Hasbeen,

I remember Rudd. But I wonder if you do?

Rudd's economic intervention kept Australia out of recession during the GFC, despite the ore price collapse. You may have forgotten and fallen for the Murdoch press's lie that we were saved by surging demand from China, but that didn't occur until 2010.

His pump priming was far from useless, though the economic recovery was subsequently sabotaged by the RBA board needlessly raising interest rates.

Rudd's actions probably resulted in the private sector creating many long term jobs, and it certainly reduced the number of long term jobs shed. But attributing individual jobs to that is like attributing individual storms to climate change.

A few simple keystrokes is all that is needed to virtually double the money supply. (Quantitative easing) And after enabling some (plucked from thin air) money to be helicoptered to unmet need, which would do what such strategies intend to do, put a fire under the economy via increased (discretionary) spending, enable the creation of some essential inflation, and allow the dollar to sink to where it presents our economy with improved economic advantages/export opportunities.

Also allowing the Fed to put interest rates up to take some of the undesirable investor heavy heat out of the residential market, which would bring first home buyers back into the market and provide an economic boost like that we created. With a bricks and mortar led recovery, given the contraction caused by the forced introduction of the regressive GST!

And given this Q.E. measure is both available and beckons, as just rational use of the available economic levers, makes nonsense out of entirely counterproductive austerity measures that invariably hurt everyone! And while useful, a once only measure to give us the breathing space needed to introduce other essential and overdue reforms, like real tax reform, like an unavoidable expenditure tax the only means that would allow the complete dismantling of tax avoidance by all and sundry!

And if you think that is unnecessary, I urge you to watch tonight's four corners, where criminal and endemic tax avoidance is (much much bigger than wikileaks) exposed by an army of investigative journalists, some of whom include so called (tax cheats) leaders like billionaire Assard and his good mate, equally rich and from purloined government money, Putin! As well as laundered drug money from various criminal cartels!

Moreover, given we're being used as a bank box for some of this money, time to claw back what is being removed/ripped off by criminal intent and activity.

And given any of it can be proved to be the proceeds of crime, seized and added to the crime fighting crime prevention budget!
Rhrosty.

It was an interesting program Rhosty.
The pixel money generation by mouse click and austerity are now slowly
being recognised by economists to no longer work to generate growth.
Also for Australia it requires growth in other countries and it is just not happening.

The 7-30 report had a segment on the banks. That is where our biggest
and nearest danger lies. It means that all this discussion about
taxation and spending will be pointless. Just hope we can put the
breaks on this lift on its way to the bottom.
If our unemployment rises to any extent then the banks will be in troble.