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Know your product: Economic Management

By Richard O’Brien

It’s been 43 years and 6 months since the election of the Whitlam government. Since then both Labor and the Coalition have been in government for the same amount of time (21 years and 9 months).

So how do they compare on managing the economy?

Jobs:
Annual employment growth was 0.216% higher under Labor. Given the size of today’s labour market that amounts to 25,710 extra jobs per year. Since 1972 565,000 additional jobs were created under Labor.

Growth:
Overall quarterly GDP growth was 0.03% higher under Labor. In today’s dollar terms that’s approximately $1.7 billion per annum. Over 22 years that accumulates to a difference of just under $40 billion, about $1600 per person.

Public Perception:
In a recent Essential poll, voters judged the Coalition better economic managers by a margin of two to one.

Image from swellnet.com

Image from swellnet.com

 

 

 

 

 

 

 

 

 

 

 

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12 comments

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  1. Rod Whitfield

    Just proves, yet again, what many of us have known for ages. The docile public are ridiculously and alarmingly easy to dupe, will swallow anything conservative politicians and the mainstream media shovel down their throats.
    Just one thing, where are these figures from? What are your sources?

  2. Matters Not

    Richard you speak a numbers of ‘truths’. But remember:

    “The truth is like poetry– And most people f*cking hate poetry,”

    Overheard in a Washington D.C. bar by Michael Lewis, author of The Big Short

  3. Don A Kelly

    Rod…..This is a copy of a letter that I sent to my local newspaper, the facts were obtained from research done by Stephen Koukoulas.
    Psychologists universally agree that ‘apart from the death of a family member or a loved one, the worst thing that can happen to a person is to lose their job’. This belief is reinforced by statistics that show increases in male unemployment and suicides.
    The welfare and wellbeing of the population should be the main objective of any Government. The Coalition constantly tell us that they are better economic managers than Labor and that Coalition policies are aimed at ‘jobs and growth’. ABS data kept over a 43-year period from the Whitlam Labor government to present Turnbull government represents close to 21 and a half years of data both Liberal and Labor.
    This study shows that GDP and employment growth both rise at a faster pace during Labor’s period of government. Average annual GDP growth is around $1.7bn higher per year and employment growth is 25,000 people a year stronger during Labor’s period.
    Morrison is correct when he tells us that “more investment is needed from the private sector”. According to the ABS, investment has fallen 23 percent since the Coalition’s 2013 victory. Under the previous Labor government there was a 67 percent increase in private business investment

  4. townsvilleblog

    Don A Kelly thanks for that confirmation, good to know. I have shared this information on facebook, twitter, goggle+ and linkedem and sincerely hope the public will take it into account.

  5. Kaye Lee

    It’s the weirdest thing. The marketing pitch is that Malcolm Turnbull would make a better PM because he has personally made a lot of money. That is supposed to indicate that his party would be better economic managers. But it isn’t the role of a government to invest money to make a financial profit. They are given a share of our earnings to provide services for us.

    Malcolm has no experience in caring for other people – his business dealings show quite the opposite. No pro bono work in sight (to my knowledge) and plenty of very dodgy dealings that pissed off a lot of people, not to mention his ‘legal’ tax avoidance.

    His performance as PM shows very clearly that he has no idea how to use OUR money for the betterment of society. He has no qualms spending millions creating jobs for his mates – I have never seen so many commissioners and special envoys and such – while he systematically defunds community projects, scientific research, the arts, legal aid, schools, hospitals……

    His government and their media arm have continuously vilified the “leaners”, who happen to be the poorest people in our country, calling them bludgers and rorters while wanting to give tax cuts to companies who make huge profits and pay less tax than a worker earning $30,000.

    How can people not see?

  6. Peter F

    I have successfully turned one voter away from supporting Turnbull. AIMN was a great help. Thank you all.

  7. Wayne Turner

    The Libs and their MSM LIE enough saying they are better economic managers.That the majority believe the LIE.

  8. Ross in Gippsland

    This federal government has more tertiary educated members than any previous, a good thing you would assume.
    Why is it then that this government is the worst, certainly in my lifetime, since federation and probably the worst in the known universe.

    A bit of a stretch the last part of that sentence but it seems parliament is filled with apparatchiks, number cruncher’s, time wasters, plain no hopers and a lot of advanced mental instability.

    Parliaments have been getting steadily worse over the years and maybe hung parliaments or at least most electorates on a knife edge would be a help against the poor quality being put up by the major parties.

    I want to see politicians fighting tooth and nail for their electorates not their donors or their owners.
    If that was the case the f*ck off button on the remote would get less of a workout when politicians get their melon on the TV.

  9. Arthur Plottier

    Ross, having more more tertiary educated members does not affect their performance in any of the portfolios. Ideology is what counts when implementing policies.

  10. Jack Russell

    A good book to be added to the curriculum of all primary and secondary schools would be “Trickle Up For Dummies”.

  11. cornlegend

    Australian Bureau of Statistics data released over the past few days shed a stark light on private sector business investment and company profit trends over the past few years. It shows that rather than being anti-business, investment and profits boomed under Labor, and rather than being pro-business, they have collapsed under the Coalition.
    Here are the facts.
    In the two and a half years since the 2013 election, company profits have fallen 11% to their lowest level since 2010. This has occurred with the global economy registering decent growth and interest rates at record lows. In the six years of Labor government to 2013, company profits rose 28% despite the global financial crisis which plunged the world economy into a deep recession.
    On business investment, the credentials of both sides of politics are even more extreme. Since the September 2013 election, private sector capital expenditure has fallen a thumping 26% and the outlook for the next year is for a further fall of between 5% and 10%. The fall in business investment is set to be more severe than during the early 1990s recession.
    Under the previous Labor government, business investment rose a robust 67% to reach a record high proportion of GDP. It seems the policy settings which included the carbon price and mining tax did nothing to discourage the private sector from going out and investing.

    Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 30/05/2016

    http://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/5676.0Mar%202016?OpenDocument

  12. Gangey1959

    @Peter F. Way to go Maaaate.

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