James Warburton, the boss of Seven West Media, has urged the new Labor government to not make the streaming giants invest in Australian content, warning it would only result in driving up the price to make local TV shows and films.

“At Seven, we’re required to run 55 per cent Australian content between 6am and midnight. We don’t just accept this condition as part of our licence requirement, we celebrate it. In fact, it’s what makes us unique,” Mr Warburton told a Committee for Economic Development of Australia (CEDA) lunch.