This is the offical debate over whether a Liberal or Labor government is better, in terms of policy.
To put this in american terms, the Liberal Party is similar to the american Republican party, and the other major party, the Labor Party, is a more left-wing version of the Republican party, in terms of social policy, but similar to the Democratic party in economic policy.
I go for the Liberal Party, because of its more conservative policies on family and society, also because their economic policies actually run the country without ruining it. Liberal operates under a budget surplus policy, while Labor just spends and spends, eventually leaving the country in termoil, with record high interest rates, and up to 30% unemployment (back in the 1980s). Sadly, Liberal lost in the federal election, taking with it the WorkChoices legislation, and a great leader, PM Johnny Howard, who also lost his seat in parliament aswell, meaning he after he lost he didn't even stay as the opposition leader. Johnny H as they call him, was the PM for over 11 years, and held his seat as the local member for Bennelong for 33 years (since 1974).
Having said that, the new PM, who is Labor, is a nice guy ,and a Christian which is good, and hopefully due to that his policies might be more inline with former liberal policies regarding society. As for the economy, well... its not in the best hand is all I can say.