Our economic luck is fast running out. All the Morrison election spin about a strong economy and the commitment to keep it strong are already wearing thin. Economic fundamentals always ultimately expose the shallowness of political rhetoric.

Our economy is in the most precarious position it has been in for nearly three decades, and the policy authorities are strapped for options to respond to a significant shock, domestic or global.

Cheap money, via historically low interest rates, is unlikely to be enough to revive the economy. Credit:

Essentially the political focus of economic management has been short-term "jobs and growth”, irrespective of the longer-term social, environmental and inter-generational consequences. Mounting longer-term structural challenges have basically been ignored. Scott Morrison was mostly seen as better – that is, less risky – than Shorten.

The crude political call behind this strategy is to keep our economic car going as long as possible, but if the wheels ultimately fall off, then they’ll hopefully be able to blame the global economy and global actors. But what if the next economic crisis is home-grown, as it certainly could be?