From Greg Jericho to Michael Pascoe: If there’s one key assumption in Treasurer Scott Morrison’s 2018 budget, one thing crucial to his brave new world of income tax revolution and debt reduction, it’s that wages growth is about to jump well above the inflation rate. Bad news, Scott: outside one or maybe two industries, it’s
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.
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
“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,
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
Via the AFR: Cricket Australia is poised to sign a $1 billon plus broadcast deal with Foxtel and Seven West Media, beating out incumbent partners Network Ten and Nine Entertainment. The landmark decision from Cricket Australia to put a huge chunk of its sport behind a paywall will see limited-overs international matches, both 50 over
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
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
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
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
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
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
I don’t follow Twitter much because it doesn’t add much more than a Seinfeldian quip to any debate. So I missed this little exchange a few weeks ago when we started calling out Greg Jericho’s slump into anti-intellectualism: If we’re offending the Fake Left and Right then that’s good. One does not open a debate
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
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
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
The AFR continues to rot from the head as Editor Michael Stutchbury today debases the legacy of Bob Hawke and Paul Keating: Under Bob Hawke and Paul Keating in the 1980s, Labor’s wage “Accord” with the unions deliberately cut real wages to restore the profit share of national income, stimulate business investment and promote job
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
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,
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
Over the long weekend the increasingly desperate Domainfax wasted thousands upon thousands of words in a coordinated assault upon the Australian imagination and its views on property. It began with fake market blogger Patrick Commins on Friday: …a lengthening list of factors – from the threat of higher rates to tighter lending practices – appears to have signalled the turning
Via Gottiboff today: Domain chief executive Antony Catalano — “The Cat” — gave Fairfax Media a growth future in the new era of publishing and he probably saved it from being split into its component parts. The reason for this week’s separation of The Cat from Fairfax and its Domain spin-off goes much deeper than
Via Domainfax: Some big news in the media space today with the Australian Competition and Consumer Commission launching an inquiry into digital platforms, including Facebook and Google, and the impact they are having of competition in the media and advertising markets. The highly anticipated inquiry, which was a condition of a deal the Turnbull government struck with
By Leith van Onselen This year, Crispin Hull has emerged as Fairfax’s rising star, demonstrating that unlike his colleagues Peter Martin, Jessica Irvine and Michael Pascoe, he actually understands the key issues afflicting Australia. Below are some key examples of Hull’s excellent work. Back in January, Hull argued that the main solution to making housing
An Amazon junket has produced the following at the AFR: I arrived in the US over the weekend. And as usual, the immigration officer asked what business brought me to the country. When I told him I was a journalist attending an Amazon Web Services conference in Las Vegas, our conversation immediately turned to its retail parent Amazon
More good Jess, bad Jess today: In reality, the high returns on equity enjoyed by Australian banks owe in large part to the higher leverage they hold. Australian banks are some of the most heavily exposed to household sector debt in the world. Aussies would rather sell their kids than miss a home loan repayment.