That’s the title of my latest piece in the Guardian.
Privatisation has been the last fiscal resort of desperate governments for decades. By now, just about everyone in the community understands that the supposed windfall achieved by selling income generating assets is spurious. Voters have routinely tossed out governments that have advocated or implemented privatisation, sometimes by stunning margins.
The only people who haven’t got the memo are the politicians who make budget policy and the journalists who write about it. The politicians’ reluctance to abandon privatisation is understandable if discreditable: when electors throw them out, they are virtually guaranteed a lucrative post-political career in the financial sector.
The failure of political journalists to understand what they write and talk about for a living is more surprising. Yet the coverage of the Queensland and NSW elections suggests that there has been no improvement in understanding of the basic issues.