Full employment aspirations in the government’s white paper are to be applauded. It marks time to judge the Albanese government’s economic credentials.
All new governments deserve the benefit of the doubt. And in the wake of Scott Morrison’s curious combination of incompetence and betrayal, a little more benefit and a little less doubt have certainly been in order.marks the time at which the Albanese’s government economic credentials should be judged. We’re halfway through the government’s term. And we’ve now seen where economic, energy, and industrial relations policy are headed.
The hard truth is that neither the treasurer nor the government can create a reality distortion field around these trade-offs. Jim Chalmers has been characteristically smooth in brushing off Reserve Bank governor Michelle Bullock’s statement that in the medium run unemployment will have to rise to the “NAIRU” . Chalmers has called it a “technical assumption” that’s merely used for “forecasting”.
Labor insiders say they are not content to revert to the economic prescriptions of the Hawke-Keating era. And they conveniently ignore prosperity of the Howard-Costello years. They’re not wrong to acknowledge that times have changed, and so must economic policy.
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