Swan attacks Fairfax investment

Staff Writer

Federal Treasurer Wayne Swan has published an article in 'The Monthly' where he refers to the billionaire miners Gina Rinehart, Clive Palmer and Andrew Forrest as a 'threat to democracy'.

He specifically refered to Rineharts purchase of a 13% holding in Fairfax Media, who operate the Fairfax Radio Network, attacking what he believes to be 'biased editorial policy' and 'shock-jock ranting'.

'….(they are) blind to the the national interest, and (are putting) their considerable personal fortunes into (influencing) editorial decisions' Swan said 'the latest example is the foray by Australia's richest person, Gina Rinehart, into Fairfax Media, reportedly in an attempt to wield influence on public opinion and further her commercial interest'.

Swan quoted an article from the Sydney Morning Herald featuring Macquarie Radio Network owner, John Singleton, where he said that he and Mrs Rinehart had been able to 'overtly and covertly attack governments' by employing journalists like Andrew Bolt, Alan Jones and Ray Hadley who agree with their thinking'.

The article from the Treasurer coincides with todays release of the Finkelstein report into Australian media.

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