As a former journalist and businessman, Malcolm Turnbull has followed the movements of Australian media for over 30 years.
He says the advent of social media has impacted the quality of news reporting because of the pressure to deliever content to Australian audiences instantly.
The 57th annual Walkley Awards for Excellence in Journalism will be broadcast from 9.40pm on Friday November 30 on SBS ONE.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
"The media cycle is just continuous. People are no longer waiting till six o'clock to get the news," Malcolm Turnbull told SBS.
"That puts enormous pressure on journalists because they're working much, much harder for no more money, in fact often for less money, and it puts a lot of pressure of course on politicians."
As a journo turned politician, Mr Turnbull says there is always tension between reporters and members of parliament.
"Lucy often says she thinks in Canberra the politicians are the foxes and the journalists are the hounds," Mr Turnbull says, quoting his wife.
"And that's quite healthy. You've got to remember that the role of journalism is to hold a mirror up to power and to challenge power and to hold it to account, and it does that as a public service."
And with new media technologies, Mr Turnbull says politicians now have the option to bypass traditional media if they want to communicate directly with voters.
"You are now in the position, where using social media, you can get something out as a politician into the public domain instantly and bypassing the mainstream media," Mr Turnbull says.
"The gatekeepers have lost their authority and now they are as often as not reporting what is on twitter and facebook."
But Mr Turnbull acknowleged that social media is not always effective. He also says the demand for news coverage, as opposed to news, has created a tendancy for journalists to go for quick superficial answers from politicians.
"The need to have a more measured debate is very important. I think the problem is increasingly journalism is under so much pressure to produce so much stuff, you simply cannont write in-depth policy work with the limited resources both of time and money that they have."
"I think we need to celebrate good journalism, outstanding journalism. I think, reward it - employers should reward it where they can. I think it also needs to be recognised. So, I'm very much supportive of the Walkleys. The Walkeys are more needed now than ever."
