Bank have copped it in the neck from the Federal Government and missed
out on the T3 gravy train – although not that much has changed as they
also failed to secure a major role in either T1 or T2.

It seems
having retainers like Warwick Smith, to Alan Stockdale, Max
Moore-Wilton, Paul McClintock and even Ross Cameron on side wasn’t
enough to save the day for The Millionaires Factory.

The Australian
continues to be a major thorn in the side of Macquarie, which must
surely now be regretting suing Rupert’s empire over Michael West’s
coverage of the Allstate Mining saga in Tasmania – a story which is up
for a Walkley next Thursday night.

The Australian broke the story
about Macquarie being dumped from an advisory role for a new Defence
headquarters after confidentiality requirements were breached. And this
morning Rupert’s national broadsheet has rubbed salt into the wounds by
putting the story of the T3 snub on page one.

the arguably excessive reaction from the government against the public
servant who allegedly leaked an embarrassing story to Herald Sun
reporters Gerard McManus and Michael Harvey – who still could face jail
for refusing to disclose their source – the government would have faced
accusations of hypocrisy if they hadn’t taken the Macquarie
confidentiality breach with the utmost seriousness.

The AFR’s
Chanticleer columnist has played down the breach as “one errant email”
by one of the bank’s 7,125 staff, who is apparently now suspended. But
the reputational hit is substantial.

Combine that with The Australian‘s
powerful campaign against Macquarie’s much-loved public-private
partnerships and we’ve got a very interesting example of Murdoch muscle
at work.

NSW Premier Morris Iemma appears to be backing away
from PPPs at a rapid rate – for which the Murdoch press can take some
of the credit – along with the Lane Cove tunnel collapse and Cross-City
Tunnel fiasco.

And with the likes of Future Fund chairman David
Murray joining the ranks of PPP critics yesterday, Macquarie’s salad
days of sucking on the public teat appear to be coming to an end.