Australia’s own  MERITOCRACY is a fable. “If they can do it you can too in the land down under” is the myth preached just as you to can win the lottery and some do while the system guarantees you won’t because it’s designed that way. Inheritance ensures an increase in generational poverty and a flow up and an imaginary promise of a better trickle-down in the next decade. Remember Hawke’s promise that no child will be born in poverty well it worked for James and Lachlan

Billionaire media scions Lachlan Murdoch and James Packer have a close friendship which has endured the ups and downs of mega-deals including Australia’s ‘Super League’ war, the collapse of One.Tel, the rise of Realestate.com.au and failure of Channel Ten – some of the best and worst moments of Lachlan’s career. This edited extract from Paddy Manning’s new biography of Lachlan Murdoch sheds new light on their tumultuous business history.

Source: Billionaire babies: how James Packer and Lachlan Murdoch kept their eyes on the prize – Michael West