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The Forum > Article Comments > What is Rudd's real position on economic reform? > Comments

What is Rudd's real position on economic reform? : Comments

By Mikayla Novak, published 1/7/2013

The return of Kevin Rudd to the prime ministership raises more questions than answers with regard to numerous aspects of policy.

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This post is a good example of right wing rhetoric.
Note the use of ‘the market’ as the anonymous disguise for big business’ preference for open slather in naming prices and controlling wages. It would be interesting to hear Julie's views on just which Australian industry met the theoretical requirements of an 'open market'.
Note also the complete lack of concern for those thousands of people who had paid employment as a result of the Rudd inspired fiscal stimulis, but who, in the name of free market theory, would otherwise have had to wait until the holy grail of the market ‘returning to the norm’.
People like Julie live in a theoretical world of long term market ideology with little concern for or understanding of the short term realities of life in the job market.
Posted by Godo, Monday, 1 July 2013 8:04:09 AM
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Spokespeople for right wing economic think tanks seldom let facts get in the way of their propositions.

If anything, the stimulus packages of the gang of four (Rudd/Swan/Gillard/Tanner) of 2008-9 were not sufficiently prolonged. The state government ran the programs and dipped their own hands in the bucket of money made available to increase (and manage) demand and that reduced the efficiency of the stimulus. The insulation fires etc. were due to the states' poor management, not the Federal Cabinet.

The problems from early 2007 were the product of the poor understanding of economics by Howard and Costello. Howard and his Wallis Inquiry brought us the neo-liberal concept of the open slather by the finance racketeers.

As early as 1998 the Governor of the Reserve Bank, Mr Macfarlane, was advising the imposition of tighter regulations. He also criticised the free flow of capital (which was often just money printing by the USA). Read and understand New Economic Perspectives blogs.

On 18 February 2000 Howard refused to reapply regulation and instead continued the privatisation of valuable common weal assets to balance the budget and he managed demand by allowing the financial institutions to relax prudential requirements and induce people into debt.

The housing and debt bubble, as always, burst and by mid September 2008 the Australian banks were in serious trouble having borrowed short term in foreign capital markets and lent long.

The depositor guarantee was to protect the bank shareholders from the consequences of a complete bank collapse.

Government waste should be abhorred but the currency issuing government has the responsibility to manage demand and to be the employer of last resort, particularly when underemployed resources can be used to provide better infrastructure, a lesson we should have learned from the thirties.

Sovereign government can always grow at about the rate of growth of the economy and even somewhat faster if there are underemployed people and resources.
Posted by Foyle, Monday, 1 July 2013 9:34:26 AM
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Rudd's economic policies probably won't matter much. For the few weeks until he loses the election he won't be implementing any. All he'll do is polish up the brass knobs in the hope of saving some of the furniture.
Posted by DavidL, Monday, 1 July 2013 9:48:26 AM
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Rudd's position is like the weather vane, swings with the wind. A fiscal conservative one day, a Keynesian pragmatist the next!
He is, I believe, a fundamentally flawed narcissistic populist, who can be relied on to change his mind and position, whenever politically expedient, or as he tries to please everyone.
His only true goal, I believe, is centre stage and staying in power.
Were this not so, he would have accepted the umpire's, (caucus), decision and gotten behind the new Leader, rather than, as it seems, destabilising her at every opportunity, with carefully timed Leaks?
Fortunately, he now has a few grey-beards in his office, who may be able to moderate some of his more bizarre views or reactions.
Like calling for endless briefings, which resulted in some senior ministers cooling their heels for hours outside his office; or ministerial advice, often never ever read?
In any event, his position on economic reform hardly rates, given his days at the helm of the ship of state, are I believe, limited to the next election! That said, he could be one of the most effective opposition Leaders, we've ever had?
Rhrosty.
Posted by Rhrosty, Monday, 1 July 2013 11:06:33 AM
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Rhrosty, only thing I will add is that Rudd probably actually believes he is the 'man' to solve all issues, as acknowledging limitations is not his specialty.

I think first key point for all parties and thinktanks is to question our faith in recent trends, and then work our how we can alter our policy balance to both lead and address our own policy shortcomings.

Australia will probably pragmatic enough to make change as long as all key interest groups voice their concerns, and both major parties dont listen entirely to simplistic ideals.

I am looking for key independents and interest groups to raise their voice in regard to key industry concerns, not just the mining sector if you know what I mean. I hope many Australians get out there and give their primary vote to various independents to at least raise the bar in terms of debate. The two major parties have done reasonably well last few decades, but the easy days are now over.
Posted by Chris Lewis, Monday, 1 July 2013 11:30:16 AM
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In my view, Julie's article makes some important points very well. Those who view markets as right wing have little understanding of either economics or history.
Posted by Winton Bates, Monday, 1 July 2013 11:58:50 AM
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