) and that they would therefore be better economic managers. Politics 101

      It’s true that Robert Stiglitz and 50 Australian economists agree that the stimulus package saved Australia from the worst of the effects of the GFC.

      It’s true that the ramifications of the GFC will be felt in other countries for years to come and this will continue to send shockwaves throughout the world. The debt levels in Europe and the US has them on a knife edge.

      But this year’s budget seems like an absolute shocker. Wasting money by giving pensioners set top boxes and families more money is the height of idiocy.

      Reply

    • Nafe says:

      09:59am | 09/05/11

      I beg to differ on your first line

      “It’s true that before the GFC the Opposition denied that it was going to happen or that it would be severe when it fact it was the worst crisis since the Depression.”

      WRONG: Peter Costello warned Swanny that it was coming, While swanny was talking down the economy and warning of the inflation geine, Costello was warning the RBA to hold and swanny to look beyond his nose.

      The rest is history.

    • David C says:

      10:19am | 09/05/11

      Costello called the GFC perfectly .. and they voted against the second stimulus because it was not needed simple

      I love the way you guys scream and yell at economists because they didnt call the GFC but hail them because they agree with your polticial view with regards to the second stimuls

    • St. Michael says:

      11:31am | 09/05/11

      “It’s true that Robert Stiglitz and 50 Australian economists agree that the stimulus package saved Australia from the worst of the effects of the GFC.”

      Did those same 50 economists predict the GFC?

      If not, then I’d suggest the jury’s still out.

    • Tubesteak says:

      01:12pm | 09/05/11

      Nafe
      Costello didn’t wanr anything. In late 2007 and early 2008 we did have an inflation problem and the RBA had to manage things on that basis.

      DavidC
      Please enlighten me as to how Costello called the GFC “perfectly”. If that was the case he would have done some things to head it off when he was in power. For example, banking reforms stopping banks from getting anywhere near toxic loans. More stimulus etc. No-one can predict the future with absolute certainty and to believe that economists can is pure folly. I know as I have economic qualifications. That’s why I listen to what they have to say and not politicians.

      St Michael
      As I said to DavidC, it is pure folly to expect anyone to predict the future with absolute certainty. Therefore, the jury is still not out. It’s in. Both stimulus packages were highly necessary. That’s why Treasury made the money available.

    • David C says:

      02:45pm | 09/05/11

      Costello in October 2007 said please dont vote these guys in as we are about to face the mother of all recessions .. a very accurate call in my opinion. Did he call evry single exact detail .. of course not but he was expecting it, Swann on the other hand who didnt have and stil doesnt have a clue was focussed purely on inflation which at the time was misguided because by then the US was starting to crack already
      Wasnt it Costello that helped the banking industry reforms?? you know the ones that helped us avoid the toxic stuff o other nations

    • David A says:

      03:05pm | 09/05/11

      David C
      Did he call this big recession to you in private, or is it on the record somewhere?

    • Elphaba says:

      08:55am | 09/05/11

      *yawn*

      Please -and what about all the crap since then?  Broken promises?  Failed policy?

      Thought so.

      Reply

    • Red says:

      08:56am | 09/05/11

      Thanks ALP Thanks David
      My super was smashed during the GFC,
      If we had relied on the silly “piggybank economists” we would be in a situation like the superannuates in the rest of the world - benefits being reduced and government liabilities for state systems precipitous. What all the wingnuts can’t stand is that your firm hands on the levers has made Australia one of the best run economies in the world. One of the silliest claim of the piggybankists is that Howard /Costello had future proofed us with an annual budget surplus.

      Reply

    • Juliar Gillard's Fake Eyelashes. says:

      08:58am | 09/05/11

      Mr Badbury in relation to your idea of “honesty”. Your Labor hacks supported the elevation of a dishonest, fake leader who is a proven policy-changing, undiplomatic, money-wasting nightmare.
      You forgot the cost in human lives of your govt.‘s (belatedly binned) billion-dollar pink batt program:  four young Australians electrocuted, three killed after the Fuller family warned your government.
      You forgot the Gillard-Rudd hate-in that became a short-term convenient Gillard-Rudd love-in, the as yet fully undisclosed BER taxpayer-funded waste, communication and time costs in arranging the Gillard East Timor Solution that Isn’t,  costs of that wasteful 20/20 Summit, the Gillard Climate Change People’s Assembly that never was, the Rudd-Gillard laptops in schools (?) Rudd-Gillard child care centres (?).
      Now Miss Gillard has exchanged people smuggling for a mightily costly exercise in people trading with a country that is not a signatory to the UN convention on refugees. (Hypocrisy - again).
      And you have the cheek to disparage constituents who disagree with climate change science. You hold a publicly funded job that by its very democratic nature is meant to uphold individuals’  rights to consider, and say their opinion, yet contemptuously speak of people who disagree as “deniers”? 
      The longer your leader’s insulting language and mismanagement of public funds continues, the lower you all sink as an entity.
      On political issues, the public was once renowned for its short memory. Not any more.
      And what about the $25 million Miss Gillard allocated to Malaysian, Thailand, Pakistan, Indonesian and Sri Lankan law enforcement agencies for new patrol boats and people smuggling surveillance? 
      As Miss Gillard has “announced” in her peculiar year of ‘decision and delivery’, that the people smugglers, after the wasteful detention centre torchings, millions of OUR MONEY spent on building new detention centres, including the Tasmanian 6-month $15 million Pontville detention centre “solution”  are suddenly going to stop because of her latest “announcement”, do we now get that wasted $25 million of OUR MONEY back?
      Every time you people write more, you remind us of more - of our money WASTED.
      Next it’s going to be set-top boxes and another installation rort.  At around $80 an installation/lesson, you are going to piddle MORE of our money down the gurgler.  Installing set top boxes is a responsibility for family and friends.

      Reply

    • David says:

      08:59am | 09/05/11

      Don’t mind political views, but The Punch should stop publishing pieces from active political party members, MP’s, etc.

      Doesn’t add to the debate and if nothing else, it’ll save them from themselves.

      Reply

    • MarK says:

      11:14am | 09/05/11

      Why?

      I like them to be honest. Awfully funny reading this weeks talking points now.

      I find it a hoot too that this piece from the Government is the “counterpunch”.

      It is symbolic.

      This government is always a step behind trying to fix, attempting to explain the inexplicable to fix up that which “has gone off the rails”.

      Here we have the first mate of the HMAS Welfare from that well known harbour, port and seafaring area of Western Sydney trying out the spin in response to well directed and pointed criticisms.

      Always defensive. Always behind the game. Always reactionary. Nothing achieved.

      We need to hear more from these clowns not less.

      It is like a great big stinking pile of deja vu. Same apologies. Same apologists. July last year if I recall we had the same thing. The only difference was that the polls were better as was the preferred PM standings.

      Sucks to be a Labor politician I guess.

    • Macca says:

      09:00am | 09/05/11

      There are so many holes in these arguments I’m struggling on where to begin, so I’ll just pick one;
      You bang on about creating Jobs with the Stimulus at the same time the government is removing the Solar Rebate Scheme.

      This is one of the fundamental problems with this government - nobody can trust you.

      Why would anyone invest in public infrastructure, or invest in technology because of a government rebate, or invest in just about anything, when you keep moving the Goal posts?

      We have a mining boom so you introduce a new tax. You promise there will be no Carbon tax and then introduce one. You pledge rebates to hundreds of businesses who invest in pink batts and solar panels and then you remove the funding for those rebates.

      Why would anyone do business with your government? The incompetence and lack of foresight that results in the above decisions being made is just one example of why this government will deliver a painful budget tomorrow night, and why we are so far in debt.

      Take some responsibility, because almost all of this governments problems are self-made, not external.

      Reply

    • fairsfair says:

      09:01am | 09/05/11

      “The Opposition have failed every opportunity to show that they can come up with the goods when it comes to the Australian economy.”

      Don’t you just love humour of a Monday morn?

      Reply

    • AJ says:

      09:13am | 09/05/11

      I see your One Nation and raise you your coalition partners the Greens.

      Congratulations on your elevation to Minister for Propaganda.

      The only shocking thing is that around 30% of the voting public still back you. I’m backing you do worse than NSW Labor in the next election. The only way you will get over the line is if you get the same benefit as the more famous Bradbury.

      Funny article though, thanks for the laugh.

      Reply

    • Freeman says:

      09:39am | 09/05/11

      “around 30% of the voting public still back you”

      Perhaps the same 30% who back the carbon tax?

    • Joel B1 says:

      09:16am | 09/05/11

      Any idiot can through money around like they won the lottery.

      Oh wait…

      Reply

    • Joel B1 says:

      10:24am | 09/05/11

      Obviously that’s meant to read “throw” not “through”.

      As in, I’m through with this spend-crazy, policy-flipping ALP/Green government. They make me throw up.

    • C1 says:

      09:24am | 09/05/11

      David,

      Sorry mate, you have not mentioned the Carbon Tax in this list of glorious ALP adventures! I would have thought given your Government’s great economic victories, you would be highlighting the basic element of your grand vision for the future.

      Reply

    • neil says:

      09:41am | 09/05/11

      Peter Costello saved us from the GFC all labor has done is waste billions, Bradbury is as delusional as Gillard and Swan are.

      Reply

    • Chris L says:

      10:58pm | 09/05/11

      I say Paul Keating saved us from the GFC!

    • DaJackal says:

      09:51am | 09/05/11

      David, you haven’t changed. Spin spin spin, and more rants than Al Jazeera. How dare you take sole responsibility for Australia avoiding GFC; when we all know it was Kevin Rudd’s $800 cash injection, ROFLMAO. Try that we are a third world country that sells minerals to a rapidly expanding China, our dollar has appreciated on account of world speculation, US economic decline and of course our relative banking stability that was put in place by that illustrious Labor giant, Paul Keating.

      I say it once, I say it twice, Labor has nothing left to give the Australian people other than more spin, rhetoric and hollow ideas that bear no fruit. I would be surprised if the party these days could organise an orgy in a gentlemans club. My vote is up for rent to the first party that lowers taxes on cars that are worth driving and isn’t restrictive on my vices (i.e. reduce tobacco & alcohol taxes).

      Reply

    • handjive says:

      10:04am | 09/05/11

      Fact: Not one person went to jail for the GFC. Trillions of $‘s gone. Not one person. Bailed out by tax payers. Not one person.

      Reply

    • NicoleG says:

      10:17am | 09/05/11

      What a load of utter crap! The sad part is you actually believe what you’ve written. I love the sound of desperation.

      Oh, and thanks for the laugh.

      Reply

    • David C says:

      10:24am | 09/05/11

      Yes government debt as a % of GDP is very low compared to other countries. But, and this is the big issue, when you include all external debt that ratio jumps quickly to put us in a worse positon than even the US.
      Remember one point that was shown to us all via the GFC , private debt becomes public debt very quickly

      Reply

    • Economist says:

      11:06am | 09/05/11

      Please clarify? If your talking about non-government debt, I believe most of it is borrowed against domestic housing that’s why no one cares about it.

    • David C says:

      01:09pm | 09/05/11

      it is true Australia’s public debt as a ratio to GDP is low by world standards, but its external debt is very high . This might be secured against housing but that is exacty the issue the US had right?
      I repeat my statement , private debt becomes public debt very quickly..  ie Ireland, Iceland, Greece, Portugal , US etc etc etc
      US external debt to GDP 98%
      Aust external debt to GDP 122%

      (source CIA website sept 2010)

    • Lisa H. says:

      02:41pm | 10/05/11

      I have so many questions regarding private debt…

      Is the contrast between public and private debt % to GDP because we pay relatively high amounts of tax in real world terms? (see Pricewaterhousecoopers / World Bank study, Nov 2009)  http://www.theaustralian.com.au/news/nation/corporate-tax-burden-spurs-call-for-action/story-e6frg6nf-1225800970317

      Where does our super get calculated in the mix…as private debt (until cashed out)? Or does it offset private debt?

      What percentage is debt associated with the rapid development of the mining sector, as opposed to other borrowings from business and housing debt from consumers? I’m supposing there is no longer much significant manufacturing investment to speak of in this country….

    • Louisa says:

      10:37am | 09/05/11

      Labor ark getting desperate, aren’t they

      Reply

    • Bruce says:

      10:47am | 09/05/11

      Is this article and the writer serious ? No hint of balance. Reads like an ACTU article. ie. labor = always right. Coalition = always wrong. Article has to be a ‘fish hook’ for emotional response. No further comment worthy !

      Reply

    • Ryan says:

      10:53am | 09/05/11

      Wow how desperate is this article? I must say I have read some absolute bull s*** in my time but this is just verbal diarrhea. Hey David, how about the Labor party man up enough and admit they are just awful economic managers. I mean no one is surprised really, you guys have a history of almost destroying the country economically. Too sad and desperate, hilarious though.

      Reply

    • Against the Man says:

      11:22am | 09/05/11

      But ALP morons like John A Neve, Seano and TChong depend on articles like these to justify their sad and meaningless existence.

    • Seano says:

      12:36pm | 09/05/11

      I think it’s fairly clear who the moron is and who is seeking to justify their existence troll.

    • darragh scully says:

      02:31pm | 09/05/11

      Actually Ryan, the fact that people are digging holes and filling them back in and getting paid for it is a proven way to disolve economic failure, ie I give you the great depression and raise you the historicial precedent it set, which led to many Global Stimuluses. Australias successes however may be exagerated due to isolation, size etc however many of our examples have been used overseas or at least praised.

      Not everything went to plan and I think that the administration could have been a bit more solid. For example the Government could have consulted with the Australian Standards experts in the preperation of Standards for Insulation Operatives and given them some training. To be honest with you I did a stint in the roofs prior to the GFC and there was no standards then either it was simply get in the roof and lay the stuff. Luckilly we only worked on new houses which were build to pretty strict Australian Standards and no one was electrocuted and no fires occured.

      The economic stimulus of giving everyone $900 is great though. I dont think you can go anywhere in the world and find something that good. Then you have the training and skills programs with lots of free courses for people, and now look at the place with unemployment set to go to less than 4%.

      The real problem faced at the moment is to find a better solution to the Carbon Tax. People are so worried about it, not just here. Take canada where the only party that one the election was the only one whom didnt endorse the Carbon Tax. I dont think any labor fans ought to beat up Australias plan as being any differnet than Canada’s, basically people dont like it and it cost progress in Canada. I am pretty sure the people who got in had no plan as part of there election proposition when it came to Carbon Tax, but the point is that Labor should definatley drop the Carbon Tax. In my opinion more input into Jobs and Training that lead to Carbon Neutral Energy production and Stricter Standards in production processes etc, Greener Transport etc, though we allready have programs running they should be accelerated. Luckliy the industry at present is Extensive in nature so the trade off’s in the economy will be minimal and the benefits will far outweigh the affects on big buisness.

      ps: Global Warming is acctually Global Cooling, as the caps melt and the planet warms more gas absorbs sun light and less heat reaches the surface…global cooling.

    • Against the Man says:

      04:21pm | 09/05/11

      Nice reply Mr Teacher, skipping class again I see…................smile

    • Seano says:

      05:31pm | 09/05/11

      Back on your meds troll.

    • Economist says:

      10:58am | 09/05/11

      Can we stop with the partisan nonsense!So far no one has nailed the situation or taken a holistic approach. Everyone’s attempting to re-write history.

      @Joan, nonsense. there were no rivers of gold.The resources sector shed jobs in response to the GFC. Henry highlighted this in estimates. The budget would have gone into deficit without the stimulus. Facts please.

      the fact is the first round of stimulus spending, supported by both parties, thanks to Turnbull, had the desired effect of suring up confidence, both consumer and business.

      the second stimuls, as highlighted by the Liberals, turned out to be overkill. However people forget at the time there was still a threat of a double dip. the problem for Labor was that their stimulus programs were not flexible enough and were rushed. The schemes themselves weren’t bad ideas, but badly executed.

      BER was a breathe of fresh air and the $8B figure used by Jamie in his article is shite. Batts, Green Loans, First Home owners were a waste and more importantly this government continues the welfare gravy train of the Howard government. Both governments have wasted money on boat people solutions, of which Labor has now taken to new heights.

      How about we acknowledge that it’s a combination of factors from boths sides that got us through the GFC. But I agree with others that this budget will be shite and that this government have lost their way

      Reply

    • Felipe says:

      11:08am | 09/05/11

      Your article Bradbury, sucks!  Claiming all the credits for Australia escaping the GFC are total BS.  Your government under Rudd and Gillard, with all the help from our mining boom have nothing to show for it.  This is because labor has no expertise running a trillion dollar economy as Howard was saying before the election and nobody listened to him to the detriment of this country.  Your government policies under Gillard can be described as shambolic and total comedy of errors.  You and other labor ministers and backbenchers are without backbones and totally paralysed that you just follow the leader even though by following you are now destined to fall down a cliff.

      Reply

    • CMcGregor says:

      11:12am | 09/05/11

      A solid piece David, well done.

      The Liberals have a tendency to ignore the GFC and Tony Abbott is pretty good at hiding the truth. They like to blow the situation out of proportion and make things seem worse than they are. The economy is performing well and you’re correct when you say we have some of the lowest unemployment and debt figures in then world - which is testament to the government’s quick action in stimulating the economy.

      Everyone needs to cool down and look at the facts objectivley.

      Reply

    • jf says:

      11:14am | 09/05/11

      As we face a budget in which medical research is to be sacrificed on the altar of AGW, it appropriate that an article dishonestly claiming Labor’s fiscal ‘ahem’ management for saving Australia from GFC.

      If you want to ‘counterpunch’ mate, counter the ‘punch’ made by your opponent. Not a series up made up shadow spars from your own personal trainer.

      Not only did this government not make a contribution to Australia dodging the full force of the GFC, they have in fact deepened and lengthened the extent of what could and should have been a minimal impact. Our financial system was in great shape due to prudential policy reform started by Keating and extended by Costello. Our economy was the envy of the world as a consequence of Australia being well placed diplomatically, structurally and economically to profit from the resources boom. However, as a small economy we were always going to feel some impact from the GFC. Rather than adopt some degree of asceticism to support our robust economy, the ALP spent money like drunken sailors: as a result although everyone got a new plasma screen, the impact of the GGC for Australia will be longer and deeper than necessary.

      Add to the abysmal economic management, a government that flips and flops about from one bad policy to another and investors are simply not prepared to invest their money in Australia. The Australian sharemarket is underperforming the rest of the world because investors are not prepared to invest in Australian industry. The sharemarket underperformance is not stock by stock or sector by sector, it is across the board. It is an international poll on the quality of the Australian government.

      Investors do not want to invest here despite our exposure to Asia, despite our strong economy, despite our historically first rate prudential management, despite our historical stability and solely because of sovereign risk. In the 25 years I have been a voter, I never, ever considered that sovereign risk would be a factor in whether or not to invest in Australia. At the end of the day, investors don’t give a stuff if our government is Liberal, Labor or any other type. They care about the return on their investment. The fact that they don’t want to invest in Australia despite all of the reasons to do so is a searing indictment on just how bad this government is.

      Reply

    • jf says:

      11:28am | 09/05/11

      The first sentence about should have read - As we face a budget in which medical research is to be sacrificed on the altar of AGW, it is appropriate that an article dishonestly claiming Labor’s fiscal ‘ahem’ management for saving Australia from GFC should start with an ad hominem about the coalitions views on climate change vis a vis AGW.

    • Carl Palmer says:

      11:37am | 09/05/11

      David Bradbury, please do not take credit for the healthy state of the Australian economy re the GFC. That sir belongs to previous governments – both Liberal & Labour whose work in restructuring the Australian economy enabled it to significantly withstand the GFC. To suggest that what you did was the elixir for Australia is pure fantasy. If we accept that proposition then everyone else would have dodged the economic bullet. The reality is that you panicked and went on a drunken spending spree and the bank account is now in the red. Well done.

      The concern I have is the legacy that the “current government” (I’m not sure who is running the country) will have on our future. I get an uneasy Jedi feeling when I see the visionless Deputy PM (or PM for that matter) talking on economic matters. I see these two creating their on AFC.

      Reply

    • JB says:

      11:55am | 09/05/11

      I shudder to think what the Coalitition would have done during the GFC - used it as an excuse to clobber the everyday bloke in the street with WorkChoices Mark 2.  Skinned money out of the economy instead of putting it in to ensure it stayed afloat.  No new infrastructure, they seem to think it builds itself.  I don’t like the current government (who are making prats of themselves at the other end of the scale), but the thought of the other mob led by a ranting, far-right, hardline Abbott is something I can’t bring myself to vote for.

      Reply

    • thatmosis says:

      12:08pm | 09/05/11

      Sorry guys, read the first couple of paragraphs and thought here we go again. Couldnt see the rest because of the red mist that decended and went off half cocked. The rest, which I have read, is drivel of the worst sort and exactly what would be expected of a Labor Minister trying in vain to make it look like the picture is all rosy and sweet when in reality it is a cess pit. I think the writer should take a long hard look at the figures that have surfaced after we have been subjected to Labor/Green/Independant policies and tell us why so much of our money has been wasted on these and why so much more is going to be wasted on this new Illegal Immigration Scheme, $54,000 for each immigrant we receive and $90,000 for every one we send back, screwed again people. Thats $2,160,000,000 for those we acept and $72,000,000 for those we send back, just think of the roads, schools, hospitals that would buy here if we had a Government who cared about its own people instead of those trying to enter this country illegally. Im sorry but only those who are brain dead or so twisted would think this Government is doing a great job at anything they touch. As I said before he should get a rea job, maybe a comedian at the Union Parties. Come the revolution…..............

      Reply

    • John McInerney says:

      12:12pm | 09/05/11

      Is this bloke for real?  The government’s credibility is shot.  This is the bloke who will say and do anything to win an election.  This bloke went to the NT to sand on a ship to say he was tough on refugees.  Pathetic.  Look at his election promises too, from 2007 - he’s hardly delivered anything locally.  His bio says he lived in Western Sydney all his life - rubbish.  He grew up in Fairfield in the seat of Prospect, he moved to the seat of Chifley and then the seat of Lindsay.  He’s a carpetbagger, only in it for himself.  Anyway, he’s a lawyer, not an economist, although he thinks he is good one economic matters.

      Reply

    • the whisperer says:

      12:37pm | 09/05/11

      I think that many posters here are being unfairly, and prematurely critical of Tony Abbott. I have it on good authority that he is soon going to announce, or probably, no, possibly announce a… (wait for it)... POLICY!!  Admittedly, my source is the eight-year-old grandson of an ex- Liberal Minister who sang sad songs to his wilting celery plants, but hey, you can’t knock the kid for that.
      Now, seriously.  Historically, (or hysterically sometimes), the conservative side of politics rely muchly on criticism. Not constructive criticism, ( that requires some form of intelligent thinking), but the type of repetetive garbage we read here every day, ad nauseum. Why? Well, the answer is as simple as it is sad. Those commenting think that by agreeing, (or being seen to agree), with the Howards and the Abbotts of this world that they become transposed to the ‘big’  end of town. Where the money is. They become, in their own delusions, “upper class”. And they really think that such a state is something to which an honest man should actually aspire. They’ll possibly come out now and try to burn me at the stake of socialism, but I’m not a socialist. I’m just a realist. But the hatred they bear toward anything that reminds them of their true place in society, (an honorable place, by the way), is anathema to them. Some claim to be christians, but would happily see children perish because they are a different color, and some shout of their compassion as they cheer the imprisonment of people looking for a better life for their family. (No, they are not criminals. Even in this post-Howard, pro-Bush era, and despite both their efforts, there is still the presumption of innocence rule.)  I feel for those who must pretend to be who they are not, in order to feel some self-worth. I really do.
      In the meantime I encourage all Australians to work together to support this wonderful nation, rather than fighting each other to tear it apart. I support the ALP, not just when it benefits me personally but throughout the troughs and crests. And I’m a proud, but sometimes disappointed Australian.
      Now go for it.

      Reply

    • Darragh Scully says:

      02:12pm | 09/05/11

      From what we have learned since the Depression for example I think that Job Creation is essential to overcome the recession as it was mentioned somewhere yesterday. Even if enemployed people are just digging holes and filling them back in, they are getting a pay check and they have confidence (cash) to invest in the market. Albeit Abbots opposition is the same as labors and if Abbot was in power I am sure we would be digging holes and filling them in his electorate rather than in Gillards. Ridiculous opposition has become a Etertainment Side Show so in that sense its essential to the Economy. However in reality both sides end up complaining that the other side in power has stolen its policies and programs, which are ussually the only options available.
      The rest is just History, and middle class schlop.

      Reply

    • Lisa H. says:

      12:11pm | 11/05/11

      I’m not sure the Depression example has as much relevance these days, as markets are more flexible eg floating currencies, and more liquid globally.

    • Richard says:

      02:53pm | 09/05/11

      The problem I see it is the hypocrisy of the government. They say now that we need to reduce our emissions, so we need to introduce a new carbon tax next year, but what do they think would have happened if they hadn’t “saved” us from a recession? That’s right, our economy would have contracted and our emissions would have decreased.

      Don’t these people realise that all the unsustainable levels of consumption that are occurring in our country and around the world are based on the misuse of credit. Individuals and governments used and are using debt as a tool to steal consumption from the future so they can enjoy it now without having to pay for it, and of course when everyone does it it overwhelms the environment and undermines the sustainability of the eco-sphere.

      And this has been going on for decades! But when the bill finally came due in ‘08, and it was time to end the party and clean up the mess, greedy short-sighted government’s didn’t have the courage face the consequences of such a huge credit binge, so they just re-filled the punch bowl with liquor and turned the music up loud again (by borrowing and printing truckloads of cash for stimulus spendings).

      But this can’t be sustained for ever. I mean its already past the point where damage to the environment is becoming obvious. So the hypocrisy of them, they now want to TAX carbon emissions, which we would never had to do if carbon emissions had been allowed to organically reduce on their own as a function of the natural correction in the free market (otherwise known as a ‘recession’) that would have occurred in ‘08 as a result of the financial crisis.

      Reply

    • I am a dumb voter ( not! ) says:

      03:54pm | 09/05/11

      Briggs was pointing out waste not useful expenditures.
      Isn’t it WONDERFUL how every Labor government sends us into a more of debt…federal or state!
      Methinks Bradbury assumes this erudite piece will be read by his constituents.

      Reply

    • Dick J says:

      04:28pm | 09/05/11

      Fact is the ALP has made it worse than it would have otherwise been.

      Fact is we survived the GFC only because of Howard and Costello leaving us without debt and in great shape.

      Fact is Bradbury is a lightweight weathervane and out of his depth like his ALP colleaues.

      Reply

    • Andrew Laming says:

      04:46pm | 09/05/11

      After the forensic detailing of Labor waste by Jamie Briggs, David Bradbury ignores waste entirely in a piece most likely written over a week ago.
      Bradbury argues the Coalition denies the GFC, and if hypothetically in power, would be doing an even worse job than Labor. Hard to imagine, but true.
      Far from denying the GFC, the Coalition supported the first stimulus package. We opposed the second because it was bloated, slow and wasteful.  In fact on the famous test of timely, temporary and targeted, Labor succeeded only with the first.  Few realise $10 billion in stimulus is earmarked for 2011/12 to protect us from the 2009 GFC. Just last week JP Morgan Chief Economist Steve Walters warned of overly loose fiscal policy fuelling inflation.
      Bradbury’s ‘we rescued you from crisis’ claim rests on outdated jobs and GDP modelling from late 2008. He alleges hundred billion dollar hits to the budget from the GFC and hundreds of thousands of jobs ‘saved’ or created’ since. Few disagree with Bradbury that stimulus supported some jobs; at a minimum in commercial construction and flat-screen sales. But his argument that Australia would be a lunar landscape with 750,000 joining breadlines without Labor is a little rich.
      Labor’s rests this ‘saviour’ argument on late-2008 TRYM modelling by Treasury. Their early estimates of a 5.5GDP-year recession ignored our resilient banks, buoyant housing prices, commodity exports and as the IMF’s Sommers showed, Australia’s minimal reliance on high-tech manufacturing which was a strong recession predictor.
      By the August 2009 MYEFO, Treasury was rushing to subtly ‘rebalance’ its estimates. They ‘shrunk’ the crisis without stimulus scenario from that initial 5.5 GDP-years down to around 2.0 and the impact of Labor’s stimulus down from 4.5 GDP-years to just 1.9. Labor’s rehashing of outdated data is a bit like sticking to last week’s forecast of last weekend’s weather, instead of acknowledging what happened.
      History will remember that Rudd ignored MYEFO and remained mesmerised by spending. His stimulus achieved a mere 0.2 multiplier and plunged Australia into mid-level debt. Labor mocked then-Coalition leader’s Malcolm Turnbull call for a $20billion dollar stimulus, which was startlingly close to the 2% of GDP stimulus we needed. Rudd’s stubbornness has carved his name indelibly into the pantheon of waste.
      Bradbury is correct that Australia outperforms many economies, but they tend to ignore performances like Poland because it is apparently neither ‘advanced nor modern.’ Australia now has the 107th largest external debt to GDP ratio globally, between Uganda and Botswana. It is raining mining money, but Howard’s net surpluses are now a distant memory.
      Bradbury refers to Coalition black holes which dwarf in comparison to $50 billion Labor deficits and close to $100 billion dollar external debts. He ignores that Opposition savings were ignored because contracting arrangements were concealed by Government. Coalition NBN bond rate estimations which were initially criticised and added to the alleged ‘black hole’ have since been found to be more accurate that Treasury’s. Last, Labor actually adopted some of the Coalitions suggested spending cuts, particularly around green programs.
      In short, Brigg’s key message remains unassailed by Bradbury. Labor waste has been terrible, so bad, that the word barely passed Bradbury’s lips. But it is one thing to waste money. This government went the next step by genuinely destroying peoples’ livelihoods in the process. Young enthusiastic Green loans assessors have been financially destroyed, solar operators and pink batts installers lumbered with massive stock losses, retirees lost their solar rebates, people were killed and homes burned to the ground. There is not even the hint of an apology in any of this.
      Brigg’s simple point is that without such waste, Australia, the Gillard administration and our budget bottom line would be in far better shape. Treasurers are paid to negotiate internal and external shocks, not complain about them. Just like our family budget, someone has to make the tough decisions to live within our means. That someone isn’t Wayne Swan.
      After a decade of Costello, Swan casts a shadow of impotence in comparison. It is a sorry picture of being unable to bring down a balanced budget, unable to return to surplus and unable to provide a ‘get out of external debt’ date. In the midst of magnificent terms of trade, Labor’s hallmark remains its waste, which Swan views as little more than regrettable collateral damage in pursuit of ever greater taxes and market intervention. It really is time they cleaned up after themselves. Labor’s unfunded external debt is little more than intergenerational theft. It supposes that our current troubles are greater than anything our children will face. Labor’s spending and waste is short-sighted and serves our next generation poorly.

      Reply

    • Dash says:

      05:13pm | 09/05/11

      This is a load of complete and utter nonsense from another ALP hack who doesn’t understand economics!

      Consider the following:

      1. China’s appetite for our natural resources remained significant during the GFC. China continued to grow at 10%. And it continues to buy in increasing quantities our natural resources. Our major trading partners are not the USA and Europe who went into recession!

      2. The Howard government left the ALP with not one cent of debt, a restored AAA credit rating,  and a surplus of $26billion to splash about. Even dead people got $900. Whilst those of us who paid too much tax got nothing! The ALP were handed a strong economy and a very strong financial position. yet they want all the credit! - LOL

      3. The Financial Services Reform Act was brought down by the Howard government largely in response to the HIH collapse. The effect was that Banks and Insurance Companies in this country did not have the type of toxic assets on their balance sheets that brought down financial services businesses in the USA and Europe. Take a look at the APRA licencing requirements for banks and insurers in this country. World leading capital and risk management. ALP’s role in that was NIL.

      4. The financial services sector in Australia is largely dominated by local listed entities. This meant the sector was not significantly impacted by the collapse of US and European institutions. Consider the 4 top banks - all Australian listed. Of the top four insurers, only Allianz is owned overseas. Very small exposure to the financial crisis within our financial sector.

      5. The ALP overcooked the second surplus as can be seen by the 7 interest rate rises that came off the back of the overheated economy. Rather than good policy, this was nothing than wasteful and incompetent management of taxpayers money.

      All of these points are carefully left out of this piece of propaganda. Not one piece of credit is given to any of it! This article is nothing but a load of crap.

      Reply

    • Colley says:

      07:26pm | 09/05/11

      There is one other factor which I believe can be added to that list. Many economies around the world suffered because of a decrease in demand for manufacturing products throughout the GFC. Such an industry doesn’t exist in Australia for it to fail and cause economic peril.

    • Labor Ruined this Country says:

      05:39pm | 09/05/11

      Put a cork in it Bradbury. Western Sydney switched off to the labor message long ago. Now why don’t you hop back on your Navy patrol boat and bleat about there isn’t a carbon tax/ there is a carbon tax, oh, who the F**K would know with this bunch of liars.

      Reply

    • Eigengrau says:

      07:18pm | 09/05/11

      Fact: Australia wasn’t the only economy to grow during the GFC; another one that is often overlooked by ALP apologists is China, which being the world’s second largest economy (and our largest trading partner) no doubt explains why it is carelessly forgotten. I suspect that it had some role to play in our weathering the GFC.

      Fact: One Nation has nothing to do with this debate. You dredge its corpse it out of the past yet have the temerity to accuse the coalition of being aggressive wreckers. Face it, Labor can only dream of having done the same to the Greens as the coalition did to One Nation, yet now the Labor-Greens alliance has demonstrated the gross incompetence of the former, and the extreme views of the latter.

      Fact: The budget tomorrow will be another exercise in Labor incompetence. Swan can’t hide behind Tanner anymore.

      Fact: Abbott has never denied the GFC. The whole premise of this tendentious smear is false. Back to the drawing board

      Reply

    • Robert Smissen, rural SA, God's own country says:

      10:02pm | 09/05/11

      Bradbury, what a clown, be thankful that the GFC hit at the end of the “golden years of Howard” not the busted arse days of Keating

      Reply

    • Enrico says:

      10:52pm | 09/05/11

      Hospitals: Fail.  Asylum Seeker Policy: Fail.  B.E.R.: Fail.  Home Insulation Stimulus: Fail.  Fiscal Management: Fail.  N.B.N.: Will Fail.  Climate Change: Fail.  Rudd: Fail.  McKew: Fail.  Wong: Fail.  Garrett: Fail.  Swan: Fail.  Evans: Fail.  Gillard: Fail.  All this embarrassment and incompetence in only four short years.  Amazing!

      Reply

    • Andre says:

      10:06pm | 11/05/11

      Hospitals: fail. Asylum Seek Policy: fail. Human rights: fail x 4. Fiscal management: great profit statements for Coalition Ltd. but bugger all to show for it. WorkChoices: fail. Iraq War: multi-billion dollar cost and myriad of completely unnecessary deaths.

      All this imcompetence over 11 years. Incredible!

    • Enrico says:

      10:54pm | 09/05/11

      Oh, and Bradbury: Delusional.

      Reply

    • ManOfAustralia says:

      03:38pm | 10/05/11

      I wonder what will happen to the country after all of our natural resources have been drained? We managed to escape the worst of the GFC with help by our mining industries, however we don’t have a strong renewables infrastructure which is where the world is heading towards. Why are both sides still wasting taxpayer money delaying action and finger-pointing about whose fault things in the past were? What’s important is what needs to happen NOW, not the soap opera spectacle and self-gratification that gets reported by the media.
      The Liberals saved up lots of money during their time because they had to…which Labour spent because they too had to. The conditions experienced by each were different and they reacted accordingly using whatever they had from the previous government.
      If only we could harness the best of both parties. Costello’s budget magic with Rudd’s investing into the local infrastructure. Saving is not miserly, and spending is not waste if they benefit the people, not just a handful at the top.
      So pollies, stop slacking off, get back to work, and remember who your real bosses are (the Australian people!). Neither side fully deserves the air you give yourselves. Who is in government should not be a choice between the lesser of two evils, or a moot point, as was the sentiment I saw all too often in the NSW elections.
      Bring on the budget and let’s see your plans. You will know whether we’re happy or not come election day.

      Reply

    • Get Real says:

      04:19pm | 10/05/11

      Howards surplus saved Aust from a recession.
      Labors over stimulating the economy has left us with inflation and continual rises in interest rates.
      Labors mis-management has also left us with over the top electricity prices.
      This is a BAD Labor government

      Reply
 
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