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
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.
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
Gotti has missed the boat: If by chance Scott Morrison can unite his party then suddenly he has three “bread, butter and cake” issues outside of the morass of the energy/gender issues to fight an election. I can’t see him winning, but the ALP’s outright rejection of the Liberals’ much-needed small business taxation appeal system
The reason we give Greg Jericho such a hard time is that it is obvious that he knows the truth about Australia’s rampaging class war. More than any other media commentator he gets that living standards are falling in an unprecedented fashion: Given that in the past year inflation grew by 1.9%, it means that
As we know, on Friday LVO published some dynamite details of new, very high powered academic research into the relationship between Australia’s historically weak wages performance and mass immigration. Below are key excepts from Chapter 13 entitled Temporary migrant workers (TMWs), underpayment and predatory business models, written by Iain Campbell: This chapter argues that the expansion of temporary
They are preposterous: The Herald revealed on Wednesday that a staff member had, by accident, widely emailed sensitive personal details of pay and redundancy provisions of senior staff members, including the $357,000 salary of The Australian’s prominent economics columnist Judith Sloan. For one article per day, pfft. But can Domain take the high road? The rumour
It’s dead today, de-listed and backed into the Nine Group, Yesterday Greg Hywood said: …over the coming weeks more detail will be shared on the new operating model. The implementation team has been busy working on plans to ensure the combined group hits the ground running and stays focused on serving our audiences and advertisers.
Via The Australian: Billionaire philanthropist Judith Neilson will donate at least $100 million to create a journalism institute based in Sydney. The institute to be called the Judith Neilson Institute for Journalism & Ideas, will distribute grants and host events to encourage quality journalism. “Journalism doesn’t just need critics, it needs champions — people and
Ah yes, Domainfax, quality media: The three-bedroom house in Conroe, Texas, came with a fenced yard, gleaming hardwood floors, and an open-concept kitchen. It would be perfect for a young couple, real estate agent Kristin Gyldenege thought. But for more than a month, hardly anyone even looked at the listing, Gyldenege told the Houston Chronicle.
The ABC has entered some kind of pure population propaganda state in which not only are those that favour Big Australia promoted vociferously, it is now creating a cult of personality around them. As noted last week, population booster Dr Liz Allen is not an economist’s elbow and demonstrably has no idea what the economic
Nice observation from an MB reader today: I take a particular interest in the current turmoil around the ABC and SBS, partially because I see precisely the same debate around public service unfolding in two of my previous home countries – the UK (BBC) and Sweden (SVT). The conversations are very similar, with regards to
The Fake Left just loves to blame the messenger. Kevin Rudd today at Domainfax: So what should be done about the rolling crises washing over what remains of the Australian media? Rupert Murdoch has been up to his neck in the elevation and removal of Australia prime ministers for the better part of a decade.
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.
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.
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,
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,”
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
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
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
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