Clive versus Rupert

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The conflicts in the new Australian parliament are nothing if not darkly entertaining as plutocrats go at it. From Fairfax:

Clive Palmer says he would consider voting for the repeal of cross media ownership laws even though it could benefit Rupert Murdoch’s News Corporation, which publishes newspapers that have been critical of the Palmer United Party (PUP) leader.

…The Australian has run several articles questioning, among other things, Mr Palmer’s treatment of employees at his Palmer Coolum Resort dinosaur park in Queensland, his business dealings, as well as a raft of legal cases he has initiated. Mr Palmer last year threatened to sue Mr Murdoch and accused his ex-wife Wendi Deng of being a Chinese spy.

Communications Minister Malcolm Turnbull is conducting a regulatory review of the media sector, including legislation that prevents a single entity owning more than two of either a newspaper, TV licence or radio licence in a metropolitan market, although the government is not expected to put forward any proposed changes to Parliament until September.

“You’ve got to put aside any animosity people may have and look at the issues in a professional way,” Mr Palmer told Fairfax Media.

The Australian has been brutal on Palmer. A little regulatory leverage over the publishing billionaire will be most welcome.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.