Author Archives: Content in Context

Unknown's avatar

About Content in Context

Content in Context helps companies to define the market for their products and services, to identify customers and build the business pipeline, and to develop their content marketing strategies. By working with our clients to design, build and grow their business, our primary focus is to extract commercial value from unique assets, including knowledge, data, know-how, processes and transactional information.

And the public gets what the public wants?*

Posted on by
Reply

Another Australian General Election comes and goes – although with a mere 3 years between federal polls, our politicians and their parties seem to be in constant campaign mode. Certainly, the formal election campaign lacked any significant new policies, so it felt like the leadership “debates” were simply a continuation of the stale language, petty point-scoring and tedious soundbites we hear day in, day out.

Cue the constant and familiar references to crises in housing, the cost of living and climate change. Both major parties tried to build platforms promising financial incentives for first-time home owners, with policies that were expensive, ill-conceived (albeit well intentioned), and with little regard for the consequences on the housing market or the broader economy. There was a failed attempt to have an informed debate about nuclear power, and tons of the usual pork-barrelling for pet industries and favoured constituencies. Even a major credit rating agency suggested that the Commonwealth’s coveted AAA status could be at risk as a result of all the campaign largesse. And of course, any lowering of the AAA rating would likely see an increase in interest rates, which would largely defeat the object of the first-time home owner policies.

At the time of writing, the Australian Labor Party has retained power with a significantly increased parliamentary majority, based on the projected number of seats it will win. But while the seats total may look like a landslide, it’s clear that a significant portion of the electorate voted tactically to either: a) keep the Liberal Coalition out of power; b) increase the chance of a minority Government and/or hung Parliament; or c) maintain the current status quo in a turbulent and uncertain world.

Based on the counts so far, both the ALP and Liberals have each only managed to garner about one-third of the total primary votes (4,678,061 – 34.81% and 4,315,961 – 32.1% respectively). While the national swing to Labor was around 2.3% since 2022 (with the Liberals seeing an opposite swing of -3.6%), this is enough to give them a large majority in the House of Representatives, thanks to the preferential voting system.

By contrast, in 2022, the ALP secured fewer primary votes than the Liberals (4,776,030 – 32.58% and 5,233,334 – 35.70% respectively), but managed to secure government with a slim majority. The point is, that the two major parties combined face a continued decline in their share of the primary vote. Given the performances by the Greens and Independents in recent elections, there could be a case for adjusting the current system of preferences to include a weighting or allocation based on the total primary vote by party. This might seem fairer in those constituencies with very marginal results, or where parties draw a significant share of primary votes nationally, but not enough to win (m)any seats, even with preferences. But given that most independent candidates (by their very nature) are not affiliated to any party, and usually focus on local issues (and often on single policy platforms), that allocation would be very difficult to calculate on a federal scale.

Meanwhile, it felt like the number of early-voting facilities was limited compared to previous elections, and there was little or no promotion of postal vote applications. This could have been due to the relatively short campaign period (although it always feels much longer…) combined with the large number of public holidays during that time. Cynics might suggest that this was a deliberate tactic by the incumbent government as early voting and postal votes are traditionally considered to favour the Liberal Coalition. I can’t find any compelling evidence for this theory. Partly, I suspect, because the major parties recognise that undecided, wavering and swing voters make a huge difference to the final results, so encouraging people to cast their ballot on election day helps them in that regard, even though more and more voters opt to vote before the big day itself. Whether the promise of an election sausage is sufficient incentive, I’d rather not speculate!

I experienced a huge feeling of disengagement with this latest election, mainly because I didn’t identify with any policies, parties or candidates that I could really get behind. When it came to voting for the Senate, I couldn’t see 6 parties (above the line) let alone 12 candidates (below the line) that I considered deserving of my vote. But we are forced to express our preferences for a minimum number of parties/candidates, hence the candidate lists are usually very long. I always think the large Senate voting slips are problematic, especially if you want to complete the full “below the line” choices, as we don’t really know what preference deals have been done behind the scenes.

Like many voters, I had issues with the unsolicited text messages I received, on behalf of candidates and/or parties. Apart from not disclosing how they obtained my number, some of the SMS did not carry the relevant authorisation statement; the sender’s number was anonymous (presumably they use automated systems); and blocking the sender had little or no effect – they still kept sending them! Since political parties are deliberately exempt from complying with laws against spam and invasion of privacy, the Australian Electoral Commission is relatively powerless to act. Presumably it’s in the parties’ interests to keep the status quo?

I was also surprised that polling stations still use a paper-based system to tick off who has turned up to vote. (I was using the same system when I was a polling clerk back in the 1980s in London.) Although the polling officers are required to ask me if I have already voted in another location, there is no immediate way to cross-check the electoral rolls. Surely an electronic tracking system would be a better solution? And on that note, I’ll end with a suggestion that it’s about time we put voter registration, voting and campaign donations on a blockchain to support voter ID and verification with privacy, secure proof of polling and force campaign funding transparency… as well as a speedier vote count!

*(with apologies to The Jam)

Same old economic crises?

Posted on by
Reply

Amid the current turmoil surrounding tariffs and trade wars, I have been re-reading “Economics: The User’s Guide” by Ha-Joon Chang.

First published in 2014, this highly accessible introduction to economic theory and practice was written in the wake of the GFC, and the fallout that ensued from the US housing bubble and the consequential collapse (and public bailout) of major banks and financial institutions. The US bubble was largely caused by an imbalance in housing supply, poor lending standards, and over-engineering of mortgage-backed securities that quickly unraveled when banks lost confidence in each other, causing a major credit crunch and a lack of market liquidity.

Chang couldn’t have foreseen COVID and the knock-on effect on global supply chains and the impact of lock-down policies on overall productivity. He overlooks (ignores?) Bitcoin, a key ideological and technological response to the GFC, and he downplays the role of innovation in economic growth. However, his historical survey, his analysis of major economic theories (or “schools”) and his explanation of the roles that governments and the private sector play are all spot on and serve as a great resource for anyone wanting to try and make sense of the world.

Given the credit crunch at the heart of the GFC, the recent sell-off in the US bond markets reminds us that:

1. History repeats itself time and time again (albeit for different reasons)

2. Global markets are deeply interconnected, despite various attempts at de-coupling and policies designed to challenge globalisation and bring about increased protectionism

3. The US housing market is heavily reliant upon foreign investors since US treasuries both create market liquidity for new mortgage lending, and set key interest rates for borrowers – and major holders of US treasuries are foreign governments and institutional investors

The US mortgage market is underpinned by a near-socialist funding model (in the form of Fannie Mae and Freddie Mac), a propensity for long-term fixed rate loans, and a significant volume of non-recourse mortgages.

If a global trade war results in higher cost of goods for US consumers, and a bond sell-off results in higher interest rates, could we see a repeat of the GFC but driven by different causes?

Pop in Perpetuity

Posted on by
Reply

Exactly a year ago, I blogged about ageing rockers and their propensity to continue touring and recording. This past weekend I experienced two events that provided almost polar opposites as to how musicians will perpetuate their “live” legacy. (Of course, in theory, their recordings will last forever, in physical, digital and streaming formats – as long as the equipment, technology and platforms survive…)

On the one hand, there was the Sun Ra Arkestra, who since their founder’s death in 1993, have continued to play the music of Sun Ra, respecting the sound, format and spirit of the original band formed in the 1950s. Some of the current band members played with Sun Ra himself, so there is a thread of continuity that connects us back to the past. But even as these surviving members depart this world, the music of Sun Ra will live on in concert form through subsequent generations of players. This type of perpetuity is not uncommon among bands of the 60s, 70s and 80s, although in many cases, there is usually at least one original band member performing, or members who overlapped with the band founders. (Some notable exceptions: Soft Machine, who continue performing and recording, but whose remaining original member left nearly 50 years ago; and Faust, who split into at least two separate bands that still tour and record under the same name.)

On the other hand, there was the high-tech concert presentation by the late composer and performer Ryuichi Sakamoto, entitled KAGAMI. This involved the use of AR headsets and a 3D avatar of Sakamoto, captured in sound and vision performing a selection of his music, sat at a grand piano. The audience, initially seated in a circle around the virtual performance area in order to acclimatise to what they were seeing, was invited to move around the avatar, and even peer into the open grand piano. Two things were striking: first, the 360 degree image was very impressive in the level of detail; second, even if someone was standing between the viewer and the avatar zone, the headset still presented the image of Sakamoto sat at the keyboard. The technology not only captures a digital visualisation of the pianist in action, it also replicates the notes he played as well as the tonal expression and the timbres, resonances and acoustics of the physical instrument. While the audio HiFi was superior to the atavistic CGI, the latter will no doubt improve; as will the slightly clunky and heavy headsets – the 50 minute duration is probably the most I could have endured.

Neither format of the above concerts is better or superior to the other. Both are authentic in their own way, and true to the artistry of musicians they celebrate. Of course, if we end up using AI to compose “new” music by Sakamoto, that may undermine that authenticity. But given Sun Ra’s origin story, I wouldn’t be surprised if he started beaming his new works from Saturn.

 

Regulating Social Media….

Posted on by
Reply

The term “mainstream media” (or MSM) is generally used as a derogatory term to describe traditional news services (print, broadcast, on-line), especially by anyone who thinks that MSM does not reflect what’s “really going on” in politics, society and the wider arena of current affairs. Depending on which conspiracy theories or political agenda you follow, if MSM doesn’t agree with or express your viewpoint, it’s become very easy to dismiss the Fourth Estate as an instrument of the (deep) State, or merely serving the interests of an oligarchy of wealthy media owners and press barons. This dialectic is sometimes described as the Fifth Estate – those bloggers, podcasters, citizen journalists and marginalized voices that seek to pursue their version(s) of the truth via new content platforms.

Although the tradition of the counter-culture as represented by this Fifth Estate has a very long history, its growth has been accelerated and amplified thanks to new digital technologies in general, and social media brands in particular. The problem is, not only is social media challenging (and ignoring) many of the rules and conventions that underpin the social contract between the public and the traditional media outlets, our governments and regulators cannot keep up with the pace of technology.

In the late 1980s, when I studied sub-editing and basic journalism at night school, the ethos of The Five Ws of Journalism were still taught as the essentials of any credible news outlet or publication. This was also a time when the media was going through significant changes, from new content technology to cross-border ownership, from multi-channel narrow-casting to 24-hour rolling news formats – yet the principles of source verification, fact-checking, libel laws and the right to reply were generally still seen as crucial to instilling public trust and confidence in the media (alongside a healthy dose of scepticism to not believe everything that we read in the paper!).

Now, with social media grabbing more of our attention, and with large, global and engaged audiences on their platforms, who are getting more of their news from these channels, the term “MSM” could easily apply to social media itself. Hence the term “legacy media” has emerged to describe traditional news services.

Whether it’s Facebook wanting to be the “world’s newspaper” or X positioning itself as the global “public square”, it’s clear that these new media barons are in many ways no different to the aging media moguls they seek to displace. Newspapers don’t make money from their cover price or even subscriptions – most revenue comes from advertising and the “rivers of gold” it represents. Now, those advertising dollars are on-line, and tied to our social media accounts and the proliferation of posts, “likes” and “shares” (as well as our personal data).

So how should we think about regulating social media, if the old rules no longer apply?

First, the policy, regulatory and industry framework to oversee social media needs to be simplified and streamlined. In Australia alone, based on a cursory internet search, I identified more than a dozen entities (government, agency, association) that have some form of oversight of social media. Apart from being highly inefficient, surely it doesn’t have to be this complicated? (And complexity and ambiguity can embolden those who seek to flout convention.)

Second, if a social media platform wants to be taken seriously as a trusted news source, and if it aspire to be recognsied as a publication of record, it has to adopt some fundamental principles such as The Five W’s. It’s all very well saying that these platforms are anti-censorship, and pro-free speech, but those rights come with a heap of legal and social responsibilities. To argue that these platforms are merely conduits for public opinion (rather then being content publishers) undermines agency theory. Given that I am not entitled to a social media account (I don’t think it’s yet risen to being a fundamental human right?), and that I don’t own my account (often, not even the content I post), social media companies act as our agents. They give us permission to use their services, and they ultimately control what we post on their digital real estate. They also use algorithms to manipulate what is served up in our feeds. Social media should therefore be held accountable for content that it enables to be disseminated; take more responsibility for any libel, lies or dis/misinformation issued on its platform; and risk prosecution for any content that promotes, encourages or incites violence, insurrection and public disorder.

Third, the fact that much of the content on social media is user-generated should not absolve these platforms from having to provide a formal right of reply, as well as adhering to a recognised and independent dispute resolution service. This will enable alleged victims of on-line bullying, harassment, personal abuse and outright lies to seek redress, without having to embark on expensive legal proceedings. (Of course, if social media companies maintained fact checking and other verification tools, they should be able to mitigate, if not eradicate, the need to invoke these mechanisms in the first place.)

Finally, any reputable social media company should be willing to sign up to minimum standards of practice in respect of content originated or disseminated on its platform, as well as observing existing regulation around personal data, data protection, cyber-security, privacy, intellectual property rights and general consumer protections. At the very least, social media has to prove itself a credible alternative to the legacy media it seeks to displace, otherwise they are not the solution, just another part of the problem.