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The Forum > Article Comments > Lessons from the past – the Howard and Costello years > Comments

Lessons from the past – the Howard and Costello years : Comments

By Alan Austin, published 6/9/2013

Outside Australia, the Howard years are actually widely regarded as dismally disappointing.

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Dang it WmTrevor, you're so right.

>>It couldn't have been pardon for Sorry, place for hang and particularly for highly...<<

Couldabeen, shouldabeen.

And back atcha on the props.
Posted by Pericles, Friday, 6 September 2013 2:57:00 PM
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The author did not give a single example to support your assertion that outside Australia Howard years were regarded poorly. Not one. Left wing ideologues are constantly in the process of rewriting history as this author seems to be. Its sad to see how the Labor Party and its supporters are unable to admit to its astronomical failures over the years, while exaggerating its few successes. Lets see what the people say on Saturday. Isn't that the Labor way?
Posted by Atman, Friday, 6 September 2013 3:27:19 PM
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Alan,
Keating and Hawke deserve little credit on economic matters. They accepted the recommendations of Howard's Campbell Committee and laid the ground work for the worst aspects of the Howard/Costello years.

From late 1998, Howard ignored arguments from the Governor of the Reserve Bank, and the G7 finance ministers, that financial deregulation had gone too far and that there would be serious future consequences. There were but it took a few years more than expected for the private debt bubble, created by deregulation, to burst.

It did burst and in mid-September 2008 all Australian Banks were insolvent and had to go the Rudd Government cap in hand.

Selling well maintained assets capable of earning adequate income is foolish for both an individual and a government.

Any one who understands economics understands that some people can save and not have much effect on the economy but, if everybody saves, as happens with compulsory superannuation, the consequence can be disastrous. The compulsory superannuation scheme has been built into a massive parasitic industry that serves no valuable, useful, purpose.

The compulsory contributions load costs onto Australian companies trying to compete either in foreign markets or against imports. And it does nor solve the problem that will occur in the future when products available at that future time have to be shared between citizens. Who is presently looking after the interests of the, as yet unborn, young in the workforce in 2035-40?

Norway took an appropriate approach to companies exploiting its oil assets. Norway set high utilisation fees and invested the proceeds in overseas assets. When the oil is exhausted, and Norway needs to import fuel, they will have income from the overseas assets to pay for the imported fuel.
Posted by Foyle, Friday, 6 September 2013 4:01:47 PM
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Hello all,

Interesting discussion, as always. Thanks.

@Chris Lewis, re: “who is to say that Labor, should it have remained in power, would not have made similar decisions. for example, trends towards greater privatisation …?”

The privatisation policy difference between the parties is that Labor believes in retaining high income-generating monopolies like the airports – either full ownership or a strong share. As do most comparable successful governments abroad.

Re: “the Howard govt … did reduce debt”

Correct. But given the vast rivers of revenue, Australia should have had closer to Norway’s 139% of GDP (net) cash in the bank by 2007 – not the miserable 7.3%.

@Pericles, re: “outside Australia, we are for all practical purposes politically invisible.”

Depends where we look, Pericles.

Did you see this quiz question at New Matilda in March?

9. Which prestigious international news journal in February lauded the latest data on Australia's economy?

The article highlighted GDP growth, the lift in exports, record income per person and the stock market surge:

(a) The Wall Street Journal
(b) La Tribune
(c) Der Spiegel
(d) The Washington Post
(e) The Huffington Post
(f) Bloomberg.com
(g) all of the above

Amongst economists studying national comparisons, Pericles, Australia is the number one celebrity these days.

@Atman, re: “The author did not give a single example … that outside Australia Howard years were regarded poorly.”

Correct. Word limit. Happy to provide some here.

International rating agency Fitch always marked Australia down during the Howard years, only giving you the top rating in 2011.

The Aussie dollar reflects how authorities and markets abroad view economic management. After Mr Costello had managed the economy for five years, the Aussie had dropped to 49 US cents. After Mr Swan had managed things for five years, the Aussie had risen to US $1.05.

Euromoney asks a team of international economists to rate treasurers every year. Mr Costello never rated well.

More available on request, Atman.

@Foyle, agree with this.

Demonstrable, however, that Hawke and Keating took a moribund economy languishing at about 20th in the world up to 6th place.

Cheers,

Alan
Posted by Alan Austin, Friday, 6 September 2013 5:29:36 PM
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Absolutely agree, Alan Austin.

>>Depends where we look, Pericles.<<

You chose to focus on your own commentary in New Matilda, citing the financial journals. I couldn't find the exact article to which you referred, but I did find this one, from March.

http://www.huffingtonpost.com/2013/03/06/australia-recession_n_2818610.html

It is obviously not the one you wanted us to read, because it says absolutely nothing about the "Howard and Costello years", or the lessons derived from them. Maybe you could provide a link?

But you were also kind enough to quote me in full:

>>...outside Australia, we are for all practical purposes politically invisible<<

I'm sure you agree, that your response hardly refutes the point: that we are politically invisible. No-one that I know makes any connection between Australia's financial cleverness at digging up coal and iron ore and selling it to China, and any particular political party or personality. (That last bit's for you WmTrevor)
Posted by Pericles, Friday, 6 September 2013 6:00:23 PM
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What utter garbage this bloke tries to con everyone with.

I recall a long period where no one got a rise, because that twit Keating had destroyed the economy.

I remember that agreement with the unions, the accord, for no wage demands.

I remember getting 17.5% interest for money I had in the bank.

I remember thousands losing their homes, farms & businesses, due to Keating's interest rates.

I remember having 25 staff decide they would all work a 4 day week, to avoid 5 of them being put off, things were so bad.

I remember Keating big noting himself about having his hands on the levers of the economy.

I remember the banana republic, & the recession we had to have, thanks to those two twits.

The last thing we need is another couple of economic wizards like that pair, although Ruddy & Swanny came close.

I know you are only a spin doctor Alan, so I should not get upset with the idiotic twaddle you push, but thank god the election is tomorrow, so you'll be out of a job, & this cr4p will stop.
Posted by Hasbeen, Friday, 6 September 2013 9:02:59 PM
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