Which party is the more competent economic manager?
Thank you for the Michael Keating article adding more evidence to debunk the myth that Liberals are better economic managers than Labor. John Menadue addressed this myth in his 11 April 2019 article. That article highlighted the enormous damage that the Howard/Costello Government did by “locking in negative gearing concessions and generous treatment of capital gains which have been at great cost to the government in lost revenue”.
They also introduced tax-free superannuation benefits, family trust concessions, franking credit rebates and a whole series of decisions on spending and tax that have caused continuing budget difficulties.
Menadue also pointed out that only two Australian treasurers have been awarded the coveted Euromoney “Finance Minister of the Year”: Paul Keating and Wayne Swan, both Labor Treasurers, and that the IMF had described the Howard/Costello years as a period of “fiscal profligacy”.
Why does the myth persist when the evidence is so clear over the last 30 years? The evidence on this is also clear. What skills the Liberals lack in economic management they make up for in selling their image and messages.
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