News Corp co-chair Lachlan Murdoch has called out the Australian government’s plans to position itself as “the arbiter of truth” under proposed misinformation laws.

In Australia for the News Corp Australia’s annual News Awards for Excellence, he spoke of governments’ secret moves to “suppress and censor debate” during the COVID-19 pandemic, urging journalists and editors to continue to expose “these excesses” and hold politicians to account.

“It is ironic that at a time when our country is rightly vigilant and proactive in resisting foreign interference in our politics, media and communication infrastructure, the federal government is proposing misinformation laws that will position them – the government – as the arbiter of truth,” he said.

Lachlan Murdoch – who will become sole chair of the global media giant when his father Rupert transitions to ‘chairman emeritus’ next week – also cited “out-of-control cost-of-living pressures” as a critical issue confronting Australia and warned of the “political and social bias built into emerging AI-driven chatbots, like ChatGPT”.

He presented the Keith Murdoch award for journalistic excellence – named for his grandfather – to Sky News Australia’s Northern Australia correspondent Matt Cunningham for his coverage of the voice to parliament campaign and unrest and violence in Alice Springs earlier this year.

• News Corp chief executive Robert Thomson has reported a “sterling” start to the financial year, with revenue and profitability on the rise.

First-quarter revenues presented this week were one per cent higher at $US2.5 billion (A$3.93 billion), with first-quarter EBITDA at $US364 million, up from $US350 million in the previous corresponding period.

Net income was $US8 million lower at $US58 million, “impacted by non-cash impairment charges of $US21 million in the news media segment”.

Profitability was expected to grow “despite the challenging macro-economic environment”, with the company’s digital assets performing strongly. He said value from the company’s transformation in recent years was “not yet recognised in the share price’’.

Resulet – following “the three most profitable years since the creation of the new News Corp” – highlighted “the disparity between the value of our company and our share price, which we believe does not reflect our present profitability, yet alone the potential of our incomparable, growing businesses”.

Thomson also said News was “assiduously reviewing our structure” to ensure it was set up to best maximise value for all investors.