Howard's thoughts on the Australian economy

In February Kevin Rudd published a lengthy, 8,000 word, essay on the state of world economics, a few days later the previous Prime Minister, John Howard, responded. Howard naturally reminded his audience of his own government reforms and achievements  from 1996-2007:

• Change tax system
• Free up labour markets
• Reduce trade tariffs
• Privatise state owned entities
• Deregulate the financial system

I have a vague understanding of each of these points (apart from the last one). I remember the shift to a Goods and Services Tax (GST) and the infamous Birthday Cake interview that kept the Liberal party out of government for another three years. I definitely remember the waterfront union wars, the introduction of individual employment contracts (AWAs) and the ultimately fatal Workchoices scheme. I remember the introduction of free trade agreements with the USA and the controversy around government subsidies of pharmaceuticals, television and primary produce (re: meat). I remember the partial privatisation of Telstra and the ensuing discussions around whose responsibility it is to service unprofitable areas of rural Australia. Not too sure about the financial system deregulation.

It is understood that history provides much clearer insight however right now I would love to see Kevin Rudd's checklist of financial reforms. Currently they are in firefighting mode: reducing interest rates to 3.25% (down from 7.25% in March, 2008), doubling incentives for first home owners, increasing spending in public infra structure and, most interestingly, giving out free cash to low to middle income earners. That's right people, in April I will be $900 richer.