With the last budget, and budget in reply, before the next election, we're in a position to assess how the major parties are coping with the challenge posed by the death of neoliberalism.

It's been a tough time to be in government for the Liberals. When Malcolm Turnbull became Prime Minister, he could promise a "thoroughly liberal government". But his has been the most interventionist government in decades, with a ramp up in protectionism, de facto nationalisation of energy assets, a banking royal commission that looks set to wind back key elements of the banking business model and an acceptance of the Gonski education funding agenda, in an even more pure form than Julia Gillard implemented.