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.

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.

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.

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.

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.

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.

I can't think of a single linguist who could make change for a bus ticket. Our Ruddy is a linguist, & has no idea of the likely outcomes of anything he does.

Would it make any difference if he did? Probably not, if doing it was to Ruddy's advantage. Surely there can't be many left out there who believe he has interest other than satisfying his ego.

Chris Lewis you are too kind. I very much doubt Ruddy even considers any issue other than as it applies to his personal goals.

Tish Tish Hasbeen,

You are so hard on PM Rudd. He has the support of the polls and is way ahead of Abbott.

Rudd has already labeled every thought bubble as a “reform”, the thought bubbles from the Gillard government have been assigned new reform names so he can claim credit for these and deny his former tormentors any legacies.

He is a fiscal conservative because he was responsible for the dismantling of all the policies that made Australia economically weak. You know, like no net debt, no deficit and money in the bank.

You can only be a good economic manager if you have debt to manage and lots of it. Without debt and deficit there is no management required, our primary school kids could manage that.

Think of it as a job creation program, create debt then look good managing it. Give the guy a break

The re-emergence of Rudd is the best thing that has happened to Australia for a long time. He makes Abbott look like a punch-drunk lightweight, a pretender, an amateur.

The coming election is now a contest and, if Australians really believe in the fair-go, they will Kevin a fair-go in the few remaining months.

He has been through a lot but, to his credit, he hasn't given up on Australia.

Sorry David G,

I am betting on Abbott ripping Rudd to shreds, and young people soon to be reminded of a very flawed character whose rhetoric is no real reason to be given another chance.

I also believe that Abbott, like Howard before him, is much more passionate about the needs for Australia than Rudd. I do not believe that a vote for Rudd is good for Australia in the longer term, albeit that a vote for the Coalition will not be without some pain for society.

Abbott, however, needs to now step up with more ideas about Aust's future, at least to counter Rudd's rhetoric and uphold real concerns rather than just listening 100% to IPA and Andrew Bolt and Gina Rinehart, although I suspect he is smarter than that.

Come on Tony, you can be a great PM first go and prove doubters wrong. Keep your centre-right perspective, but be a pragmatist like other competent Liberal leaders.

Chris Lewis,

"I am betting on Abbott ripping Rudd to shreds..."

Not judging by this performance here he won't.

http://au.tv.yahoo.com/sunrise/video/watch/17805418/abbott-unfazed-by-labor-polling/

As vacuous as ever....(let me know if you spot and substance, because I couldn't find any)

It is a 3 month campaign, no need to rush. Abbott has won ever battle so far, so this would be his first if he would lose.

After the next election Kevvy will find himself so isolated and alone in what is left of the Labor Party that the only head he will have to play with will be his own... as is pretty much the case in Qld now.

lol