Interview
Telum Talks To: Peter Switzer from Switzer Daily
By Clare Manera
Telum Media spoke to Peter Switzer, Founder / Editor of Switzer Daily, about why he started the publication and how the banking / finance sector has changed throughout his career.
Can you tell us about Switzer Daily?
Switzer Daily was probably started around 2005. We were building a financial planning business of our own, and I was the Small Business Editor for The Australian, where I introduced business success stories. I was also the inaugural Host of Talking Business on Qantas, where I interviewed cutting-edge business builders. The 1990s dot-com era told anyone who had an eye on the future that you had to have a website.
It really took off during the 2008 GFC, when I purposely went looking for good economic news to counter the excessive bad news that dominated headlines. When we avoided a recession, our unemployment topped out at 6 percent rather than the predicted 10 percent, and the stock market rebounded close to 50 percent between March 2009 and the end of that year. I felt totally vindicated in looking for the positive.
All of this coincided with the Sky News Business Channel converting my once-a-week show to four nights a week in the prime-time spot of 7pm. That show went on for a decade before Sky News closed the channel.
How did you get your start in journalism?
Being a former economics teacher and then UNSW Economics Lecturer, I started an HSC study guide for The Daily Telegraph and I wrote the economics section in 1985. After two years, I was asked to write each week on the economy (Paul Keating made economics newsworthy). The News Director of Triple M at the time, David White, used to read me in The Tele, and in September 1987, he asked me to help him with a documentary called "Are We Living on Borrowed Time".
Two months later, the 1987 stock market crash happened. I was soon on the Doug Mulray Breakfast show in Sydney and Kevin Hillier and the D Generation on the Ms in Melbourne. Both shows were number one in their cities, and I went along for a very enjoyable media ride, leaving academia behind.
How has the banking / finance sector changed throughout your career?
I think comparison websites, the competition banks have from mortgage brokers, and the many positive aspects that have come from deregulation have meant that Australian consumers have been delivered real material gains. What Paul Keating introduced with deregulation and what the likes of Aussie Home Loans' John Symond and Wizard’s Mark Bouris, along with others, did to wrestle borrowers from the stranglehold of the banks was an enormous plus. I also think the work of media people like Paul Clitheroe, David Koch, Ross Greenwood, Effie Zahos, and yours truly, again, along with others, have made our population much more money-savvy.
Are there particular topics or events you've been most proud of covering this year?
Most of my media life has been committed to explaining the complicated aspects of the economy and financial markets, and I hate it when media frenzies scare the life out of investors, homeowners, and the like. For example, media reports about a 30 percent fall in house prices which frightened many Australians, but this was always highly unlikely to happen. Trying to use history to allay investors’ concerns seems like a really important role for me to play, so that the inexperienced avoid making rash decisions on short-term, scary developments. Away from this year, we are really proud that our business took on Harper’s BAZAAR Australia and Esquire Australia magazine during COVID, and they are doing really well. We will soon be relaunching Men’s and Women’s Health online.
How do you like to work with PR and communication professionals?
When PR represents an educational opportunity for my audience, I am happy to give the business some exposure, but I am always keen to underline the pros and cons of any potential investment. Bitcoin was a classic example, where there was a need to do a lot of talking about what it was and why it had spiked so high in price. However, it required people like me to explain the risk / reward story and to warn that big capital gain can also go hand in hand with huge slumps in price.
Can you tell us about Switzer Daily?
Switzer Daily was probably started around 2005. We were building a financial planning business of our own, and I was the Small Business Editor for The Australian, where I introduced business success stories. I was also the inaugural Host of Talking Business on Qantas, where I interviewed cutting-edge business builders. The 1990s dot-com era told anyone who had an eye on the future that you had to have a website.
It really took off during the 2008 GFC, when I purposely went looking for good economic news to counter the excessive bad news that dominated headlines. When we avoided a recession, our unemployment topped out at 6 percent rather than the predicted 10 percent, and the stock market rebounded close to 50 percent between March 2009 and the end of that year. I felt totally vindicated in looking for the positive.
All of this coincided with the Sky News Business Channel converting my once-a-week show to four nights a week in the prime-time spot of 7pm. That show went on for a decade before Sky News closed the channel.
How did you get your start in journalism?
Being a former economics teacher and then UNSW Economics Lecturer, I started an HSC study guide for The Daily Telegraph and I wrote the economics section in 1985. After two years, I was asked to write each week on the economy (Paul Keating made economics newsworthy). The News Director of Triple M at the time, David White, used to read me in The Tele, and in September 1987, he asked me to help him with a documentary called "Are We Living on Borrowed Time".
Two months later, the 1987 stock market crash happened. I was soon on the Doug Mulray Breakfast show in Sydney and Kevin Hillier and the D Generation on the Ms in Melbourne. Both shows were number one in their cities, and I went along for a very enjoyable media ride, leaving academia behind.
How has the banking / finance sector changed throughout your career?
I think comparison websites, the competition banks have from mortgage brokers, and the many positive aspects that have come from deregulation have meant that Australian consumers have been delivered real material gains. What Paul Keating introduced with deregulation and what the likes of Aussie Home Loans' John Symond and Wizard’s Mark Bouris, along with others, did to wrestle borrowers from the stranglehold of the banks was an enormous plus. I also think the work of media people like Paul Clitheroe, David Koch, Ross Greenwood, Effie Zahos, and yours truly, again, along with others, have made our population much more money-savvy.
Are there particular topics or events you've been most proud of covering this year?
Most of my media life has been committed to explaining the complicated aspects of the economy and financial markets, and I hate it when media frenzies scare the life out of investors, homeowners, and the like. For example, media reports about a 30 percent fall in house prices which frightened many Australians, but this was always highly unlikely to happen. Trying to use history to allay investors’ concerns seems like a really important role for me to play, so that the inexperienced avoid making rash decisions on short-term, scary developments. Away from this year, we are really proud that our business took on Harper’s BAZAAR Australia and Esquire Australia magazine during COVID, and they are doing really well. We will soon be relaunching Men’s and Women’s Health online.
How do you like to work with PR and communication professionals?
When PR represents an educational opportunity for my audience, I am happy to give the business some exposure, but I am always keen to underline the pros and cons of any potential investment. Bitcoin was a classic example, where there was a need to do a lot of talking about what it was and why it had spiked so high in price. However, it required people like me to explain the risk / reward story and to warn that big capital gain can also go hand in hand with huge slumps in price.
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