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.

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

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,