Value Proposition, page-29

Agree with Grajem12 - its a cash cow the decline has been due to zero growth prospects and business cycle has hit hard as Google, Facebook are taking up majority of advertising budgets. Media Legislation was updated in 2016 to protect local content and thats fallen on its face, not to mention writedown of assets at ~$1.2B over past three years which is triple its current capitalisation. Is the cycle bottoming?

The Digital Platforms Inquiry Final Report was completed last month and positively embraced by Morrison.

What the inquiry essentially did is highlight the lopsided equality between foreign digital platforms and Australian companies and has been recognised by the Government, which has potential to be a turning point to better protect consumers (from Google, Facebook etc) and provide a more level playing field for Australia business. Basically The Australian govt will soon charge Google and Facebook a rich penny which opens the gates a little for SWM but we are fair bit away until legislation hits solid ground.