Comments on Mark Kenny “Joe Hockey feels sting of shock rise in jobless figures”, 13/02/2014, http://www.canberratimes.com.au/federal-politics/political-news/joe-hockey-feels-sting-of-shock-rise-in-jobless-figures-20140213-32ndm.html
While his rhetoric is understandable, Joe Hockey needs to recalibrate his approach to the coming budget in the wake of significant deterioration in the jobless rate.Government has a duty in keeping unemployment low and fiscal policy is a major tool in achieving that. Monetary policy is another major macroeconomic tool in managing jobless rate and economic growth and it has done its fair share in regard. Now it is fiscal policy that must do its fair share which requires Hockey to act sensibly.
Six per cent unemployment rate is not too bad in international comparison, but it is not good at all when compared historically within Australia, if the report that it is a 10 year high is correct.
It is understandable that it would not look good for him to suddenly change what he has been arguing in terms of repairing the budget. But it is the real action in the making a good budget that counts.
On that it is hoped that Joe Hockey will not disappoint as the Treasurer.