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A couple of campaign ads today give you an idea of how perverse our political economy is. The first is a pearler from the Libs aimed at Penny Wong:
While there is a grain of truth in this, let’s face it, it’s Treasury (and the RBA) that buggered up the economic forecasts on an endless China boom, leading directly to these budget misses. The Finance Minister isn’t to blame.
On the other side we get this from Labor:
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As I’ve already explained, the $70 billion black hole figure is a Labor fantasy and it’s more like $35 billion.
All fair in love, war and elections I suppose.
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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