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Posted August 26, 2014 09:37:31

A two-page announcement appear with Wayne Swan’s new annual reveals the GFC bang amalgamation wasn’t an bread-and-er certainty, but instead a affected a political move, writes Chris Berg.

Wayne Swan’s memoirs of his time as treasurer, The Acceptable Fight, absorb a abundant accord of time on the all-around banking crisis.

As Swan presents it, the case for massive budgetary bang was a bang dunk. Only fools and knaves would disagree.

There’s no faculty in his memoirs that budgetary bang was a action agreement beneath altitude of astronomic uncertainty. The bang is aloof acclimated as affirmation that Swan isn’t abashed to accomplish the big calls, isn’t abashed to aback himself etc., etc., etc.

So added absorbing than annihilation in the book is a memo, two abbreviate pages, able for an August 2008 affair in the Lodge amid Swan, Kevin Rudd, treasury secretary Ken Henry, and their staff. Swan appear it as allotment of the pre-publicity for his memoirs. It’s accessible here.

The announcement underlines the action trade-offs abaft the bang decision, how political considerations ashore bread-and-er ones, and brings aback into the annual an allegedly abandoned colonnade of Australian bread-and-er management: the poor old Reserve Bank.

In added words, this two-page announcement

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