Mixed blessings for Australia's new Treasurer
Following one of the wildest 24 hour periods in recent political history, the dust has settled and left Chris Bowen as the nation’s new Treasurer.
Bowen, a former assistant treasurer, takes the top economic role as policy makers attempt to rebuild their own party and maintain the nation’s economy in less-than-sure times. He will be faced with uncertainty in domestic and Asian economies, as well as the entropic decline of the resources boom.
The new Treasurer has been described as one of the returning Prime Ministers’ closest allies, Mr Bowen resigned from Cabinet in March after Julia Gillard called a leadership ballot that she won uncontested, he also supported Kevin Rudd in an unsuccessful challenge against Ms Gillard in 2012.
Opponents have warned Mr Bowen is yet to be tested with such an important portfolio, especially at such an economically challenging time.