Oh no, not a credit rating downgrade
The rating agencies' involvement in the global financial crisis has destroyed their credibility forever.
Ross Gittins is economics editor of the SMH and an economic columnist for The Age. His books include Gittins' Guide to Economics, Gittinomics and The Happy Economist.
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The rating agencies' involvement in the global financial crisis has destroyed their credibility forever.
Much talked-up pledge to generate 'jobs and growth' was a scheme to cut company tax plus a lot of fancy packaging.
The success of Labor's Mediscare in this election is worrying - but not for the reason you may imagine.
Assuming the government scrapes back in, this surprisingly poor election result for the Coalition carries hard lessons for politicians and those who seek to influence the policies they pursue: business people, economists and econocrats.
There's a great weakness in the (otherwise sound) argument that borrowing for infrastructure is a good thing.
I get criticised by rusted-on supporters of both sides of politics when I say this, but that doesn't stop it being true: there are differences between the two sides' policies, but they're not as great as they want us to believe (and their supporters do believe).
One thing we've learnt from this election campaign: whoever's interests our business lobby groups represent, it's not Australian shareholders.
A more adult election campaign, not one ruled by scare campaigns, would deliver a better outcome for us all.
Cuts to spending should not target the poor.
Economists are meant to be too hard-headed to believe in the existence of a magic bullet.
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