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Swan had doubts over GFC stimulus size

Former Labor treasurer Wayne Swan is touring Australia with former UK minister Ed Balls to reminisce about the experiences of the global financial crisis.

Wayne Swan
Former treasurer Wayne Swan says he wasn't sure about the size of Labor's GFC bailout package. (AAP)

There were times when Wayne Swan wondered whether his multi-billion dollar stimulus packages during the global financial crisis were "a bit big".

The surprising confession from the former Labor treasurer was almost matched by an offbeat recollection from the man he was appearing next to at the National Press Club on Thursday.

Mr Swan said the then Labor government copped three years of criticism urging him to withdraw the stimulus faster.

But while he did have his own doubts he believes the measures served the country well during both the GFC and subsequent global crises.

Come 2013, when Labor lost government, the economy was 15 per cent bigger than it was at the end of 2007 when it won office.

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"Our economy is now is 25 per cent bigger than it was at the end of 2007," Mr Swan said ahead of the 10-year anniversary of the beginnings of the GFC.

"We have continued to grow because that intervention then was a structural change that reinforced our economy ... despite weak global growth."

Mr Swan and Ed Balls, a former economic secretary to the UK Treasury, are touring Australia to reminisce about the GFC, what was learnt from the experience and how it relates to the economics of today.

However, Mr Balls went slightly off script with a tale about appearing on Strictly Come Dancing in 2016 - the British equivalent to Dancing With The Stars..

Filming opening shots for the series, he and his dance partner were assisted by a six-strong team of hairdressers, wardrobe and make-up artists

In one break during three hours of filming, Mr Balls' wardrobe person was nowhere to be seen so he asked the producer for a "fluffer".

"You want what ... this is a family entertainment program," replied the producer.

Mr Balls just wanted someone to take the fluff of his jacket.

It was only later he discovered what a fluffer is: "Someone who comes on between shots in adult entertainment shows to make sure the male star is ready for action."

It also wasn't clear whether Mr Balls realised his address was live to an afternoon television audience.


2 min read

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Source: AAP



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