Scullin had defended his record in government throughout his later career, and took pride in having been Prime Minister in times which might have broken a lesser figure.
However he lived long enough to see many of his economic ideas vindicated by history, particularly inflationary financing, which was quite radical by the standards of his times but an accepted pillar of Keynesian economics adopted by Australia and most other Western governments in the late 1930s and 1940s.
Indeed, John Maynard Keynes himself would state of Scullin's Premier's Plan which caused him so much woe and electoral unpopularity that it "saved the economic structure of Australia".
The Economist admitted after the 1931 election that Scullin "had already done much to place Australia on the high road to recovery".
Several measures which had been proposed and defeated by the UAP opposition (particularly on gold shipments for loan repayments) were subsequently reintroduced and passed by the UAP once in government, giving Scullin some satisfaction.
Furthermore, Scullin consoled himself with the fact that the Depression destroyed most of the political careers of those who occupied government through it – only one Australian premier won re-election from 1927 to 1935, and Scullin's foreign contemporaries Herbert Hoover (in the United States of America), Ramsay MacDonald (United Kingdom), Richard Bennett (Canada) and George Forbes (New Zealand) all suffered similarly devastating elections in the wake of the depression.
In 1951, 114 manufacturers in Melbourne donated to a fund for Scullin's retirement.
Having not forgotten his advocacy of tariffs during their height of unpopularity in the depression, several companies went as far to state that Scullin's efforts had "commenced a new era in the secondary industry field in Australia" and that the success of Australia's wartime industry was due to Scullin's protection of industry during its most vulnerable period a decade earlier.

Scullin's years following his term of government also proved fruitful – he exerted a surprising amount of influence over government policy as Opposition Leader.
Scullin was for decades the foremost expert in the Australian parliament on taxation and a variety of other fiscal matters, a fact which rendered his advice very influential within the Curtin government and many of his ideas, having been denied during his own term of government, would eventually be enshrined in the wave of sweeping reforms made by the Curtin/Chifley governments.
Scullin was a well-respected figure in politics.
Although the target of much bile and disagreement over his policies, he was personally extremely well regarded and had a reputation as a fearless and stoic leader of great personal integrity and fortitude.
His resignation as leader in 1935 caused even longtime critic Jack Beasley to admit that Scullin was "a fearless fighter in the exposition of what he believes to be the right course".

Scullin, Australian Capital Territory, a suburb of Canberra, is named after him, as is the Division of Scullin, a House of Representatives electorate.
The Scullin monolith in Antarctica was also named in his honour.
Scullin had defended his record in government throughout his later career, and took pride in having been Prime Minister in times which might have broken a lesser figure. However he lived long enough to see many of his economic ideas vindicated by history, particularly inflationary financing, which was quite radical by the standards of his times but an accepted pillar of Keynesian economics adopted by Australia and most other Western governments in the late 1930s and 1940s. Indeed, John Maynard Keynes himself would state of Scullin's Premier's Plan which caused him so much woe and electoral unpopularity that it "saved the economic structure of Australia". The Economist admitted after the 1931 election that Scullin "had already done much to place Australia on the high road to recovery". Several measures which had been proposed and defeated by the UAP opposition (particularly on gold shipments for loan repayments) were subsequently reintroduced and passed by the UAP once in government, giving Scullin some satisfaction. Furthermore, Scullin consoled himself with the fact that the Depression destroyed most of the political careers of those who occupied government through it – only one Australian premier won re-election from 1927 to 1935, and Scullin's foreign contemporaries Herbert Hoover (in the United States of America), Ramsay MacDonald (United Kingdom), Richard Bennett (Canada) and George Forbes (New Zealand) all suffered similarly devastating elections in the wake of the depression. In 1951, 114 manufacturers in Melbourne donated to a fund for Scullin's retirement. Having not forgotten his advocacy of tariffs during their height of unpopularity in the depression, several companies went as far to state that Scullin's efforts had "commenced a new era in the secondary industry field in Australia" and that the success of Australia's wartime industry was due to Scullin's protection of industry during its most vulnerable period a decade earlier.
Scullin's years following his term of government also proved fruitful – he exerted a surprising amount of influence over government policy as Opposition Leader. Scullin was for decades the foremost expert in the Australian parliament on taxation and a variety of other fiscal matters, a fact which rendered his advice very influential within the Curtin government and many of his ideas, having been denied during his own term of government, would eventually be enshrined in the wave of sweeping reforms made by the Curtin/Chifley governments. Scullin was a well-respected figure in politics. Although the target of much bile and disagreement over his policies, he was personally extremely well regarded and had a reputation as a fearless and stoic leader of great personal integrity and fortitude. His resignation as leader in 1935 caused even longtime critic Jack Beasley to admit that Scullin was "a fearless fighter in the exposition of what he believes to be the right course".
Scullin, Australian Capital Territory, a suburb of Canberra, is named after him, as is the Division of Scullin, a House of Representatives electorate. The Scullin monolith in Antarctica was also named in his honour.
James Scullin