[2] In 1973–74, he served the Whitlam Labor government as an economic advisor to the Minister for Social Security, Bill Hayden, who was engaged in establishing Medibank and reforming policy for private hospitals and nursing homes.
[5] During this time McGuinness advocated the introduction of Medibank, against the opinions of doctors who mostly wanted health care to remain private.
[2][6] After working for Hayden, McGuinness's career was chiefly in journalism, including senior editorial positions at The Australian Financial Review (1974–87), where he became editor-in-chief in 1982.
McGuinness reportedly became a member of the Australian Labor Party and unsuccessfully sought preselection for the seat of Sydney (which he later persistently denied).
[10] However, he was himself frequently criticised for pomposity and hypocrisy when, for instance, he accepted an Order of Australia AO award in 2003[11] despite a long-held, vocal contempt for such honours.