The Government had looked like used car salesmen after their pathetic attempt at showing a whopping big ALP fiscal blackhole.
The ALP then came out with a ten year plan but the plan had no meat. We learnt they will not have the same fiscal consolidation as the Government but we were given no figures, Will the deficit rise to 2.5% of GDP , 3% of GDP or just 2.3% of GDP.
We do not know and the ALP will not tell us.
The Present Government is adding about half what most budgets ad to annual GDP i.e. 0.9 percentage points. What will their budgets do?
This is not hard to do. Will the structural deficit be eliminated in four years time?
The time to do this was in the last week of the campaign when all their costings are consolidated. given the parliamentary budget office have done them no-one in their right mind would query them.
Given the present budget deficit is above 2% of GDP ( as this is the structural deficit) we know that the economy has weakened. Given interest rates are at 1.5% we know the economy has weakened. We are lucky the labour market is so flexible and de-regulated hence employment growth is much stronger and unemployment much lower than it would normally be.
The ALP needs to build on this and treat the electorate as intelligent people not as mugs! It would seem they still have the political tin ear they had in Government.
At least in the NBN they have done some work.
See Rod Tucker , Mark Gregory