“It’s the economy” should be emblazoned on the walls of every federal minister’s office between now and the next election.

The saying, “It’s the economy, stupid”, entered political folklore in 1992 during Bill Clinton’s successful campaign for the presidency against incumbent George H.W. Bush. President Bush’s ratings had fallen from a stellar 90 per cent approval in March 1991 to a disastrous 64 per cent disapproval within 18 months, during which time the economy had slumped into recession.