I'm currently studying journalism and I see no major problem with the media.
I say "major" because, well, what do you expect? The ABC and SBS are the only networks broadcasting news for no profit. Hence, they will be the most balanced.
Seven, Nine, Ten, Telegraph, Herald, 2GB, 2UE, etc. ALL run for profit. Which means they need to sustain a large audience. Nothing sustains an audience like controversy.
These networks running for profit, what they show is dictated by their audience. An indepth piece on Julian Assange will bore people. Showing that you'll pay $10 because of the carbon tax? People relate to that, it affects them, even if its mundane news, and they're more likely to eat it up.
I have no idea what you complain about. Italy's media was owned by it's Prime Minister. China doesn't have any rival news agencies, they use the one the government controls. The US….that's all kinds of retarded. The media there have proper smear campaigns. I'm talking about a guy who was running for presidential candidacy being IGNORED by the media. That's the kind of %$#* they have to deal with over there.
Here? Our media is just fine. We have no real right to complain.