The oppositions treasury spokesperson said on Lateline on Wednesday night that he is “not an economist and I’m certainly not going to pretend to be one”.
For weeks the opposition, and especially Hockey, has been saying that the Pre-christmas stimulus package was a failure.
This is what Hockey said on PM on Wednesday:
Well today, Wayne Swan’s words have come back to haunt him. He said in January that there had been a surge in retail sales of socks and jocks as a result of the cash splash before Christmas. Mr Rudd and Mr Swan have to explain to those 1,850 workers, why spending $10-billion just before Christmas was money well spent when the clear evidence today is that the cash splash did not create jobs, in fact, Australian jobs have been lost.
The fact is the Australian Government has gone harder, larger and earlier than other governments and they would be hoping like hell that it’s a 100 metre sprint and not a marathon.
Australian business investment was much stronger than expected in the December quarter, but more signs are emerging that business is scaling back its capital spending plans as the resources boom exhausts itself and the general economic slowdown gathers pace.
So it seems that the stimulus package did work after all, the Australian economy is not in freefall like others around the world.
Maybe Turnbull should have put someone into the position who actually knows a little about economics and is not just a “formidable communicator”?