The chairman of one of Australia's largest radio networks has taken a swipe at the Abbott government over the lack of action on media ownership laws.
Southern Cross Austereo chairman Max Moore-Wilton, who was Australia's top public servant in the late 1990s under John Howard, says he's disappointed the government hasn't reformed the laws and claims businesses and consumers have suffered as a result.
"We certainly believe it's holding back our business in terms of providing a better service to our communities; we are literally hogtied at the moment by the nature of the regulation," he told reporters after the company's annual general meeting on Tuesday.
Current laws prohibit a broadcaster from reaching more than 75 per cent of the population and prevent one company from owning a TV station, radio station and newspaper in the same market.
The Abbott government has made it clear it wants the laws changed but Communications Minister Malcolm Turnbull says a lack of consensus among media owners is holding up reforms.
A number of media players, including Ten, Fairfax and Nine have backed the possibility of reform but Channel 7 owner, Seven West Media, seems less enthusiastic.
But Mr Moore-Wilton, who headed the department of Prime Minister and Cabinet under Mr Howard and earned the moniker Max-the-Axe as he carried out heavy public service cuts, accused the government of failing to take responsibility for public policy.
"Someone will have to make a decision and at the highest levels of government that will have to be taken," he said.
"Because, to reach consensus among competing parties has proven very difficult."
A spokesperson for Mr Turnbull declined to comment.
Mr Moore-Wilton's comments came after Southern Cross, which owns the 2DayFM and Triple M radio networks and is a regional affiliate of Channel 10, flagged a steeper-than-expected fall of 18 to 20 per cent in first half underlying earnings due to advertising and ratings pressures.
Southern Cross made a net loss of $296 million for the 2013/14 financial year.
Shareholders were disappointed by the first half earnings warning, pushing Southern Cross shares down six cents, or 6.5 per cent, to 86.5 cents.
The warning came just two months after it flagged 10-15 per cent drop in earnings before interest, tax, depreciation and amortisation for the first six months of 2014/15.
Mr Moore-Wilton said conditions remained tough but the company had proved resilient.
However, he conceded the departure of high profile radio duo Kyle and Jackie O from 2DayFm had hurt the network.
The pair departed 2DayFM at the end of 2013 and have proved to be a ratings winner for rival Kiis FM, which is owned by Australian Radio Network.
"Hindsight is a wonderful thing - would we have preferred to have continued as the number one breakfast show in Sydney, unequivocally yes," he said.
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