Huge labour reorg coming
The pandemic’s impacts in all aspects, from the government-mandated shutdowns, the infections themselves and on economic behaviour, as well as the seemingly permanent loss of employment, have led to a massive reorganization of the labour force. Companies have learned to adapt and in so doing have shifted their production inputs from labour to capital. We anticipate this trend will not only continue in the near term, but accelerate through the post-pandemic recovery phase.
Increased automation and declining labour power (manifesting themselves in a steadily declining labour share of income) have been the hallmarks of the past 30 years.
The way the law is worded, the government only imposes a negotiator to set fees if the media company and Google can’t come to an arrangement privately.
A Seven spokesman told reuters the company still supported the law.
A Nine spokeswoman declined comment, while a News Corp. representative in Australia was not immediately available for comment.
“The signs are that the Australian government and Google are close to a compromise,” said Paul budde, an independent media and telecommunications industry analyst. “This allows the government to claim victory, while the damage to Google will be limited. Publishers will in one way or another be paid for news.”
Seven separately reported a 26.5-per-cent jump in underlying profit for the six months to end-december, helped by strong performance in its advertising market.
Seven shares jumped as much as 10.6 per cent to their highest level since May 31, 2019 in early trade, while the broader market was up 0.9 per cent.