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.

5

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

12

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

21

Good riddance to bad Domainfax

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.

39

Neilsen tosses $100m into journos

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

16

Desperado Domainfax goes all-in on realty whoring

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.

5

Morrison orders urgent inquiry into Malcolm Media

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.

44

ABC was to become Malcolm Media

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.

39

Domainfax: Shut-up, #SardineSydney is good for you

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,

53

ABC head boned

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,”

18

Tribal Guardian slams tribal Newscorp for tribalism

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

19

Murdoch anoints Shorten

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

8

The Guardian pumps Migration Council propaganda

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

37

Did Rupert end Malcolm Turnbull?

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

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