ABCDiamond

Kevin Rudd (Labor PM) feels that Peter Costello (last Liberal Treasurer) is the best person around to look after major finances.

So much so, that he has employed Peter Costello to manage the multi billion dollar Future Fund.

At least the Politicians super is now being managed by someone that Rudd considers good enough and well experienced for the job. But leave to country to Wayne Swan..


hmmmm...

Vash the Stampede

Costello was an excellent choice and I'm glad that he accepted. This is arguably the best appointment Rudd has made since he won the top job. It's certainly a great example of bipartisan pragmatism.

Swerv-o

I rather liked Rudd's comment today "If this appointment has upset Paul Keating and upset Malcolm Turnbull, then it must have been the right one" or words to that effect...


S

Amazulu

It's a good move although I'd rather he was leader of the opposition and a future PM.

bcworld

Can anyone tell me what Costello did that makes him such a good economic manager...and I mean more so his actions rather then the outcomes...i.e. not that he built up a big surplus, but how he did it?

Looking at the stats, in the period post the early 90s recession (93-96) the economy grew at an average 4.2% pa. The average growth over the Costello era was 3.6%...with the highest numbers in the first 2 years of his rule.

People often talk about 'the boom' but in a lot of those 'boom' years the economy as a whole was growing just close to the long term trend, or in fact below it. Let's assume Qld and WA were actually booming, what was the rest of the country doing - did Costello preside over a 2 speed economy?

I sometimes think policy made in Beijing and New Delhi had more to do with his success than anything else?

ABCDiamond

That's what Kevin Rudd used to say, before the election, but he seems to have changed his mind

bcworld

As you say, it makes people think well of him...you know a new breed of bi-partisan politician...oh isn't it wonderful! A bit like Tony Blair inviting Mrs T to No. 10 for a cup of tea and a chat!

I'm not saying I think Costello was a bad treasurer, I'm just yet to be sold on what was so good about him.

Vash the Stampede

Name three Treasurers in the last 100 years who successfully paid off a 30-year federal government debt.

Hint: there's only one.

bcworld

The question I asked though was how did he achieve that?

jad n rich

Ditto

Vash the Stampede

(a) Sale of government assets (including the lame dog Telstra), (b) riding the minerals boom, (c) financial policies designed to stimulate the economy (ie. 1st home owner's grant) and (d) careful spending.