Keating had all the fun, Abbott cops all the pain

Tony Abbott hasn’t inherited the kind of economic fortune that will see new job sectors emerge quickly in place of old. His ‘five pillars’ appear too weak to hold up the economy’s structural transition.

When veteran journalist Kerry O’Brien asked former prime minister Paul Keating what happened to all the workers who lost their jobs as import tariffs were slashed in the early 1990s, Keating claimed they “found a better job a week later”.

While that’s factually wrong, the spirit of the statement is right – by removing Australia’s decades-old scaffolding of protectionism, the scene was set for new jobs to emerge in more profitable areas.


SMS Code Sent…

Hi {{ user.FirstName }}

Looks like you've already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to activate your membership

If you didn't receive SMS code please

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device

Verify your mobile number

Please sign up for full access

Updating information

Please wait ...

  • Mastercard
  • Visa

Related Articles