Drawnout campaign will reveal who can rise to challenge of leadership
The current editor, who we have always referred to as editor number six, is an enthusiast for the job. As always, I have with me assistants who help with the column; long-time readers will be familiar with Charlie, the wise old sage who understands the numbers and the economy better than anyone (including all the economists, of which he is one).
He picked the global financial crisis two years in advance and helped a lot of people, including me, to be in a better position than we might have been in 2008 when the financial world started to shake.
We also have Louise, the highly educated and widely read woman of letters, who Charlie simply regards as the high priestess of the nattering classes. She thinks he's just a bean counter, to which Charlie's response is that she is a loquacious sesquipedalian.
As always, Wilcox, the clever cartoonist, returns.
But back to editor number six. He has reflected over the summer and seems to like what we do and said that while the column has always been about media and marketing, I can write about anything that I see as important. We're very glad about that because as many followers know, I do anyway.
This week it is easy. With the Prime Minister calling an election for September 14, the issue of leadership will be front and centre. People might like to think that other issues should dominate, but the central question for any democracy is ultimately the quality of leadership.
It's a brave PM to call an election in the middle of the football finals. Obviously, the backroom boys in the Labor Party think that the Manly Silvertails will be playing on that day so about half the Liberal Party will be distracted and might even forget to vote.
Over the summer, I read two books, nearly from cover to cover, which is not a bad effort from me as I usually flick through them.
One was about Wallace Simpson and the Duke of Windsor. I don't think I'm the only one who's come to the conclusion that both Wallace and the Duke were loopy and probably it's just as well he abdicated. His brother did a much better job as King, also producing Elizabeth, a monarch who exemplified the qualities of leadership. And he produced a story line for the great movie, The King's Speech, for which Geoffrey Rush was nominated for an Oscar.
The other book was more interesting. Jon Meacham's Pulitzer Prize-winning work about Thomas Jefferson.
Jefferson might well be considered the greatest of US presidents because he was able to unify the fragmented leadership of a nation emerging from the trauma of civil war, perhaps the most destructive circumstances any country can face.
Jefferson showed many great strengths. He fought with the British, helped hold a diverse nation together and successfully negotiated with the French in the Louisiana Purchase, where the young US nation took full control of this region of the North American continent.
The Jefferson book reminded me of the publication of Paul Keating's timely contribution to the national debate in which he made the simple and powerful point that the most important aspects of leadership are imagination and courage.
This excessively long election lead-up is sure to expose the depth of the leadership capacities of both the Prime Minister and the Leader of the Opposition.
I hope that both of them can rise to this challenge because our country desperately needs a leader with the wisdom of someone as great as Jefferson; the imagination to recognise the genius of humanity and the possibility of discovering the undiscovered, and the courage to lead the people.
One thing that Jefferson could observe, wherever he might be right now, is that calling an election this far out is a certain way to slow the economy. I hope it's worth it.
Frequently Asked Questions about this Article…
The article notes that calling an election far out can be a certain way to slow the economy. For everyday investors, a prolonged campaign can reduce business activity and delay policy decisions, creating uncertainty that may influence consumer spending, corporate planning and broader economic momentum.
The column argues that the central question in a democracy is the quality of leadership. For investors, strong leadership matters because it shapes economic policy, public confidence and long-term direction — traits that can affect market sentiment and economic stability.
As the article highlights the September 14 election call, investors should watch how the long campaign exposes leadership capabilities, monitor policy proposals and the tone of debates, and be alert for signs that political uncertainty is slowing economic activity.
The article points out the boldness of calling an election during the football finals and suggests timing can distract parts of the electorate. For investors, such timing can add an element of unpredictability to political outcomes and the policy environment.
According to the piece, an extended campaign will expose the depth of leadership capacities of both the Prime Minister and Opposition leader. Extended scrutiny tests imagination, courage and the ability to communicate policy — qualities investors can use to assess likely future economic management.
The article cites Paul Keating’s point that imagination and courage are among the most important aspects of leadership, and praises Jefferson-like wisdom and the ability to unify. Investors can consider these traits when judging which leaders are likely to pursue stable, growth-friendly policies.
While the article focuses on economic slowdown, it implies that a long campaign increases uncertainty about policy and leadership. That heightened uncertainty can, in turn, contribute to greater market volatility as investors react to unfolding political developments.
The column suggests paying attention to leadership quality and the potential for a campaign to slow the economy. For everyday investors, a sensible approach is to stay informed about leadership debates and policy proposals, watch economic indicators for signs of slowing, and keep a long-term view rather than reacting to short-term political noise.
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