Turnbull A Gonna & High Cost of Energy Policies.
Turnbull is Finished, But…
Today’s media is replite with analyses which, although not actually saying that Turnbull is finished as PM, leave the reader with little else but to conclude that this is the case. Below is a summary of conclusions by several commentators
How Much Longer Can Turnbull Last?
The end of the Parliamentary session (it resumes in 6 weeks) has produced various comments about its performance, including Turnbull’s claim that it showed that the Coalition is governing. He referred in particular the $6bn bank tax, gas export restrictions, the avoidance of Aboriginal Title restrictions on the $21bn Adani coal mine in Queensland, and the much publicised new arrangements for schools. The Weekend Australian observes critically that “the Prime Minister has won this victory only by adopting what even he argues is a purer version of Labor’s Gonski plan and by promising tens of billions of dollars that are yet to be raised and which, on the available evidence, will not necessarily boost education outcomes”.
Decision-making by Turnbull , Stone on Turnbull
My Commentary of 4 August examined Turnbull’s decisions in the period since the July 2 election when there was an opportunity to elaborate on policies neglected during the election. I concluded there was in reality a continuation of bad judgements as to both substance and process in the limited policies announced.
Yesterday John Stone wrote Del-Con Notes in The Spectator surveying the election results. He described Turnbull “as a supreme narcissist”, a term seemingly being used overseas to characterise a culture seen by some as having developed around people in various walks of life who have excessive self-esteem (see discussion in an article not available digitally “Ego is not a dirty word”, Weekend AFR 6-7 Aug 2016)). Applied to Turnbull it suggests a political leader who has a limited interest in other peoples’ views or even that his own decisions turn out to be wrong. Stone concludes that “ sooner or later Turnbull will have to go” (see Spectator Australia article).
The Budget Outlook after the PEFO
As expected, today’s publication by Treasury and Finance of updated fiscal and economic estimates and projections – the so called PEFO published under the Charter Of Budget Honesty - do not show any significant change since the Budget of 3 May. I have include the most important sections of PEFO here.
Shanahan on threat to Turnbull, Stone on Turnbull’s Views
In the election now under way the Turnbull government has so far been selling its re-election on the theme of “jobs and growth”. In my last two Commentaries I have given reasons why this poses problems, based as it is on a budget presented as an economic plan which has very limited substance in terms of either its aggregates or its components. As The Australian’s Economic Editor Uren put it, “taken together, the initiatives in the budget will not shift the dial on national growth one way or another to a measurable extent”. This is already reflected in dissatisfaction amongst Coalition members, with no lift in polling following the budget (in Newspoll the Coalition’s TPP remained fractionally below Labor’s), a majority of voters judging that the budget left them worse off but with Turnbull still well ahead as the better PM. There has also been questioning of the components by media and other commentators. Further, in the first public debate in front of a supposedly undecided audience, Shorten easily won the head count. On the ABC’s Insiders today there was agreement from the four participants (all with the left inclinations that the ABC normally gives preference to) that Turnbull has so far shown less ability than Shorten to get his message across.
Shuffling the Troops
When on 15 September Turnbull defeated Abbott 54/44 in his challenge for PM, he encouraged the then Industry Minister Macfarlane to vote for him by reminding him what good friends they were. But that did not stop Turnbull removing Macfarlane from Cabinet. Such is politics one might say.