As the next federal election draws nearer, a sense of deja vu is enveloping the economics and public policy community.

Elections used to be an opportunity for policy debate and the laying of bold plans for the future of the country. But aside from Labor’s notable, though ultimately unsuccessful, exception in 2019, elections have become an exercise in small target strategy. Indeed, both major parties in Australia have turned preserving the status quo into an art form. As a result, while calls for meaningful economic reform grow louder and more urgent, policy action remains decidedly unambitious.