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.

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

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

15

Netflix tie-up won’t save Foxtel

Today, TV giants Foxtel and Netflix are set to announce a partnership that will enable Foxtel subscribers to stream Netflix through their IQ box. The move is seen as a defensive measure for Foxtel to prevent existing subscribers from dumping the service for cheaper alternatives by making the IQ box the hub for online streaming. From

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,

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