It’s the economy, stupid

The great prize for the next government is a wave of prosperity on the back of a falling dollar and record-low interest rates. For Labor to lose after straddling one of the hardest periods in economic history would be terribly unlucky.

The incoming Australian government is likely to inherit the best economic conditions for a generation: the lowest ever interest rates, a falling exchange rate and a recovering global economy, led by the United States.
 
The key risk is that Chinese growth falls short because of the credit crunch going on there.
 
But on balance this looks like being the best election to win since the 2001 Tampa and 9/11 election, when the economy hardly figured in the campaign.
 
A dozen years later, the boats are still coming and still driving politics, even though both sides are dead against them, but once again it’s “the economy, stupid”, to quote that memorable phrase from Bill Clinton’s 1992 campaign manager James Carville.

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