Rupert Murdoch

When the journalists at News Corp saw reports that Lachlan Murdoch had acquired a new family home in Los Angeles for $218 million last December, they might have felt a sense of career security that comes from working for a highly profitable company with an overtly prosperous controlling shareholder.

No longer. Over the past few weeks, News Corp has announced the closure  of 125 regional newspapers, the elimination of a quarter of Australia’s print dailies, the shuttering of most of this country’s suburban newspapers, and the retrenchment of hundreds of staff across its city newspapers.

The decision to decimate a large slice of Australia’s regional and suburban journalism wasn’t made in rural hamlets like Chinchilla or Caboolture, or suburbs like Parramatta or Preston, where local news coverage will either disappear or be scaled right back.