Journalists, as a rule, don’t do numbers. They’re words people – topped the class in creative writing; struggled in maths. And in most areas of reporting, that’s not a huge disadvantage. But when it comes to economics, it can leave them open to being conned.
Take the Mid-Year Economic and Fiscal Outlook. That News Corp would run this set-piece through its lazy and deliberately misleading partisan filter (‘Labor’s Debt Bomb!’) was not surprising. But when the ABC recycles the official spin you have to wonder at journalists’ competence: Continue reading
An increasingly unhinged Australian mainstream media, with a few honourable exceptions, has been revving up the scary-o-meter in recent days about this country facing a future of debt, deficits and public penury for as far as the eye can see.
“A decade of deficits spells a bleak future for Australians,” was the headline on the increasingly tabloid ABC television news, warning of a crisis bigger than the one where Bates went to jail in Downton Abbey. I spluttered over my warmed up risotto (my lovely wife was out at the movies) and quickly checked my Bloomberg terminal.
‘Twenty Ways to Bulk Up Your Cash’. That was the breathless headline in The Australian Financial Review on September, 27, 2005
“It’s shop till you drop for ordinary people with money to park,” the article gushed. “And the range of investment options is so vast, it’s very nearly an embarrassment of riches.” Continue reading
“1, 2, 3, 4, Let’s Go!” Journalists are words people. They take pride in their propensity to pun and parse and prune and parry. They are also instinctive types. They tend to rank gut feel above logic and numbers. In a nutshell, journalists are analog people lost in a digital era. And this may be their problem. Continue reading
A health warning to mainstream media consumers: When a news story starts with the words “is expected to”, activate the BS detector. When that story involves forecasts about economic statistics, shift detector to warp speed. Continue reading
A sub-narrative amid the media thumbsucking about the future of the Australian Labor Party after the leadership spill has been the ritual calls from business leaders for the removal of “uncertainty” – the idea being that the economy has ground to a standstill as the egos exchange handbags in Canberra. Continue reading
Which party is best at cutting the red tape that stifles Aussie entrepreneurship, promotes small business initiative, checks lazy government waste and puts downward pressure on interest rates for working people? Me sir! Me sir! Just bend me over the desk for a moment and flash me your fiscal rectitude.
Isn’t the state of economic journalism clear by now? After the earnest and profound economic policy debates of the 1980s, we seem have devolved into a pale imitation of that in our modern political discourse – one in which one side and then the other stage a predictable pantomime that bears little resemblance to our lived reality. Continue reading
What did the International Monetary Fund say about the Australian economy? We’re heading for a severe slowdown. No, wait! We’re better placed than anyone. Hold on, that’s not right! Julia Gillard is putting a brave face on a grim outlook.
In an age when the source material for most news events is freely available on the web, it is surprising that media organisations continue to spin multiple versions of agreed facts to suit their own ideological positions.
The Federal Budget is ‘The Big Day Out’ for the political and financial media in Australia. Busloads of hacks (only the lucky ones go by plane these days) make the long journey to late autumn Canberra to join their full-time press gallery brethren in what is a media and political ritual – a six-hour lock-up, a frenzy of writing and then off to The Holy Grail (these days the Kennedy Room, I’m told) to get stonkered till 3am. Continue reading
First it was the nightly weather, then the finance report and now it’s politics. There is a creeping conspiracy in television news of people standing in front of charts, taking the daily temperature – of meteorology, of markets and of members of parliament – and trying to persuade us that it all means something. Continue reading