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The Forum > Article Comments > So what really did save Australia's economy? > Comments

So what really did save Australia's economy? : Comments

By Alan Austin, published 22/8/2013

Ockham's razor says that it is Kevin Rudd who saved Australia's economy, because none of the other factors compute.

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‘morning Foyle,

Since we are all numbskulls and don’t understand the wizardry of your much vaunted “Modern Economic Theory”, perhaps you could assist by applying it to the outstanding questions asked of Alan Austin?

This would be an excellent opportunity for you to apply your skills to some real life questions, especially since you have taken on the role of answering questions of Alan to which has not yet responded.

<< When are you going to point out the good things the “other” nations are actually doing to get themselves out of the poo? Then we can determine what, if anything we could adopt, rather than your endless off shore bleating.

Why are the Europeans in such an economic mess?
What did they do wrong?
What are they doing to get out of it?
What progress are they making?

Show us something positive that has worked for the EU.>>

So looking foreword to hearing how the “other” countries against which we are being compared have applied your and Alan’s economic wizardry?

Over to you.
Posted by spindoc, Friday, 23 August 2013 8:19:23 AM
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Australia's economy has grown by 14% under the ALP, regardless of what people think.

While change is ahead, I adamantly believe it is this ALP Government that has the capacity to understand the direction required to balance the complexities at the top and bottom of Australia's economy,

a) I like this ALP team, [as true blue Australian people],

b) I like the basic line-up of Ministers. Finally the right people have the right portfolio.

c) The cohesion between knowledge and capacity is refreshing and is similar to the quality within the 2007 ALP election team which I felt strongly was a credit to Australia at that time.

d) As a citizen I feel I can speak openly to this team, being as critical as I can be, pushing for those issues that I feel are important when it comes to Australian values - Australian progressive policies which help build a nation locally at the same time being engaged at a global level... productively.

I agree with this quote Foyle [Thank You]. As Prof Stiglitz wrote, "Kevin Rudd … realized that it was important to act early, with money that would be spent quickly, but that there was a risk that the crisis would not be over soon. So the first part of the stimulus was cash grants, followed by investments, which would take longer to put into place. Rudd's stimulus worked: Australia had the shortest and shallowest of recessions of the advanced industrial countries."

I care about the ideas and policies that are also flushed by the Greens among those of other parties and I care that Australia does as much as it can to work with policies within the UN. Ie:'prosperity' and conditions based on a wide range of indicators from health, education, employment, shelter to access to water...

http://www.unchs.org/categories.asp?catid=559

See UN State of the World's Cities 2012/2013 report.

These equity issues spell for me Economic Security as opposed to Economic Insecurity, an issue we face as a globe.

http://www.miacat.com/
Posted by miacat, Friday, 23 August 2013 10:14:29 AM
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It is interesting, amazing, and often downright depressing how many right-wingers claim that night is day, black is white etc. Still, yes, let's discuss New Zealand. Apparently, New Zealand's approach to the GFC led to downturn and increased unemployment. Details on this are discussed here: http://inside.org.au/the-land-of-the-long-white-mirage/
Posted by jcro, Friday, 23 August 2013 10:40:40 AM
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The problem we have this election is: do we let the foxes and vultures once again run the hen house so that 1% of people end up with most of the wealth; or do we give LABOR, which everyone knows is not the best at things financial but, underneath it all, does have a heart, another chance?

Miacat has made some interesting points. I would urge everyone to consider them carefully.

The salt of the earth type Australians cannot afford to give the money-grubbers complete control so they can bring in Howard-Mark2!
Posted by David G, Friday, 23 August 2013 10:45:10 AM
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<< Australia's economy has grown by 14% under the ALP, regardless of what people think. >>

But Miacat, how much of that growth is due to good management and how much is due to 1. Very high immigration and 2. Digging up our once-off mineral resources at an ever-more rapid rate?

How does average per-capita economic growth compare to this 14%?

How well does this 14% translate into real quality-of-life improvements?

Does this 14% take us closer or further away from a longer term secure (sustainable) future?

So often we see economic growth being expressed as the primary indicator of our government's performance and our national wellbeing.

This is just so fundamentally wrong!!

I don’t have any confidence that the ALP will manage our economy well if they win the election.

Trouble is of course that the Coalition would be every bit as bad!
Posted by Ludwig, Friday, 23 August 2013 12:22:54 PM
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Australia is not recognized as the world's best managed economy, neither was the stimulus as effective as Alan suggests.

Wayne Swan is widely regarded as a joke, and the huge initial stimulus drop was shown to be almost totally ineffective.

The school halls and pink batts debacles were shown to be spectacular examples of managerial incompetence.
Posted by Shadow Minister, Friday, 23 August 2013 1:20:55 PM
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