We have discovered an error in this story published last week. The story is an analysis of News Corporation Australia’s advertising and circulation revenue declines in 2013-14 — which are not disclosed — and we now realise we did not properly account for the impact of currency devaluation when calculating the figures. We estimated that, assuming an average exchange rate of US92c to the Australian dollar in 2013-14, a reported drop in circulation and subscription revenues at News Corp’s Australian newspapers of US$45 million that year would translate to a $49 million fall in local currency terms, or a roughly 11% drop on the previous year’s figures. On our revised analysis, using the same exchange rate assumption but first deducting a proportionate share of the reported $US199 million in foreign exchange impacts, a better estimate would be that circulation revenues fell by approximately $22 million or 5% in local currency terms, compared with the previous year. Similarly, we estimated that a reported $US314 million fall in total advertising revenue from the Australian newspapers would convert to $341 million in local currency, or a roughly 25% drop. A better estimate would be that the advertising revenues fell $151 million in local currency or 11%, compared with the previous year. We stress that these figures are estimates only, based on the limited disclosures in the News Corporation accounts.
Congratulations to Sharman Grant, who has won the first of three Google Nexus 7 tablets for subscribing to Crikey.
Overcoming ‘hopeless overload’
Mary Noonan writes: Re. “Promoting the grisly terrorism theatre of IS” (Thursday). Thanks, Bernard Keane, for this thoughtful balanced insight. I’m an Irish red ragger by nature and nurture, and I’ve begun to feel despair at all the revolting atrocities that have been reported on lately. I honestly started to feel depressed reading about it and hearing it on the radio and TV. Sort of a “hopeless overload” shrouds me sometimes. I shall take a deep breath and look more analytically at the who, what, where and more importantly, why certain things are being reported. You are of course quite right; I could walk down the street and get hit by a bus, or worse, be Melbourne’s first draft pick next season. The sun does come up, the world turns. We lucky bastards live in Australia.
Young Muslims victimised by terrorism concerns
John Richardson writes: Re. “Why Australians can fight for the IDF, but not the Islamic State: ASIO chief explains” (Thursday). The headline of Andrea Glioti’s piece is proof positive that the federal government’s proposed anti-terror law amendments are being dog-whistled into place at the expense of the Muslim community. If that were not the case and the government was concerned only with protecting Australia and preventing young Australians from all walks of life from placing themselves and the rest of us at risk, it would simply legislate to outlaw any military involvement by Australians unless it was with our own military forces.
Outgoing ASIO chief David Irvine’s attempt to contrast the legality of Australians serving in the IDF with the illegality of them serving in the Syrian army serves only to highlight the level of deceit that our dishonest politicians and the conniving bureaucrats who serve them are willing to engage in to achieve their corrupt ends. Surely common sense & around 6000 years of recorded history dictates that violence will beget violence, regardless of whose colours or cause is being served. Surely the same common sense should tell us that there can never be a “Team Australia” unless we are willing to place the collective interests of all Australians ahead of all others.
Melbourne v Sydney — the ancient rivalry
Gary Woodman writes: Re. “Napthine Premier of where?” (Friday). Perhaps the picture of the Opera House comes from someone with an appreciation of history and a wicked sense of humour. It reminds me of the joke popular in Sydney in the depths of the Melbourne-Sydney rivalry of the ’50s and ’60s: a generic raffle, first prize a week’s holiday in Melbourne, second prize two weeks in Melbourne.