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Published Australian Financial Review

Costello may have some support to lead his party from die hard Liberals, but not in the electorate. He represents a past era, an era which ended with the start of the New Year.

As leader of the Liberal Party how would he explain his failure to invest in essential infrastructure, education and health? How would he be able to justify his support for banking and business policies and practice which are the cause of the present recession?

His time is past. Even if Malcolm Turnbull is judged not to have cut the mustard, someone like a relatively untainted Joe Hockey with wit, character, and pleasingly sneerless, is more likely to be seen as able to take the party forward.

However it’s a fair bet that neither Treasury, nor the Reserve Bank, have a clue where the Australian economy is heading and as a result, rescue and relief packages have been more political than economic. The application of this hit and miss guesswork is more likely, in the long run, to favour Turnbull than Rudd.

Turnbull has not displayed a lack of leadership, quite the contrary. So far the main stream media, with little knowledge of history, are commenting and making judgements in a vacuum and will continue to do so until the last Great Depression is opened up for study and scrutiny.