Treasurer needs to chance his rhetorical arm

WAYNE Swan's Euromoney award as Finance Minister of the Year just might elevate his status within the government.

Federal Treasurer Wayne Swan

WAYNE Swan's Euromoney award as Finance Minister of the Year just might elevate his status within the government and that of his party within the electorate.

But only if Labor outlines a co-ordinated economic reform agenda (or better co-ordinates the current one) and only if the award-winning Treasurer starts vocalising his plans a little better.

For too long, Swan's strength has also been his weakness: the fact that he doesn't say anything when interviewed. He is always well prepared. His talking points are at the ready and he never strays from the script, no matter what questions he is asked. This has preserved his ability not to blunder, as other ministers have done. But I'd be surprised if there was a commentator out there who thinks his interviews make news.

From poor early performances -- a treasurer has a lot to get his head around -- Swan has emerged as a safe pair of hands for the government. But down and out in the polls, Labor needs more. It needs strike power to lift its current polling numbers. The strength of avoiding blunders is becoming a weakness because not saying anything of note in the current political and economic climate just isn't enough for Labor.

The Euromoney award might change all of that. Swan's hard-edged comments in New York the other day -- lashing European leaders for putting the global economy in peril -- is just the sort of thing he must do more often. He must start cutting through with his rhetoric if he is going to give an isolated PM any chance of political recovery. Or indeed if he wants to stay deputy PM and treasurer in a Kevin Rudd takeover (assuming the pair could put their differences to one side).

When Paul Keating won his world's greatest treasurer award in 1984, it gave him the confidence he needed to rise in stature. It was only after that time that his acid wit and turn of phrase became part of the political debate. It might seem like mere theatre, but the ability to shape the debate through rhetoric has always been important in politics. Remember the impact Keating's banana republic comments had on Australians and the way we looked at ourselves? Policy settings alone aren't enough.

The current economic climate is volatile. Australia is well placed, as our leaders keep telling us. But business confidence is down. Consumer confidence is down. The public is uncertain about the hung parliament, as is business. The opposition is being deliberately negative because they can sniff victory, and who can blame them. With such volatile settings, political leaders need to capture people's attention if they want to win the public debate.

Labor has many weaknesses and some strengths formed during its time in power. The Euromoney award highlights that a strength is perhaps economic management: a traditional strength for the conservatives.

While it is tempting to suggest that Swan didn't deserve the award any more than a son who inherits his father's Ferrari and doesn't crash, having now won it Swan's credibility in voters eyes is likely to rise, as Keating's did after 1984. But only if he chances his rhetorical arm and only if he co-ordinates his salesmanship of reforms being planned.

The contrast in how Swan received the award to the ungracious comments from opposition treasury spokesman Joe Hockey was also telling. Swan claimed the prize on behalf of all Australians, who he said had worked together to keep the economy strong. Hockey mocked the award, claiming the field of contenders was woeful.

It is hard to see what moves Labor can make to redeem it's political fortunes, so far behind in the polls is the party and the Prime Minister. The party's primary vote is the lowest in recorded history, the PM's dissatisfaction numbers the second-worst of all time.

However, if the Coalition does not properly cost its election commitments and if Swan outlines a reform agenda (especially in the area of taxation), Labor may be able to exploit weaknesses on the conservative side in the field of economic management.

But only if the promised surplus materialises: a tough ask in the global climate developing.