WISE HEADS

Much of the media coverage about this government's management of the economy is derogatory. The nation is indebted up to its eyeballs, it is said; we're living beyond our means ('Cash Splash'!); crippled by the spectre of new taxes and a socialist government committed to destroying our most productive sectors.
In reality, Australia boasts that rare combination of low unemployment, low inflation, low interest rates, low government debt and forecasts of steady growth and a budget surplus. In the midst of a global downturn, we are the lucky country.
Perhaps out of frustration at the level of economic debate, Ken Henry and Martin Parkinson (former and current Treasury Secretaries) spoke out yesterday. Aiming for a surplus this year was a good thing, said Parkinson. The actions to fend off the GFC were smart and effective, said Henry; spending and taxation should be targeted, and has been. To paraphrase, the economy has been managed effectively by the Rudd/Gillard governments.
With the global economy still in turmoil, cool heads like theirs will be necessary in the near future.