"Abbott should try it - or fall on his sword."

Therein lies the problem, plantagenet, Abbott's LNP is an economically far-right government committed to low taxation, ostensibly so as to promote investment and economic growth, the absence of which can only mean cuts--which only substantially affect the less well off.
The further problem Abbott has is, investment is sound but economic growth remains sluggish i.e. it's not going generate enough revenue to pay down debt anyway. Meanwhile because of austerity, unemployment and welfare costs rise.
It's a vicious circle Abbott's LNP can only exacerbate, since this 'algorithm', which boils down to an item of faith, is the only economic 'mechanism' their ideology favours--and has all the efficacy of Dr Who's sonic screwdriver!
Labor's problem is it's also followed the third way for the last few decades, while pretending to foster democratic capitalism.

Labor has to return to its roots and be an active voice against the laissez faire tide that has to go out.
Labor's just too bloody scared to even mention "TAX". Yet that's its task in opposition, to convince its constituency that neoliberalism is a proven failure that only makes the rich richer, and has reduced the global economy to its current parlous state.
Labor has to cut the crap (both parties feed us nothing but bulldust) and tell it like it is.
Tax reform must become the mission of Labor, not liberal--for whom it is a twisted and one-sided agenda.
As soon as one or two prominent Labor governments start to canvass this necessity others will join; the political fallout will then start to diminish, as the currently dominant ideology begins to falter.

Turnbull is the most likely candidate for turning the ship AU around, when the barnacles are eradicated from the radical LNP, about Tuesday.

Howard done well even if he did sell anything he could get his hands on, he overstepped by introducing Work Choices, until then he was ok. Abbott wants everything in five minutes, hence his radical budget. Far better to aim for a longer timeframe.

Labor does handle things fairer for all. Abbott shot his load by backing out the carbon tax, people were happy with that as a way of doing their bit for conservation. That cost 6 billion, what a twit.