I am no fan of the Labor movement but timing wise they would...

I am no fan of the Labor movement but timing wise they would have to be the most unlucky political party in history.

In living memory the most famous market crashes were. 1929, 1937, 1972, 1987, 2000 and 2007......

Labor won elections in :

1929. Stanley Bruce was defeated by James Scullin
1972. Billy McMahon was defeated by Gough Whitlam
2007. John Howard was defeated by Kevin Rudd

What government, Liberal or Labor could do anything with that load of garbage !! In the lead up to those elections the cracks were already showing in the world economy and was enough to see the incumbent conservative parties voted out. Interestingly both Stanley Bruce and John Howard, the incumbent Prime Ministers lost their seats in landslides....but.....

James Scullin lasted one term and was voted out in 1932.
Gough was given a second go after having his first term shortened by a double dissolution only to be sacked by the GG.
Kevin Rudd didn't even go full term as PM and Labor only scraped home in the followup election with a minority government....and things are looky too good at this stage for their re election.

No, I don't think it is fair to blame the government. This crisis is far bigger than any one nation or their government.