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.

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

49

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

26

Pascometer switched off for being “too independent”

According to Michael West: Lordy. The apparatus was independently-minded on occasion but the bulk of its output was directed at supporting the pillars of the Domainfax business: anything that boosted house prices. I suspect the real problem is that the mechanism engaged with serious topics at all. Domainfaxman is a lifestyle creature possessed of deep Seinfeldian

53

Weeoo, weeoo, weeoo: Pascometer switched off

Weeoo, weeoo, weeoo: Fairfax cost cutting continues, including inexpensive contributors. I’ll be filing my last column for @smh @theage @brisbanetimes @WAtoday on April 15. — Michael Pascoe (@MichaelPascoe01) March 25, 2018 Hopefully it will reappear at Crikey or some other game of mates outlet so we can continue to register its contrarian signals. MB industries

42

Greg Jericho’s long credibility suicide note

More from Jericho Sell-out today: While retiree aged households have lower incomes, they have a great deal more wealth, because you accumulate wealth over your lifetime: A big reason for that wealth is property and superannuation. The richest 20% of households hold an average of $1.2m in property – 2.5 times the level held by

41

Jericho sell-out continues preposterous wages posturing

From the Jericho sell-out today: Australia’s union movement is in a period of soul-searching. After three decades of labour market “reforms”, the workforce has fractured and wage inequality has deepened. Part-time and casual jobs have increased as a proportion of the economy, along with the number of people who say they want to work more

93

Memo to Racism Rob, Jess Irvine, Adam Creighton & Greg Jericho

It’s always good when one looks at the simple, forensic truth about house prices, via BofAML: With population growth expected to keep underlying housing demand robust, we see underlying demand outpacing supply in Australia’s largest housing markets, New South Wales, Victoria and Queensland, from 2020: Laws of supply and demand suggest that house price pressures

10

More cuts for Domainfax

Further journalism downside coming: Fairfax Media chief executive Greg Hywood will look for efficiencies in the publisher’s newspaper business after a further decline in print revenues, while outlining plans to shut down one-third of the company’s New ­Zealand print titles. The head of The Sydney Morning Herald, The Age, and Australian Financial Review said he

23

Harry Dent returns to spook Domainfax

From an editorialising Domainfax hack: For decades, American author and economic forecaster Harry Dent has made a living out of boom-bust financial prophecies. The author of books like The Great Depression Ahead and more recently, Zero Hour, self-proclaims that his skill is forecasting demographic trends, and predicting bubbles that crash. Like with most economic doomsayers, sometimes he’s right,

74

If house prices fell in a wood and nobody saw it, did it happen?

CoreLogic is out with its monthly price data recording “coast-to-coast” property price falls in January yet a survey of Flufferfax shows that Melbourne prices are skyrocketing, Kevin Rudd is spitting the dummy, some sheila is getting hosed off in Perth, there’s been a clerical error in a Brisvegas hospital:   The one thing that there