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politics

Comparing economic records

May 2016 marks 43 years and 6 months since the election of the Whitlam Labor government in 1972, and conveniently provides a mid-point for the two political parties – 21 years and 9 months of government each. Stephen Koukoulas uses this pivot point to provide a detailed comparison of their respective economic performances, and he comes up with more-or-less a dead heat, with a slight edge to Labor:

The overall weighted average quarterly GDP growth rates since 1972 are 0.80 per cent for the Labor Party and 0.77 per cent for the Liberal Party. This shows that the economy grows faster, on average, under Labor than the Coalition by 0.03 per cent per quarter, which is a touch over 0.1 per cent per annum.

Figures are similarly in Labor’s favor for job growth – noting this also includes the recession we had to have.

Something to keep in mind this election season, and for the budget tomorrow.