It’s been a ceaseless gusher of drivel since the crisis started. Early last month, The Kouk blasted the decision to implement a travel ban on China: The Kouk then called for the travel ban to be lifted: He also played down the economic impacts: Then, The Kouk slammed into reverse gear, warning of widespread
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.
Notice today that there is no pressure on the banks to cut variable interest rates from any quarter. Not one press article. No comment from the Government. Nor the RBA. This is a great insight into how Australia’s Game of Mates works. Somebody, likely the RBA and the Government as well, has gotten on the
I’ll just leave this chum in the water. From Peter Switzer: My media mates are bullshitting the Coronavirus and it’s a disgrace. I really don’t want to write this, but my sense of social obligation and my fear that the infodemic about the alleged pandemic means I have to criticize my mates in the media.
The media duopoly will now be able to distort every single story towards happy clappy real estate: The Australian Associated Press will shut down its news wire service on June 26 in an historic development for Australia’s media landscape after its two biggest clients and shareholders decided to pull out. Major shareholders Nine Entertainment Co
How else to explain this propaganda: …Rather than a cause for a renewed security panic, the dairy deals suggests how economic engagement, trade, and investment can permit Australia to have a strong but not subservient relationship relationship with China. …The deeper the economic ties Australia has with China, the more secure it becomes from strategic
As usual, Paul Kelly is so stuck on the grand narrative that he can’t see the trees for the woods: For the Labor Party, the post-election challenge transcends the difficult task of moving its policy framework back to the centre. The ALP confronts a far more daunting task — remaking its political identity and values,
Via CPSU’s REPORT INTO CASUAL UNDERPAYMENT AT THE AUSTRALIAN BROADCASTING CORPORATION: Executive summary The Community and Public Sector Union is the largest of the ABC staff unions, with coverage of approximately 3,000 ABC workers. Our union has been advocating for the ABC and its workers since the ABC’s inception in 1932. The CPSU was also
Via Crikey: The Nine papers’ months of bubbling property-price reporting finally came to the boil this morning. The Australian Financial Review was packed with breathless coverage of an apparent spike in residential real estate prices. National affairs editor Jennifer Hewett used her column to share an anecdote of attending an auction with her son, who “made a few limited
Let us recall where it all started. The Harvard Kennedy School’s Center for International Development has developed an Atlas of Economic Complexity, with Australia being ranked as having one of the least complex economies. The Atlas measures the diversity and sophistication of national exports, with almost all of Australia’s exports not requiring a degree to
From The Guardian’s Bridget Delaney: Imagine a place where there are no elite or expensive private schools. And imagine a society where housing is affordable – a three-bedroom house, for example, costing one quarter of a similar property in Sydney. What would such a place be like when the two main drivers of financial stress
Another Orwellian triumph today for Aussie fascists, via the ABC: The Federal Attorney-General has granted limited protection that could shield ABC and News Corp employees from facing charges over their reporting. Christian Porter has instructed Commonwealth prosecutors not to charge journalists under certain sections of Australia’s complex secrecy laws without his formal approval. Two ABC
One of the more delicious ironies of the Gladys Liu Affair is that it has reversed the roles in the left versus right media. Owing to the vertical markets of Australian politics, where particular mastheads cheer on their chosen party and business sponsor regardless of mounting atrocities, the LNP drowning in Chinese Communist Party (CCP)
There was a time when Chris Kohler was the hot young talent of Australian business journalism. He pioneered a business blog at The Australian in MB’s image and raged against the machine on behalf of his marginalised generation: In due course, our Chris was poached by Domain, the only other journalistic outfit available. I wondered
So says Stephen Mayne at Crikey: The decision of the Nine Entertainment board to host political fundraisers at the company’s Channel Nine studios in Sydney this week has brought into sharp relief the question of whether the company has enough credibility to claim it is “independent, always”. For starters, having a partisan figure such as
Worrying stuff today as the AFR makes an editorial turn for “peace in our time” with China, no doubt egged on by captured Australian business interests. Yesterday it ran a piece by Andrew Sheng is Distinguished Fellow of the Asia Global Institute at the University of Hong Kong and a member of the UNEP Advisory Council
The AFR has shown its poorly concealed hand. Recently I noted that the editorial loves to preach good policy while lobbying for the opposite: The HILDA data instead confirms that Australian prosperity will only be rebooted through a revival in productivity growth. That in turn, requires a new pro-growth productivity agenda from Scott Morrison and Josh
Today, TV giants Foxtel and Netflix are set to announce a partnership that will enable Foxtel subscribers to stream Netflix through their IQ box. The move is seen as a defensive measure for Foxtel to prevent existing subscribers from dumping the service for cheaper alternatives by making the IQ box the hub for online streaming. From
The Guardian is a reservoir of cognitive dissonance on a scale rarely seen: Kazan Brown’s father helped build Warragamba Dam – under a kind of duress – after he was forced off his land by it. The first walls went up in 1948, 138m high, flooding the Burragorang Valley. The Gundungurra people had known it for
A protest of three, via the ABC: Three of the nation’s media bosses are demanding greater protections for whistleblowers and journalists, in a rare show of public unity prompted by recent police raids. Last month, the Australian Federal Police (AFP) searched the home of News Corp political journalist Annika Smethurst and the ABC’s Sydney headquarters,
Recall this from Gottiboff two weeks ago: In the wake of the surprise May 18 election result Australia is experiencing one of the biggest sudden stimulations in its peacetime history. The Chinese realise Australia’s outlook has changed and have created a surge of buying that has skyrocketed Sydney apartment prices by 10 per cent in
Editor-in-chief of the AFR, Michael Stutchbury, has his say on the election today: Let’s bury this idea that Australian capitalism is broken and needs to be fixed to make sure workers get a fair go. Amid dire warnings about precarious gig economy jobs, 290,000 extra full-time jobs were created last year, helping push down the unemployment
Via Gotti today: Here in Australia we depend on the China powerhouse not just for mineral exports but for key industries like tourism and education. If there is no deal and China slips back, then all the forecasts showing the Australian budget going into surplus will be fiction and our sharemarket will fall. …Here in
Weeoo, weeoo, weeoo. When the Pasconometric redlines on your arse then you have either reached the very top or the very, very bottom. For the RBA it is the latter: It was perhaps inadvertent that the minutes of this month’s RBA board meeting showed our central bank was seriously out of touch with the economy. When it
Trying to save Josh Recessionberg in Kooyong, at The Australian: Julian Burnside, a wealthy barrister who has amassed a $20 million property portfolio including a Victorian mansion, multiple waterfront apartments in Melbourne and Sydney and a spectacular clifftop beach retreat, wants to end tax breaks for future investors. The property wealth of the Greens’ candidate for
So that it could pump us coolies for all we’re worth, via The Australian: Embattled public broadcaster ABC has underpaid up to 2,500 casual employees over the past six years. In a statement on the ABC website, the corporation said it “recently identified that some casual employees have been underpaid.” “A detailed review is underway
Via Mike Seccombe at The Saturday Paper who can be sensible: The point is that polls only measure perceptions, and are only useful to the extent that they (a) fairly frame the issue, (b) reflect informed opinion, and (c) are accurately and soberly reported. Much of the time, the published polls fail on one or
Jeez John Kehoe, give it a rest, mate: Bill Shorten government would face a revenue shortfall of up to $19 billion over the four-year budget period if a hostile Senate blocked several major tax increases should Labor win next year’s federal election. Senate crossbenchers who currently control the balance of power oppose Labor’s plans to
This is pathetic from The Guardian Australia today: More needs to be done to tackle employers outsourcing and subcontracting work to drive down wages, Labor’s shadow industrial relations minister Brendan O’Connor has suggested. In comments to be delivered at the National Press Club on Wednesday, O’Connor will make the case for expanding bargaining beyond a worker’s
Mirabile dictu, Crikey’s Bernard Keane has finally discovered the real problem: …while much of the political and media class were obsessing about some asylum seekers last week, our understanding of the economy changed significantly in the wake of the September quarter GDP figures and the reaction of the Reserve Bank about where interest rates might
I like John Kehoe. He has talent. But he should be careful of what company he keeps: One quarter of soft economic activity does not make a trend, so chatter about the Reserve Bank of Australia being forced to switch its bias to interest rate cuts is premature. …the fundamentals for the local economy remain