Following our reminder yesterday that “It’s the
economy stupid,” we are pleased to see Dennis Shanahan‘s “Labor must unveil economic
credentials” today:

Howard maintains – even as a former treasurer – that
Costello is the best Treasurer Australia has ever had. “The best way to protect
workers in this country is to have a strong economy,” Howard said yesterday.

This is where the Coalition will return every time, like a dog to its
dinner: economic management, low interest rates and low unemployment. This is
Labor’s challenge, to demonstrate economic credentials and show that appointing
a dud to the Reserve Bank board is about more than Costello’s personal judgment
and lack of application.

Right on Brother!

While the national accounts for the September quarter were simply “horribral
and terribral” (to quote our once three-year-old after he’d jammed his sister’s
finger in a door), exports did better in October and November and we saw a bounce back
in employment after two dismal months. Petrol is cheaper than it was, the US
and China are booming and Australian retailers are gearing up for a moderately
good Christmas after Barnaby saved the IR perks and Ian Macfarlane kept interest
rates low. (Note that the RBA is holding out against the global tide now with
the ECB and Canada raising rates while Japan is threatening to do so.)

On IR, readers may have missed the substantial watering down reported by Brad Norrington in The Oz today.

You may also have noted “Tax cuts for all, pledges Howard.” The man is a
master. Look for the Order of the Thistle next. Do not forget that Ming the Merciless retired at age 73, and medical
science has marched on since then!

Read more at Henry Thornton.