This paper considers the effects of the most recent changes to the broadcasting regulatory regime in Australia, and compares the outcomes for commercial television broadcasters with those for commercial radio broadcasters. It begins by reviewing the path to the current regime and highlighting the differences in the review of regional radio compared with television. It reviews political economy theories in respect of harmonisation of regulation and analyses the distinctly Australian outcome in respect of regional commercial radio. The paper concludes by examining whether the co-regulatory and 'light touch' regulation aspects of the broadcasting regime in Australia have been asymmetrically applied _ reversing the outcome intended by section 4 of the BSA