Australian business media

Australian business media is the world’s dumbest and one of the most corrupt. It exists in a frozen duopolostic structure between Fairfax Media and News Corporation. These two focus one another rather than innovation or service delivery, poaching each other’s staff, copying businesses and generally overpaying for any assets that pop up to threaten the cosy relationship.

Business coverage in Australia is much more akin to a “boys club” of back-slapping private school alumni than it is any investigative or analytical force. It pretends to endorse private markets as a philosophy but in actuality largely exists to defend vested interests. Both halves of the duopoly are addicted to bank and real estate advertising, with Fairfax especially prepared to sell out its editorial in pursuit of higher house prices (and more ads). It’s real estate classifieds business, Domain, has slowly but surely turned its business news coverage from reporting and investigation to press-release recycling and property price cheer-leading.

MacroBusiness covers these foibles daily.

4

Fairfax readies Domainmaggeddon

Thanks to McGrathmaggeddon we know exactly what to look for in over-inflated and poorly timed exit strategy IPO. Fairfax today announced something a little similar. It’s full year result was ordinary with falling revenue but costs falling even faster to deliver a rebounding net profit after big losses last year: Needless to say, shrinking to

100

Weatherill nails energy “right-wing f..kwits”

At MB we are great fans of Jay Weatherill. His bank levy is bonza. His renewables shift is nation leading. And his temper is a Bobby Dazzler: South Australian Premier Jay Weatherill has been urged to apologise after branding critics of the state’s power outages “right-wing f..kwits” at a federal colleague’s book launch. Speaking at

148

What is the bloody point of being Australian?

Matt Canavan has to go. He’s a foreign national in the parliament. Via the AFR: Matt Canavan “automatically” became an Italian citizen because of his blood ties, says a specialist migration lawyer. Melbourne lawyer Joseph Italiano, a former member of the Immigration Review Tribunal, said under Italian law a person has a blood right known

34

Rise of the housing bubble hypocrites

From Rob Burgess today: Shadow Treasurer Chris Bowen gave a good speech on Tuesday, promising to super-size Labor’s planned banking royal commission. Originally intended to flush out illegal and deceptive activity in the banks, a royal commission should, he says, spring clean their legal activities too because that’s where the real damage to the economy is occurring. Actually,

55

All hail Rupert! Destroyer of the West

Yesterday Leith dismantled the Herald Sun’s negative gearing lies but the paper went much further, from The Guardian: Newsagents should refuse to sell Wednesday’s Daily Telegraph – which has a fictional front page featuring a Bill Shorten-led government – because it is pure political propaganda, according to the Australian Newsagency Blog. Victorian newsagent and software

10

Domainfax doom loop intensifies

Very little clarity today still on the embarrassing Domainfax debacle. UBS fingers just that: Post the conference call, we still do not have a definitive reason as to why TPG walked away. FXJ’s interpretation was TPG did not want to bid for 100% of the company. With respect to H&F: they notified FXJ that were

10

Private equity dumps Domainfax

Via The Australian: The auction for Fairfax Media has ended without an actionable bid after private equity firm TPG withdrew from the process over the weekend and Hellman & Friedman failed to lodge a bid. TPG sent a letter to Fairfax chair Nick Falloon on Sunday notifying him of its decision and is now expected

39

Pascometer burns red on “demographic tsunami”

Weeoo, weeoo, weeoo. House prices are clearly the verge of an outright crash if The Pascometer is to be trusted. By my count the contrarian mechanism has produced six straight house price spriuk pieces, each with declining credibility. Recalling his last effort: The anti-immigration chorus would prefer to reduce immigration rather than build the infrastructure

15

If you thought Dominfax was bad before…

Then prepare to gird your loins: Property classifieds business Domain is pushing into the home loan market with the launch of a mortgage broking service. The business, Domain Loan Finder, is a joint venture with online mortgage broker Lendi. Domain retains 60 per cent ownership of the joint venture and the amount invested has not been

7

The property bully versus the bear

Woe betide the high profile property bear in a country ruled by Domianfax: The funds management firm that sold everything and returned the cash to investors citing a looming market correction was unprofitable as at November 2016, according to an analyst report. In Lonsec reports dated November 2016 and obtained by Fairfax Media, the industry rating

43

Domain: Use FHB grant to build granny flat

From Domain: Can’t afford a house? If you’re in Queensland, you can use the $20,000 first-home buyer grant to put towards building a granny flat instead. As bizarre as it sounds, a new company that specialises in luxury modular houses has discovered that first-home buyers who cannot afford a house can still access the $20,000 Queensland Government grant if they

17

Australia’s great media bubble machine

Woe betide all those who question the bubble: More important than Trump pulling out of global climate change mitigation, more important than the collapse of Australian Budget assumptions, more important that the corruption of the CPA, more important that anything else is that a housing bear had a tiff with his mother. Give that reporter