The Swan treasurership

Wayne Swan as treasurer faced the global financial crisis. While his performance in guiding Australia through it was so strong that overseas he was acclaimed Finance Minister of the Year, domestically he received little credit. Instead his insistence on proclaiming a budget surplus as the measure of economic stewardship meant that, when he failed to achieve it, his reputation suffered. His backdown on the mining tax, which led to it raising little revenue also damaged his credibility. Fiercely critical of Kevin Rudd in public, when Rudd returned to the leadership he had little choice but to step down.