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.

92

MB Radio: Irresponsibility becomes the new black

Ahead of the anticipated announcement of the Federal Governments trashing of responsible lending laws by moving oversight of financial lending from ASIC to APRA, Gunnamatta spoke with David Llewellyn-Smith and Leith van Onselen about the implications of the move, and how this positions the Australian economy.  The sound is a touch raw, and the discussion

8

The Strayan Weekly

Sir Fomo McSpruikerson is a local billionaire and proud proprietor of The Strayan, a vanity media project designed to boost his assets.  Victorian Liberal Party remain confident they can still lose next state election Victorian Liberal Party leader Michael O’Brien insists the party is on track to lose the next Victorian state election in 2022,

8

RBA’s cockroach army crawls back into the light

Paul Keating scattered them briefly but you can’t keep a good cockroach down. Patrick Commins is one: In an extraordinary attack on the country’s most revered econo­mic institution, the former prime minister damned the ­central bank’s “indolence­” through the COVID-19 crisis, accusin­g it in a statement of being “way behind­ the curve in supporting the government

27

The Strayan Weekly

Sir Fomo McSpruikerson is a local billionaire and proud proprietor of The Strayan, a vanity media project designed to boost his assets.  ABC issues apology for allowing critic of Big Australia on Q+A The ABC has issued a public apology, after inadvertently allowing a critic of Big Australia on it’s Q&A program last week. Economist

33

The Strayan Weekly

Welcome to a new Friday feature from Sir Fomo McSpruikerson, a local billionaire, who has launched a new weekly vanity media project entirely to benefit his own assets. Take it away Sir Fomo! International students given security jobs at SA quarantine hotel to cover costs of hotel quarantine International students slated to begin studying in

46

Gottiboff: Bow to China or it will crash your house price

Gottiboff has joined some dribble stains on his bib today: Australia must brace itself for the next round of the war of words and actions with China – an attack on the price of iron ore and the nation’s key revenue base. My China contacts tell me that the anger China is currently displaying over

17

Massive infrastructure simulus planned? Or just made up

So says Domain: Australia could build its way out of the deepest recession since the 1930s through a $220 billion pipeline of infrastructure projects that would transform the nation, deliver jobs and sharply increase the nation’s long-term productivity. The projects, on top of the government’s existing $100 billion infrastructure plan over 10 years, could be

43

AFR and ABC pull “unsafe” journos from China

Sensible enough: #BREAKING Two Australian journalists have just landed in Sydney after being pulled out of China by their news organisations, on fears they were no longer safe. The two are Bill Birtles from the ABC and Michael Smith from the Australian Financial Review. @9NewsAUS #auspol — Chris Uhlmann (@CUhlmann) September 7, 2020 Hostage diplomacy

9

COVID-19 the end of free-to-air TV

Via FTAlphaville: One popular theme to emerge among the business commentariat during coronavirus is “COVID as an accelerant”. Espoused by popular talking heads such as the seemingly omnipresent Scott Galloway, the argument goes like this: coronavirus isn’t going to change the world radically, it’s just going to speed up trends. In other words, we were always

69

Let the racist Guardian die

The Guardian has been pioneering a new model for funding itself: encouraging readers to become members, voluntarily paying a subscription. As ad revenues plunge, it becomes more necessary than ever. Good journalism costs a lot. Please subscribe. Thank you https://t.co/jgWC0zcMsU — George Monbiot (@GeorgeMonbiot) July 15, 2020 I like George Monbiot and used to be

47

CCP: Australia racist, don’t go there!

Bravo CCP! The Australian Government has disputed advice issued to Chinese citizens urging them not to travel to Australia amid what China calls a spike in racism during the coronavirus pandemic. The Chinese Ministry of Culture and Tourism issued the alert, reporting a “significant increase” in racist attacks on “Chinese and Asian people”. The warning

56

Alan Jones retires

Big news for populists, at the ABC: Alan Jones has announced he will retire from radio at the end of this month. The long-time 2GB breakfast host has towered over Sydney’s media, and Australian politics for decades. During his broadcast this morning Jones told listeners: “We are living in the world of Coronavirus. The most

11

Let media burn

Via Pigs at the Trough: Television broadcast content obligations will be suspended, spectrum fees waived and the Morrison Government will provide $50 million to regional journalism in an attempt to help Australia’s media companies through the COVID-19 pandemic. …Relief from spectrum taxes will provide the radio and television broadcasters with $41 million worth of financial

19

Scotty from Marketing rebrands Depression

The Murdoch press is truly nation destroying. Let me be a little more specific. Paul Kelly is truly nation destroying. Having grovelled and crawled his way through months of Morrison Government blundering, today he crowns it all with this little gem: The Morrison government has averted a depression in Australia. This is the most momentous

16

The dumbening deepens with AAP shutter

The media duopoly will now be able to distort every single story towards happy clappy real estate: The Australian Associated Press will shut down its news wire service on June 26 in an historic development for Australia’s media landscape after its two biggest clients and shareholders decided to pull out. Major shareholders Nine Entertainment Co

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