Politics is so weird these days (from The Australian): Under the deal announced last night, One Nation would support the abolition of the two-out-of-three and reach rules in return for the government agreeing to legislate a requirement for the ABC and SBS to be balanced and to publish the wages of highly paid ABC staff.
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.
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
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
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
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,
From Ross Gittins today: The collapse of the “neoliberal consensus” is as apparent in Oz as it is in Trump’s America and Brexitting Britain, but our big-business people are taking a while to twig that their power to influence government policy has waned. Their trouble is the way the era of micro-economic reform initiated by
It appears MB’s constant prodding and mockery has paid off. Domainfax has been forced to deliver some editorial balance by recruiting Chris Kohler from The Australian and his debut is dark: Homeowners who have been wrestling with their mortgage repayments are about to find things can get a whole lot worse as the Reserve Bank
From a genuflecting Paul Kelly on the weekend: In the litany of words about the census the core issue has been avoided — the almost certain link between the generational decline in the Christian faith as guide to the common good and the collapsing relationship between the people and the political system. The reality is
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
Your know you’re in trouble when the Betoota Advocate makes more sense than the SMH: Having eventually realised that they aren’t going to be able to stay afloat through print news, the Fairfax media empire has today put out a call for inner-city homeowners who feel their local businesses are open too late. With the
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
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
As we know, the once fearsome Jessica Irvine has in recent years turned RBA patsy and she gave us a lovely sermon on the weekend to prove it: On May 14 1986, treasurer Paul Keating delivered his famous warning that Australia risked becoming a “banana republic”. The comment was a reaction to figures showing the biggest
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
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
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
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
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
From Domain: With Fairfax’s major shareholders warming to the price TPG and its bidding partners are willing to pay for the company, foreign investment approval will be one of the big potential hurdles to getting a deal across the line. While TPG’s primary interest in Fairfax is ownership of the fast-growing real estate advertising portal
It’s a pretty obvious loss of perspective at the AFR. Those article attacking the banking levy: Budget 2017: Ken Henry slams bank tax, budget strategy Bank tax worries investors of all kinds Voters fear they will pay for bank tax, claims Labor Scott Morrison adamant bank tax will start on July 1, despite ‘technical issues’
Domainfax doing a nice job of pretending to be independent of its own takeover today: That didn’t take long. Investment giants TPG and the Ontario Teachers’ Pension Plan returned on Sunday with a $2.7 billion bid for all of Fairfax Media that could signal the finals days for the independence of a company that has been
Five days into the journo strike now and Dominfax has become paralytically boring. The usual themes are all there: Trump-bashing, parochial trivia, celebrity life, political porn and sport: Conspicuously absent is the usual property porn which tells you what the journos mostly do. It may be dull but it is quite a relief to my