OPINION: By the next election, Australians should know whether Labor is a safe pair of hands. But what would it take to deliver a truly superior economic performance?
The Albanese government has enjoyed some important early successes in the international sphere. Foreign Minister Penny Wong has made important strides in
, which is why – since he first took a peek at the books – he has been engaged in the time-honoured tradition of appearing shocked at what a “mess” his predecessor has left behind.There is, of course, theatre to this. But there’s reality, too. Chalmers doesn’t want to be tagged for things that aren’t his fault. That’s fair enough – he wants to be judged on his merits, not the circumstances.
Chalmers is faced with a low unemployment rate of 3.5 per cent, which is good news. However, not unrelated to that, is high inflation of 5.1 per cent at last reading, but realistically probably a 7 per cent run rate. Part of this is due to the previous government’s fiscal largesse , and international factors are also partly responsible.
And on the spending side, Labor’s childcare policy will help if the eventual design involves increasing supply, otherwise it will just drive up prices and do nothing to boost female labour supply, access or equity. Other important measures, such as those relating to energy and education, all have pay-offs in the medium to long term.
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