It’s hard to know whether to blame the pollies or the press gallery more for the sorry standard of political and economic debate in this country. Did that golden age Paul Kelly used to talk about when Paul Keating had everyone trained to cross swords on the arcana of economic levers actually ever exist? Anyway, as non-farm growth fell into negative territory and the Reserve Bank cut rates again (moving them back into an expansionary posture), all eyes were on Julie Bishop’s cat claws, and her non-performance was at the centre of the parliamentary stage.
But perhaps, although he presumably wouldn’t welcome the Bishop meltdown, Malcolm Turnbull isn’t too worried about the level of triviality in the great economic management debate. The budget deficit yardstick went missing yesterday (that was so… last week) and Turnbull might not like to be reminded of his inconsistency and constant contradiction - whatever happened to that “economic narrative” we apparently were awaiting from him? Anyway, Malcolm Turnbull doesn’t think there’s much of a global financial crisis any more - because he hasn’t heard of any “big events”. Presumably events only happen if they’re on the front page of Australian newspapers. He might like to check out the leading indicators of the credit crisis which suggest we’re not exactly back to normality. But so parochial are our political leaders and media that debates about the restructuring of global finance and the dangerous leadership interregnum in the United States are apparently off our radar.
But there’s another disconnect happening in the economic sphere too. Continue reading ‘Economic and political disconnects (and the sociology of knowledge)’







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