ABC joins the austerity drive

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I’m a big fan of the ABC but this will be good for a national broadcaster which is a very deep trough of entitlement. From itself:

More than 400 ABC staff could lose their jobs as the public broadcaster moves to implement the $254 million the Federal Government will cut from the public broadcaster over the next five years.

Managing director Mark Scott made the announcement when he addressed staff at the ABC’s Ultimo Centre in Sydney this morning.

Mr Scott said the Corporation was committed to using back-office and overhead savings to fund the $207 million that would be cut from the ABC’s budget from July 2015.

“We anticipate that more than 400 people – close to 10 per cent of our ongoing workforce – face potential redundancy as we adjust our activities over coming months,” Mr Scott said.

“We regard the changes as vital to securing the long-term health of the organisation but I acknowledge that is no comfort to those who will lose their positions.”

In his address, Mr Scott said there would be a review of the ABC’s property holdings, with its site at Gore Hill in Sydney to be sold.

The ABC’s Adelaide television production studio and five regional radio stations will be closed, and remaining non-news TV production in other states will also be wound down.

…A national 7.30 program on Fridays will replace the current state 7.30 editions and will include extended cross-platform coverage of state and territory issues seven days a week.

Lateline will be moved to a new fixed timeslot of ABC News 24 and the broadcaster’s foreign bureaux will be restructured to create “multiplatform hubs” and a new Beirut post will be opened.

There will also be changes to ABC Local, Radio National and ABC Classic FM programming and an overhaul of ABC TV’s sports coverage.

Mr Scott has also proposed the creation of a new regional division and ABC Digital Network, to begin in mid-2015, and a $20 million digital investment fund.

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.