You're completely correct when you state "History shows is it was either a one off pain or gain for the justification for the economic reforms he and Hawke sheeted home"
I had to live through that time and it was extremely painful. My job was highly insecure (I was young but worried like mad what I would do if I lost it and what on earth I would do if I did - which was highly possible). Some of my mates from uni when we graduated couldn't get a job - one went back to study and is now a Uni Professor of Psychology at one of Australia's leading universities (so it wasn't from a lack of intellectual horsepower on his behalf).
My point being - most people at that time obviously couldn't foresee the future so for many people it was an unpleasant period (the 17% interest rates almost caused my parents to lose their home). Now, like you, with the benefit of hindsite I think Keating was a good treasurer (remember though he had bi-partisan support for the policies implemented - something that Howard never had the luxury of when he was in power and had to negotiate his GST mandate with the democrates) and a pretty woeful Prime Minister. As PM Keating lost the plot and went ga ga on the left wing social 'progressive' agenda to please his luvies.
