What’s happening to Liberal economic credibility?

The part of this morning’s Newspoll that stood out for me wasn’t the down in the usual ups and downs of party support and leadership satisfaction, it was the results of the question on which party the respondent thought would ‘best handle the issue of the economy’.

Labor was five points in front (44/39), the first time it has been in front under Rudd, and indeed the first time it has been in front since March 1990. Admittedly Newspoll didn’t again ask this precise question between 1990 and 2005, but chances are that if they had Labor would not have been in the lead. The ‘recession we had to have’ took hold shortly afterward, and on more precise economic questions on inflation, interest rates and unemployment Labor was behind.

Perhaps this bad result for the Liberals on the economy is a residual Barnaby effect – a finance spokesman vague on the difference between a million and a billion is not exactly confidence inspiring – plus a downward general ‘Liberal performance’ perception that seems to infect all their issue ratings, regardless of whether or not anything relevant to that issue has occurred. Continue reading “What’s happening to Liberal economic credibility?”