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.

5

Morrison orders urgent inquiry into Malcolm Media

It think ScoMo may well have attended the John Howard school of hogging the limelight, via The Australian: The Morrison government has asked the communications department to launch an urgent investigation into the conduct of ABC chairman Justin Milne, following revelations he told former managing director Michelle Guthrie to “get rid of” journalist Emma Alberici.

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ABC was to become Malcolm Media

Or so it seems as the national broadcaster sinks into the Canberra swamp. Via the AFR: ABC chairman Justin Milne asked former managing director Michelle Guthrie to take action against two ABC journalists, political reporter Andrew Probyn and radio broadcaster Jon Faine, who had upset the government, according to a source familiar with the conversations.

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Domainfax: Shut-up, #SardineSydney is good for you

By Leith van Onselen Earlier this week, a Herald poll revealed that 63% of voters supported restricting migrant numbers while 50% opposed more development in Sydney to accommodate population growth. Predictably, The SMH Editorial has hit back, telling Sydneysiders to suck it: Sydneysiders love to travel to the world’s great cities of New York, London,

53

ABC head boned

Via Domainfax: ABC managing director Michelle Guthrie has been sacked by the board after just two years and four months in the job. “The decision follows discussions over several months that concluded when directors resolved that it was not in the best interests of the ABC for Ms Guthrie to continue to lead the organisation,”

18

Tribal Guardian slams tribal Newscorp for tribalism

The Guardian needs a mirror: News Corp has a distinctive culture – tribal, aggressive and centred around powerful editors – according to the accounts of former employees. Peter Fray, the former Sydney Morning Herald editor and former deputy editor at the Australian describes the difference between the news organisations this way; “Working for the Australian

19

Murdoch anoints Shorten

Just in case you’re still wondering whether or not Labor is going to win the federal election next May, via the AFR: Murdoch met with Seven West proprietor Kerry Stokes and implied the very opposite. “Malcolm has got to go,” he told the Perth billionaire. Stokes, whose interests extend well beyond media into mining services

8

The Guardian pumps Migration Council propaganda

MB has recorded the extraordinary conflict that Migration Council chair, Innes Willox, has developed as he simultaneously campaigns for more more migrants and less migrant wage protections.  Last week the Migration Council chair produced dubious statistics to argue for more migrants with science, technology, engineering and maths (STEM) skills even though STEM graduates have the highest unemployment rates in

37

Did Rupert end Malcolm Turnbull?

Via Domainfax: Kevin Rudd’s description of Rupert Murdoch’s news outlets as a “cancer” against democracy that should be subject to an inquiry has been met by ridicule from ex-News Corp bosses who say the former Prime Minister should “pull his head in”. In an opinion piece published by Fairfax Media on Monday, Mr Rudd was

33

Chill! Fairfax died years ago

Great stuff from PJK at the ABC today: Former prime minister and treasurer Paul Keating has slammed the planned takeover of Fairfax by Nine, saying the “pus” from the “carbuncle” that is Nine’s news culture will infect Fairfax and undermine quality journalism. In a scathing written response to the announcement, Mr Keating said with a

22

Domainfax merges with Nine

Kerry Packer can finally rest easy in his grave: Fairfax Media and Nine Entertainment have agreed to merge, creating one $4.2 billion integrated media company with a suit of assets across the sector. The merger, announced on Thursday morning, will see Nine shareholders own 51.1 per cent of the combined business, while Fairfax shareholders will

63

Toxic Guardian turns propaganda outfit for wage-destroying business

It’s weird to the point of ideological absurdity. The commitment of The Guardian Australia to its ideology of ‘migrant welfare before all’ is now so extreme that it’s spent the last several days digging up every wages-destroying business blood-sucker it can find to give them a platform against any tightening in visa requirements. No other

31

Pascometer dies with a whimper

Weoo, weeoo, weeooooooooooooooooooooooo Sad news today, the Pascometer is dead. Although a zombie version of it is still publishing at New Daily, it has lost all flair and fire, rendering it boring, sensible and agreeable: Our politicians will deserve respect when they’re game to offend just about everyone with genuine tax reform that would leave

52

Sir Robert Menzies on whether we should sell the ABC

Via Domainfax: Opposition Leader Bill Shorten has warned that the Liberal Party would be “emboldened” by an election victory to sell the ABC, seizing on a Liberal policy vote on the weekend as a key issue at the federal byelections on July 28. The move came after cabinet ministers poured cold water on the idea

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You’re a bloody disgrace, Greg Jericho

Australia’s great worker class pretender is at it again today. Greg Jericho, card-carrying fake leftie who only looks after his own skin: Have you heard the joke about the treasurer who walks into parliament and says that wages within two years will grow faster than 3%? OK, it’s not exactly a side splitter, but the latest

15

Racism Rob pens credibility suicide note

“Racism” Rob Burgess has departed the New Daily (replaced it seems by the Pascometer). His departing missive shows he has learned little in his tenure: Australia has navigated the post-GFC era better than just about any other nation. While we still have a private credit bubble to deal with, fragile new export industries to nurture,

18

Weeoo, weeoo, weeoo: It’s back!

Great news, people. The Pascometer has not died, it has only shifted power outlets, re-appearing without delay at the New Daily: If you think the banking royal commission is big, you’re wrong. It’s much bigger. This week’s disclosure of corporate lies, deceit and greed has damaged the reputations of the big five (big four banks

10

Fortescue China psy-ops take in The Australian

Where’s my bag of silver, Andrew? I want to change my mind too! From Sarah-Jane Tasker: Mining billionaire Andrew Forrest has called on Australian politicians to stop anti-Chinese rhetoric, warning it will impact future business talks between the two countries. Mr Forrest, who met with Chinese President Xi Jinping yesterday, told The Australian that whether it was

6

Junket Jen delivers big for Fortescue

Junket Jen has delivered big for sponsor Andrew Forrest at The Australian Fortescue Review again today: China’s leadership has been so incensed by the Turnbull government’s rhetoric about China that it is regularly refusing visas to ministers and the major Australian annual showcase of trade and business in China looks certain to be abandoned this year. This is part

5

AFR pawns national interest to Fortescue

Junket Jen is back, or rather, gone: …no speech at Boao has been more keenly anticipated than the opening address by Xi Jinping in the wake of US trade tensions, the radical consolidation of Xi’s power and regular displays of China’s assertiveness in foreign policy. …Without the dubious benefits of presidential tweets to clarify the

25

How long before Ross Gittins is sacked?

You can’t be writing things like this for Domainfaxman, Rossco: I can’t see why people are so shocked to discover our cricketers have been cheating. Surely that’s only to be expected in a nation that’s drifted so far from our earlier commitment to decency, mateship and the fair go. …Don’t forget that cricketers have money