Recently, I commented on the spin provided by Joe Hockey. Peter Hartcher, in The Sydney Morning Herald articulates the shape of the Aussie dollar even better (please do read it), leaving Hockey’s highlighting of retail, tourism and manufacture very absurd.
Moreover, he raises another point I hadn’t; the Coalition claiming that Labour needs to reduce spending to help the economy. Hartcher writes,
“GDP grew by 0.5 per cent. Annualised, that’s a rate of 2 per cent and represents a loss of momentum.
“But it’s a loss of momentum that had nothing to do with the carbon tax, or the mining tax. The Gillard government and the state governments have to take part of the blame, but their contribution was through tightening their belts, not the new taxes.
“Cuts in government spending put a drag of 0.8 of a percentage point on the GDP growth rate for the quarter. The Coalition can’t very well attack that, though, because that is exactly what it keeps telling Labor to do – spend less.”
Hartcher’s article, of course focuses on the difficult road ahead for Tony Abbott following his scaremongering in regards to the mining and carbon taxes and his, clearly wrong, pushing for Nauru for offshore processing of asylum seekers. Abbott has made it very difficult for himself to prove capable of running the country – his stances have been negative and, with retrospect, proven wrong.
I would argue that his finance minister, Joe Hockey, from what I reviewed in the previous article and with Hartcher’s opinion piece also in mind, has demonstrated a lack of understanding of what his job ought to be focused upon, namely finance. Both men are wrong through either failing to understand the topic at hand (unlikely) or deliberate misinformation.
Do we really want such people leading our parliament?