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.

18

CCP hacker sneaks editorial into AFR

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

13

ABC of greed: steals $23m from workers as chief pockets $1.1m

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

20

Nine sure is pumped about house prices

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

43

Dumbified AFR dumbly attacks great Aussie dumbening

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

10

Government to protect media from government

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

24

Gladys Liu “double agent” divides and conquers

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)

28

Kohler the younger: a national case study

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

9

Costello must resign from Domain

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

6

AFR: Corporate tax cut will cure cancer!

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

5

Media bosses march on Canberra

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,

18

Gotti and the treason of omission

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

27

Murdoch attacks Burnside property mogul

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

23

So that’s why the ABC loves mass immigration

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

14

AFR goes full blown negative gearing reform fake news

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

14

An official complaint to Guardian head office

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

12

Mirabile dictu: Crikey discovers the income recession!

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

20

Useful hypocrite, Greg Jericho, deepens worker betrayal

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

23

Greg Jericho, useful idiot

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

35

Domain mocks Murdoch salaries but should it?

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