Newscorp goes there: We're a "real estate company"

So goes property market shrinkflation goes media jobs, from someone soon to the fired at Domainfax:

“While we continue to benefit from the cost reduction program that News Australia announced in the second half of fiscal 2016, which totalled around 5 per cent of the cost base, we are now embarking on further cost initiatives,” Mr Singh said.

“We expect an additional Australian dollar $40 million in cost savings this fiscal year while we continue to push digital initiatives more broadly.”

…News Corp will be looking to offset declining print revenue with its growing digital real estate business, which experienced soft Australian listings in the first quarter.

“News Corp is not just a news company, we are a digital real estate company and a global information company,” Mr Thomson said.

I remain skeptical that any turnaround in listings is coming. How can they when price rises are now killing listings and price falls always kill listings?

Domainfax jobs are next.

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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.

Newscorp goes there: We’re a “real estate company”