What the media covers and how

The ownership of Australia’s major media organisations is among the most concentrated in the developed world. Three corporations — News Corp, Nine Entertainment, and Seven Group Holdings — collect approximately 80 per cent of all Australian free-to-air and subscription television revenues. News Corp owns approximately 59–65 per cent of metropolitan and national print media by readership.

The following table sets out the ownership structure of Australia’s major media organisations, their financial interests in the gas sector, and the coverage patterns this series has observed.

The table reveals the basic problem. The three dominant commercial media organisations in Australia have either direct gas financial interests (Seven/SGH), a business model dependent on major corporate advertiser relationships (Nine/AFR), or a documented editorial posture supporting fossil fuel interests (News Corp). The organisations with the most rigorous coverage of the gas rort are those with no commercial interests in it — independent publications, subscription-funded outlets, and, to the extent its budget and independence permit, the ABC.

The most specific and documented conflict in Australian media’s coverage of gas taxation involves Kerry Stokes, Seven West Media, and Beach Energy.

Kerry Stokes controls Seven Group Holdings (SGH) through private companies exempt from public reporting requirements. SGH owns approximately 30 per cent of Beach Energy — an ASX-listed domestic gas producer with interests in the Cooper Basin, Otway Basin, and Perth Basin. Ryan Stokes, Kerry’s son and SGH CEO, has served as interim chairman of Beach Energy’s board. SGH also directly owns the Longtom gas field off the Gippsland coast and holds a 15.5 per cent interest in the Crux field, which is being developed to feed gas to Shell’s Prelude floating LNG vessel.

SGH’s media holdings — through its 20 per cent stake in the merged Seven West Media / Southern Cross Media group — include Channel 7, The West Australian, and The Nightly. These are the dominant commercial media organisations in Western Australia, where most of Australia’s LNG exports originate.

The conflict has produced documented coverage failures. In 2020, the WA government imposed a blanket ban on onshore gas exports — with a single exemption. That exemption went to Beach Energy’s Waitsia field. Kerry Stokes, via SGH’s stake in Beach Energy, was a direct financial beneficiary of that exemption. ABC’s Media Watch documented that Seven West Media’s coverage of the Waitsia exemption did not disclose the Stokes conflict of interest. The WA Premier refused to say whether he had discussed the exemption with Stokes before the announcement.

Former West Australian journalists have confirmed the dynamic without attribution. In a detailed Crikey investigation, one former journalist described how stories were sometimes pulled when the editor noticed they touched on Stokes’ business interests. Another described the unspoken editorial awareness: you always knew the intersection between his interests in mining and energy — you were not warned off, but you were always careful in that space.

This is not editorial corruption in any simple sense. It is the structural consequence of a media owner having significant, material financial interests in the sector his media organisations are supposed to scrutinise. Caution in the editorial space is not the same as a ban. But it is a consistent, documented pattern.

News Corp does not have direct financial interests in gas production. Rupert Murdoch’s company is a media business, not a resource company. The relationship between News Corp and the gas industry is editorial rather than financial.

That editorial posture is documented across multiple years and research efforts. During the 2019–20 Australian bushfire season — fires of unprecedented scale and intensity — News Corp’s mastheads and Sky News continued to publish content casting doubt on climate science and defending fossil fuel interests. Academic analysis documented more than 100 pieces of climate misinformation published across the News Corp network in that period.

Sky News Australia, wholly owned by News Corp, was found by the Institute for Strategic Dialogue to be the most prolific publisher of climate misinformation content on YouTube in Australia. YouTube temporarily restricted Sky News Australia’s content in 2021 for this reason.

When Rudd’s RSPT was proposed in 2010 — the event this series documented in Article 6 — News Corp coverage was among the most hostile. The campaign against the tax, which the Epstein files revealed was being coordinated at the highest levels of international political networking, had a natural home in the Murdoch press.

The connection between News Corp’s editorial posture and any specific financial interest is not a simple one. It is better understood as ideological alignment: a consistent belief, running through the Murdoch press across multiple countries and decades, that government regulation of markets and taxation of corporate profits is generally harmful. This posture aligns with, and serves, fossil fuel industry interests — not because News Corp has gas assets, but because its editorial worldview is structurally sympathetic to the industry’s political arguments.

Nine Entertainment’s major mastheads — the Sydney Morning Herald, The Age, and particularly the Australian Financial Review — have published investigative coverage of the gas rort. The AFR has reported PRRT issues, Senate committee findings, and industry donations.

But the dominant framing of gas taxation in the AFR is through the lens of market impact: how will a windfall tax affect Woodside’s share price? What does PRRT reform mean for ASX energy stocks? What does the gas industry’s total tax contribution look like from an investor perspective?

This framing is not dishonest. The AFR serves a readership of investors, executives, and financial professionals who have legitimate reasons to monitor the market impact of tax policy. But it is a framing that consistently places the question of gas taxation in the category of ‘industry issue’ rather than ‘public interest issue.’

The distinction matters. An investor framing asks: how does this affect my portfolio? A public interest framing asks: why is a sovereign nation collecting less from its offshore gas industry than it collects from taxing beer? Those are different questions, and Australian media asks the first far more often than the second.

The most revealing data point in this story is the 8.7 million views. That is approximately one in three Australian adults watching a clip about beer and gas tax — posted to a senator’s Instagram account. It is one of the most-viewed pieces of Australian political content in recent memory. And it arrived there without a front-page investigation, without a Walkley Award story, without a six-month editorial project from any mainstream newsroom.

This gap between social media viral reach and mainstream editorial follow-through is not accidental. It reflects the structural incentives of Australian media organisations when covering resource taxation:

A front-page investigation of the PRRT would require allocating reporter time and editorial resource to a story about tax policy. It would potentially produce coverage critical of an industry whose executives and representatives appear regularly in business sections and whose advertising dollars matter.

It would risk characterisation as anti-business or ideologically motivated — the same characterisation that has been applied to every resource rent reform proposal since 2010.

For organisations whose major owners have direct gas interests (Seven/SGH), it would require the editorial independence to investigate a conflict their owners have an interest in avoiding.

For organisations whose major owners have ideological alignment with the industry (News Corp), it would require departing from an editorial posture maintained consistently for decades.

The result: Australians found out about the PRRT/beer comparison from a politician’s Instagram account. Not from the media organisations whose job it is to tell them.

Article 5 of this series documented the revolving door between the Resources Ministry and the gas industry. One entry in that documentation is directly relevant to media: Martin Ferguson, the Labor Resources Minister who approved Queensland’s LNG export industry, became head of natural resources for Seven Group Holdings in October 2013. He took the role simultaneously with his APPEA chairmanship, within six months of leaving parliament.

Seven Group Holdings is Kerry Stokes’s company — the same company that owns the 30 per cent Beach Energy stake, the Longtom gas field, and (via Seven West Media) the dominant WA media organisation. The former Resources Minister’s primary post-government employment was with the company that controls the WA media’s coverage of gas.

This is not a conspiracy. Ferguson was not hired as a media executive. His role was in the energy division of SGH. But it illustrates the interlock between the political, media, and industry systems that this series has documented. The same network — the same people, the same companies — spans the resource approvals process, the tax policy debate, the lobbying organisations, and the media organisations.

The organisations that have covered the gas rort most rigorously are those with no commercial interests in it.

Michael West Media’s INPEX investigation — A$36 billion in revenue, under A$500 million in tax, zero royalties, zero PRRT — is primary source journalism that no major masthead replicated. Crikey’s documentation of the Stokes conflict of interest in Waitsia coverage, and its ongoing revolving door reporting, exists because Crikey has no advertiser relationships with the gas industry. The Australia Institute’s PRRT research — the beer/PRRT comparison, the Norway analysis, the 25% export levy modelling — has driven the public debate more than most mainstream editorials.

Guardian Australia has consistently covered gas donations and policy capture. The Klaxon documented the absurdity of fossil fuel companies paying more in political donations than income tax. The Newcastle Herald’s editorial asking why the PM isn’t aggrieved by the gas rip-off posed the question most major papers avoided.

And a senator’s Instagram account reached 8.7 million Australians with a two-minute clip showing a Treasury official confirming that beer pays more tax than offshore gas.

The story got out. It got out despite the media structure, not because of it.

A cancer on democracy.Former Prime Minister Kevin Rudd, Describing News Corp’s role in Australian public life. The Senate inquiry into media diversity found News Corp was the clearest example of a troubling media monopoly and recommended a judicial inquiry into media ownership. Nothing has changed.

This is the eighth and final article in The Rort’s Gas Rort series. What the eight articles have collectively documented is not a single scandal. It is a system.

The resource belongs to Australians. The companies extracting it are mostly foreign-owned. The tax designed to capture the public’s share of the profit collects less than beer excise, and is falling. The PM who tried to fix it was removed in 53 days by a campaign that a British political operative later admitted had no principled justification. The industry donates to both major parties and holds platinum access memberships with both simultaneously. The revolving door places former ministers and their staff in industry roles. The media organisations with the largest reach have financial interests in gas, ideological alignment with the industry, or both.

And when an independent senator asked a Treasury official whether Australia collects more from beer than from the most important resource tax in the country, 8.7 million Australians watched the answer on their phones — and the mainstream press ran it as a political dispute.

The gas rort is not hidden. Every element of it is in the public record. It persists because the structural interests in maintaining it are larger and better-organised than the structural interests in fixing it. That is what this series has documented.

The May 2026 Budget will be announced shortly. Treasury has been asked to model a windfall levy. The Greens’ Senate inquiry into the PRRT is underway. Whether either produces meaningful change will depend on whether the pattern this series has described — the donations, the revolving door, the template campaign, the media gap — can finally be broken.

We’ll be covering it.