Hi ValueInvestor You need to look at the main reason why certain...

Hi ValueInvestor

You need to look at the main reason why certain parties are against the two out of three rule. Most of the major media outlets are pro business and thus more likely to report more favourably towards the Coalition as the other parties. (Just look at how One Nation is rightly or wrongly reported in the press).

This may be true or not but they are concerned that without diversity their political viewpoints could be obscured from a fair representation. To be blunt, they are concerned that the likes of News Corp will come in and take over everything.

The Communications Minister can get around this argument by tweaking the Reform Bill to show that the Australian Competition and Consumer Commission (ACCC) has the ultimate power to ensure that diversity in the media industry remains.

An interesting statement in the current Media Reform Bill draft is this comment from the ACCC;

ACCC Chairman, Rod Sims, has criticised current media legislation as obsolete and ‘possibly protectionist’. According to Mr Sims, the reach rule potentially limits competition and efficient investment in the media industry, while the two out of three rule may be preventing the efficient delivery of content over multiple platforms.[77] In addressing the concerns expressed by commentators such as Keane and Dyer about a possible News Corp takeover of the TEN Network as a result of change, Mr Sims has also commented that section 50 of the Competition and Consumer Act 2010 prohibits any deal that would have the effect, or likely effect, of substantially lessening competition.^[78]

So anti competition legislation is already in place it just needs to be spelt out very slowly and clearly to those parties against the bill in its current form. There is also talk that Labor won't be doing themselves any favours come the next election if he has the entire media industry offside.