Labor’s new team has to recognise the burning deck it has just stepped onto. It won’t wait until the second term.
’s Phillip Coorey and John Kehoe, the new treasurer said that Labor’s October budget would cut harder than flagged, and the government would then start making the case for longer-term reform and budget repair in a second term.
, slightly topping the prime minister’s election campaign bid. But this already looks like a pyrrhic victory for Labor. Australia will likely be cushioned from any global recession by strong export prices for energy and foodstuffs. But it will be critical for the new Labor government to give people confidence to earn more, and to risk their capital.may have been unavoidable, given the hit from the global energy shock.The rules of the competition-based NEM – one of the great reform legacies of the 1990s – need to be urgently reformed to allow the market to provide secure and lower-emissions electricity.
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