Fairfax has always provided a counter to newscorp and there's no reason this funding wouldn't be available to any new players that wanted to start up.
There is no Fairfax since 2018, and even then Gina Reinhart owned 20% then. Now, it's channel 9, and having Peter Costello at the helm. So... Yeah, we don't really have a balanced or neutral media landscape. The ABC, The Guardian and a small selection of boutique papers and websites are alone in putting journalism before explicit political narratives now. And well, even the first two in that list heavily rely on clickbait and lazy opinion pieces to pad of the content.
I feel obliged to mention Crikey here, mainly because it's quite low-key but deserving of wider readership.
Fairfax still produces daily newspapers with a large readership in Australia's 2 largest cities. To say they don't exist just because their ownership changed is a misnomer.
There's been a very noticeable drop in quality in The Age's reporting though. And then there was this back in June:
https://www.theguardian.com/media/2020/jun/14/journalists-at...
https://www.theguardian.com/media/2020/jun/18/age-editor-ale...
So although they're "Australian owned", they're very far from good "neutral" sources of information.
(Source: am Australian)
EDIT: For those wondering, it's like virtually all of Australia's media being run by Rush Limbaugh. And he has a cozy relationship with the government, so all of this is just a way to force Google and FB to pay him more money.