The Australian stock market opened lower this morning on the back of Rupert Murdoch’s speech to the Lowy Institute last night. A senior analyst, interviewed by this correspondent attributed the fall in the Australian share price to the “transparent and misguided attempt at national flattery” when Mr. Murdoch predicted that Australia could be better than Singapore, Hong Kong and Taiwan. “ We already are”, said the analyst, “and markets don’t like to hear of things going backward”.
The apparent sycophancy of Treasurer Joe Hockey was noted, with questions also being asked about whether Mr. Murdoch had the necessary subtlety in his old age to continue to force the Australian government to bend to his will without making his interventions embarrassingly obvious, and hence undermine his controlling stake.
Mr. Murdoch’s revelation that he wears an electronic bracelet that monitors his lunch and his lunchbox was described as “just plain weird” by the analyst, and wondered only half-jokingly “if it was time to send the doddery old bugger off to a home”.