abbott's list , page-13

peterd

Re your post which included;
"... I thought that was to stimulate the economy and now you're telling me it was to pay off debt? ..."

Last time I heard economists referred to Australia as a consumer based economy - the retail sector is our largest employer for example.

Under the Howard Govts. private debt rose to a new record of some 155% of disposable income. Steve Keane documented the massive housing bubble that Howard also produced that made private debt ever-more scary. Both were trending upwards when the GFC hit in earnest.

Effectively; consumers maxed out their credit cards and by 2008 were caught with their financial pants down around their knees. Consumer confidence was blown away!

Kevin Rudd's decision to bailout taxpayers by returning some of the money John Howard took from them was a stroke of pure genius; not enough to rebuild confidence but just enough to stave off the collapse of our housing bubble and consequently our banking system.

As for giving Tony Abbott a fair go; only those who can't see through mantras and spin, suckers and self-serving sycophants would do that!

While trashing the Govt. throughout the GFC and doing all he could to scuttle its efforts he's done absolutely nothing to demonstrate his fitness for the role. He never even gave Malcolm Turnbull a fair go as Opposition Leader in 2009!