The New Daily

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For the British newspaper, see The New Daily (British newspaper).

The New Daily
Official logo of The New Daily
FormatOnline newspaper
Owner(s)Industry Super Holdings
EditorNeil Frankland
Founded2013
HeadquartersMelbourne, Victoria, Australia
Websitethenewdaily.com.au

The New Daily is an online, non-paywalled, Australian newspaper established in 2013.[1][2] It was founded by AustralianSuper, Cbus and Industry Super Holdings,[1] but in 2016 became wholly owned by Industry Super Holdings.[1][3][4] The founding editor is Bruce Guthrie, currently the editorial director (as at the beginning of June 2019),[5] who was formerly an editor of the Herald Sun and The Age.

The venture has been controversial due to its ownership by non-profit superannuation funds, in regards to both the publication's commercial nature and its editorial independence.[3] The paper says it has an independence charter which lays out a formal separation between news content and ownership.[6] In 2013 their reporting was pro-industry with little in the way of real criticism; however, the strength of its money section was noted.[7]

In 2017 chairman Garry Weaven claimed that although the publication might never break even it was a worthwhile investment if it could achieve its goal of promoting Australian union-backed superannuation funds. Weaven stated that "We regard this project as an important part of the wider efforts of our network to build the generic industry super fund brand in Australia, as well as provide a platform for individual funds to market themselves. A secondary objective is to provide a reliable free news service to members, including easy to understand stories around superannuation and financial management.”[8] In 2017, The New Daily generated A$13,647 profit based on revenue of A$280,125 from advertising in addition to capital investment from its owner.[3] Their total losses for 2017 were A$2.1 million which was covered through a dividend from sister company IFM Investors.[8]

On its fifth anniversary in 2018, the publishers reported significant success in achieving two million unique monthly viewers.[9]

Critics of the paper such as Senator Andrew Bragg (former policy adviser for the , which represents bank-owned and for-profit super funds[10]) and MP Tim Wilson have described the paper as a "propaganda outfit” for the pension fund industry. In December 2020 the Australian Prudential Regulation Authority (APRA) began a review of how superannuation funds' members' money was being spent by the industry, which included investigating The New Daily's funding and advertising arrangements.[6] APRA reported back to Senate estimates in March 2021 that they had looked at the structure and other arrangements and had not identified any problem or issues to pursue with regard to The New Daily.[10]

Notable contributors[]

References[]

  1. ^ a b c Ryan, Peter (12 November 2013). "The New Daily emerges as an online media player, with backing from industry superannuation funds". ABC News. Retrieved 1 October 2017.
  2. ^ Manning, James (14 April 2017). "The New Daily goes top 20: Breakeven in sight". Media Week. Retrieved 1 October 2017.
  3. ^ a b c Battersby, Lucy (21 November 2016). "The New Daily now wholly owned by Industry Super Holdings". The Sydney Morning Herald. Retrieved 29 November 2018.
  4. ^ Klan, Anthony (24 February 2014). "Corporate regulators probe The New Daily website for illegalities". The Australian. Retrieved 1 October 2017.
  5. ^ "Contact". The New Daily. Retrieved 7 June 2019.
  6. ^ a b Samios, Zoe; Harris, Rob. "'APRA is now awake': Prudential regulator investigating The New Daily". www.smh.com.au. Sydney Morning Herald. Retrieved 17 December 2020.
  7. ^ Daley, Beth. "The hits and misses of journalism's New Daily". theconversation.com. The Conversation. Retrieved 17 December 2020.
  8. ^ a b Patten, Sally. "The New Daily may never break even". www.afr.com. Australian Financial Review. Retrieved 17 December 2020.
  9. ^ a b c d e f "The New Daily celebrates audience growth on fifth anniversary". Mediaweek. 13 November 2018. Retrieved 29 November 2018.
  10. ^ a b "Super funds' investment in The New Daily given all clear by regulator". The New Daily. 25 March 2021. Retrieved 26 June 2021.
  11. ^ "Avani Dias, Author at The New Daily". The New Daily. 8 September 2017. Retrieved 4 January 2021.
  12. ^ "Zoe Daniel, Author at The New Daily". The New Daily. Retrieved 15 November 2021.
  13. ^ "Francis Leach joins The New Daily as sports editor". B&T. 23 October 2018. Retrieved 24 October 2018.

External links[]

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