New team to handle economic transition

Written By Unknown on Jumat, 28 Juni 2013 | 11.26

JULIA Gillard kicked off the week telling business how proud she was of the economic achievements of her government over the past three years, while scolding those who dared to talk the economy down.

On her third anniversary as prime minister on Monday, she said anyone bandied about the "R-word" - she couldn't bring herself to say recession - was "irresponsible and silly".

"As prime minister, I am concerned that left unchecked, this kind of distorted coverage could continue to spread," she told the Committee for Economic Development of Australia conference in Canberra.

Twenty-four hours later Wayne Swan followed up with a list of government's economic achievements - low unemployment, contained inflation, sustained output growth and rising living standards.

But his proudest achievement was Labor's response to the 2008-2009 global financial crisis (GFC).

"We got through it with very little injury compared to the vast bulk of the developed world," Swan said.

"I don't claim that the fiscal response was the only reason for out good performance, but I do claim that it was critical in keeping Australia out of recession."

Come Wednesday, Gillard was ousted as prime minister while Swan stepped down as treasurer after nearly six years.

Kevin Rudd was returned as Labor leader and quickly installed as treasurer Chris Bowen, who was assistant treasurer when Labor came to power in 2007.

Of course, discussions about Labor's response to the GFC don't exclude Rudd.

While Swan was voted 'finance minster of the year' for captaining the economy through the worst of the crisis, it was Rudd who was commander-in-chief.

He was alongside Swan when the government announced billions of dollars in stimulus measures.

"Working in the trenches, day in, day out, night in, night out, here in Canberra, working together to prevent this country from rolling into global economic recession and avoiding mass unemployment," Rudd said this week.

"So, Wayne, whatever our differences have been, I acknowledge your contribution here as part of that team which kept us out of a global catastrophe."

Now it will be left to the Rudd-Bowen economic team to steer Australia's major transition from a fading mining investment boom to broader economic growth.

Both Rudd and Bowen have emphasised the importance of reconnecting with business to support this change.

In just a few short days, Rudd has repeatedly called the Chinese resources boom as over, much to the annoyance of some in the mining community, while says there is still a big future for manufacturing under his government.

What this means for policy in the coming weeks remains to be seen, although there is already speculation this will result in the carbon price moving earlier to a lower, floating international price to take pressure off business.

A bigger question mark hangs over the timing of the election, and whether Rudd will move earlier or later than the September 14 date set by Gillard.

Australian Chamber of Commerce and Industry chief executive Peter Anderson believes an early election would be better with business tolerance at a breaking point over the instability caused by uncertainty over government leadership.

TD Securities head of Asia-Pacific research Annette Beacher says any Rudd euphoria for the embattled Labor Party needs to be captured quickly.

But with Labor Party substantially behind in the polls, a pro-business coalition victory remains the most likely outcome, she said in an analysis.

"A strong majority government, after years of a fragile hung parliament, we believe could substantially boost soggy investment plans and employment as policy certainty and leadership are restored," she said.


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