PM's financial achievement no accident

Neither has Australia's present economic success been accidental nor without effort. Financial deregulation begun by Howard in 1979 and later implemented by the Hawke-Keating governments was initially resisted.

Privatisation of wasteful government business enterprises had to overcome entrenched interests. Reducing government debt, pruning public spending and retargeting welfare required major ideological shifts. Ending corrupt union practices and thuggery on the wharves, in the building industry and elsewhere necessitated resolve and harsh tactics.

Australia has been able to capitalise on the demand for our resources only because these reforms made it all possible.

There is no hope for the Howard Government because its greatest electoral asset, management of the economy, has become devalued with the growing perception that Australia's economic success requires no particular skills or key policy drivers such as deregulation.

According to this view, it doesn't matter who is in power, as running the economy in these times is just too easy. Even converted fiscal conservatives like Kevin Rudd can do it.