Shorten admits he was the rape suspect!

Originally posted by LongNow ↑

Sorry for being burdened with an education that featured the dark art known as 'economics' mate, but anybody who knows anything about economic cycles understands the effects of elevated economic activity on budget balances.

Howard and Costello plundered the budget windfall and created a structural deficit (which the current government is obviously blaming their opponent on - hard to man up when you have no morals), and Keating's deficit came from the last recession the country had (which hasn't been repeated largely due to his and Hawke's inspired leadership).

Even if you don't understand that (to be fair, a lot of people on this board don't), you can't tout them as great economic managers (and Keating as a poor one) if you can't actually point to reforms which helped the budget.

The crux of it is there was one moderate reform under Howard and Costello (GST), as opposed to the string of major reforms under Hawke and Keating (floating the dollar, fixing the tax system in favour of earning income rather than passively accumulating it) the wages Accord, the deregulation of the banking system, the superannuation system (which created the financial market you're on HotCopper to discuss), and the scrapping of tariffs).

I seriously don't know how you people possess the cognitive dissonance to argue against such bare facts.

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I am also aware of the dark art of Economics. But you are, deliberately or otherwise, obfuscating economics with politics. There is no doubt that the Keating/Hawke Government introduced important economic reforms. But it is also wrong to treat the introduction of the GST as a minor reform. It was a major reform and had a significant effect on our taxation system. The reduction in Tariffs has been occurring for decades, and is not restricted to the Hawke/Keating period in Office. And, of course, there are many people, especially those whose jobs have been transferred overseas, who would not be as jubilant as you are about the ongoing reduction in tariffs.

The Howard/Costello partnership encountered numerous difficulties whilst it was in power, difficulties that would have overwhelmed the incoming, fiscally inept, Labor Government under the light weight Treasurer that was to follow. The same light weight Treasurer who is now trying to reinvent history, and hide his numerous fiscal errors, errors so gross that it may take a decade to remedy. The same Treasurer who inherited a multi billion dollar sack of goodies, and turned it into a dirty bag full of endless line of mindless Deficits.

And, at least, after being hit with an additional tax on my salary to pay for Keating's fiscal profligacy in his last term in Office, I was eventually rewarded with a reduction in my income tax, which I richly deserved. What rewards did anyone receive from the fiscally inept Federal Labor Government?

The structural Deficit was created by the previous Labor Federal Government, with its inability to restrain expenditure, when it was clearly evident that the Fiscal Crisis was well and truly over.