News Corporation

• By far the most significant decision the Howard government made in 2003 was to support the invasion of Iraq.
• While the Howard government had many other important issues to manage in that year, the Iraq War consumed most attention and sparked most debate in the wider community.

Entering the war

• But in March 2003, Prime Minister John Howard asked the full cabinet to confirm the decision to commit Australia to war.
• Howard advised Hollingworth there was no need to refer to the governor-general any decision to commit Australia to war.
• The governor-general had been consulted but did not need to give his approval, and cabinet had agreed to send Australian troops to war.
• Howard was determined to take advantage of the Iraq war to strengthen the alliance.
• In 2003, public opinion was opposed to Australian participation in the war.
• However, the government was aided by the effusive support of News Corporation papers for its position on the war.

Beyond the war

• Ten years after the agreement came into force, however, analysis showed it had diverted trade away from the lowest-cost sources.
• Read more:
  How the US trade deal undermined Australia's PBS

  Other papers relate to health policy.

• Howard sought to blunt an effective Labor campaign against the erosion of the rate of bulk-billing under Medicare.
• It described the package as a “decisive step away from the principle of universality that has underpinned Medicare since its inception”.

Resources boom – and missed opportunities

• This offered hope Australia could maintain a constructive relationship with its closest ally as well as its major trading partner.
• Three opportunities were missed in 2003.
• One was to establish a sovereign wealth fund to invest the temporary windfall gains from the mining boom.

David Lee is a member of Australians for War Powers Reform.

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• The decrease in both free cash flow and free cash flow available to News Corporation was primarily due to higher cash used in operating activities, as mentioned above, and higher capital expenditures.
• Free cash flow and free cash flow available to News Corporation are non-GAAP financial measures.
• Free cash flow is defined as net cash provided by (used in) operating activities, less capital expenditures, and free cash flow available to News Corporation is defined as free cash flow, less REA Group free cash flow, plus cash dividends received from REA Group.
• The Company believes free cash flow provides useful information to management and investors about the Company’s liquidity and cash flow trends.

• LOS ANGELES and NEW YORK, Sept. 21, 2023 /PRNewswire/ -- Following a career that began nearly 70 years ago in 1954, Fox Corporation ("FOX") (Nasdaq: FOXA, FOX) and News Corporation ("News Corp") (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) announced today that Rupert Murdoch is stepping down as chairman of each board effective as of the upcoming Annual General Meeting of Shareholders of each company in mid-November.
• Mr. Murdoch will be appointed Chairman Emeritus of each company.
• Following the Annual General Meetings, Lachlan Murdoch will become sole Chair of News Corp and continue as Executive Chair and Chief Executive Officer of Fox Corporation.
• We are grateful that he will serve as Chairman Emeritus and know he will continue to provide valued counsel to both companies."