But Opposition Leader Tony Abbott popped up today with this quote:

Before kicking off, I must confess I don’t know what Mr Abbott means when he says “prudent fiscal management”.  If it means being the highest taxing government in Australia’s history, Mr Abbott is absolutely spot on.  It certainly was in the Howard Government’s DNA.

Let’s look at the tax to GDP ratios for the last 4 governments over almost 4 decades. 

* Does not include non-tax receipts.

^  Includes forward estimates to 2014-15.

On this measure, the Howard government stands out as a taxer without peer – its average tax to GDP is 1.8% of GDP higher than the average for the current Labor Government and even 1.6% of GDP higher than the Hawke/Keating years.   In 2012-13 dollar terms, that’s a tub-thumping $30 billion in extra tax every year in the 12 Howard Budgets.  A total of $360 billion worth of smackeroos.

And it is not just a one-off windfall in tax that proves this point.  Going back to 1980-81, the Howard government holds the honour of having the:

In something to blow your socks off, since 1980-81, Labor has the honour of having the:

^  Includes forward estimates to 2014-15.

The notable points on government spending was how high it was under the Hawke/Keating Government, although it must be noted that that government had to tackle two nasty global recessions and used Keynesian policies to deal with each one.   

There was only one mild global recession for the Howard Government to confront and it is interesting to note that during period, its spending to GDP was at the high point of 25.1%.

It is also notable that the government spending levels under the current Labor Government and the Howard government are all but the same – and this includes the spending measures in the GFC inspired fiscal stimulus in 2008-09 and 2009-10.

Then there is the assessment of sovereign risk or fiscal management from the credit rating agencies.  Never once did the Howard Coalition Government have a triple-A rating from all three major credit rating agencies – Standard & Poors, Moodys and Fitch.  Never.  Late last year, with Labor in government, Fitch upgraded Australia which meant for the first time ever, all three agencies rated Australia triple-A.  That’s a pretty glowing independent endorsement.

For good measure, let’s have a look at how many Coalition Treasurers have been given the “World’s Greatest Treasurer” accolade.   None.  Labor have had two, Paul Keating and Wayne Swan.

I may have misinterpreted Mr Abbbott’s definition of “prudent fiscal management” and the fact that it is in the Coalition’s DNA, but I’m sure he’ll clarify what he means some time soon.