Matt Gudinski in business with music legend father Michael at Mushroom Matt with his father, Michael Gudinski. THE rumours proved to be as ridiculous as they appeared. When Matt Gudinski sent out an invite to the music industry inviting them to a party touting "a new Mushroom is sprouting," some pundits suggested it heralded the imminent retirement of his father, Australian music legend Michael Gudinski. The indefatigible record label boss and concert promoter chose to celebrate the 40th anniversary of his iconic family-owned music group with a relaunch of the Mushroom brand and the promotion of his son Matt to the position of executive director. "If any other p....k asks me if I'm retiring tonight they can f... off," Gudinski snr said with mock outrage throughout the party in an inner-city Melbourne warehouse last Tuesday. All Michael wanted to talk about was the next 40 years. The man who helped usher in a golden era for Australian music in the 1970s against the backdrop of a consumer culture obsessed with imports has been enjoying an artist-led renaissance in recent years thanks to the successes of the Temper Trap, The Rubens, Troy Cassar-Daley and Kasey Chambers and Shane Nicholson. Molly Meldrum (L) and Matt Gudinski at the Mushroom Group's 40th anniversary at Thousand Pound Bend in Melbourne. Photo by Graham Denholm/Getty Images Meanwhile, Matt was growing illusive, his own label, touring and innovative artist services under the umbrella of his father's company. He helped propel hip hop trio Bliss n Eso into the mainstream and was savvy enough to pick Bruno Mars up for his first Australian tour just as the American r&b hit the charts here. In the early days of Illusive, Matt preferred his artists to do the talking, keeping a behind-the-scenes presence out of the shadow of his celebrity father. "Me and dad discussed it many times that I didn't want to just come in and get too involved with Mushroom; it was in an interesting place when I was starting out, re-establishing what it was doing," Matt says. We have always been working together, (but) now it's the time I felt comfortable I had made a bit of a mark doing my own thing. While Matt talks, Michael paces, occasionally interrrupting with a burst of enthusiasm about something his son has said or to add a rallying cry to the message behind this Mushroom reload. Joe Newman of the band Alt-J performs at a party to celebrate the Mushroom Group's 40th anniversary. The elder Gudinski is renowned for being impassioned about all things music and easily distracted by the next subject he wants to broach. His son, no doubt frustrated after a lifetime of wanting his father to focus on one thing at a time, politely suggests his father settle down. "It might be good for you to have a listen too," he says, firmly but quietly. They are indeed an odd couple but clearly have an abiding respect and love for each other and have a natural back-and-forth on everything from their philosophies of keeping their artists happy or sorting out a last minute bureaucratic battle about permits for that night's party. Michael makes a joke that they should have rebranded the company Mushroom and Sons, punning off the current folk chart-toppers Mumford and Sons. And while Matt may represent the future for the Australian music company, he is happy to reference its mighty past. "Part of our new identity is the tag "life's magic with Mushroom," Matt says, grinning. We've used it before. All this flurry of activity isn't just about introducing an united Gudinski front to the music industry. Michael sold the label in 1998 - Warner Music now owns the name and catalogue of the recording side - but maintained the Mushroom umbrella for his other interests including music publishing, merchadise, film, booking agencies and almost two dozen subsidiaries. Even as he started the Liberation label to return to the record industry and signed up other well-performing independents including Ivy League, the home of current buzz acts The Rubens, Alpine and Lanie Lane, the general impression was Michael had switched his first love back to touring. His Frontier Touring brought some of the biggest acts in the world to Australia and has a full slate for February and March including Bruce Springsteen, Norah Jones, Neil Young and Ed Sheeran. "I was supposed to have a shoulder reconstruction in March but I've told them we'll have to wait until April," he says, laughing. But he admits he lost the vibe for the creation of music after selling Mushroom. After the sale, for a while there I wasn't listening to music. But I am loving music again and that makes a lot of difference to my head," he said. I've never been more excited, even in my years coming up. I am so determined to do anything I can, not just for our artists but anyone I can to see that the Australian invasion overseas happen. It's been so close to coming for so long. In the last year or so we've seen Gotye, the biggest thing of all time, our act the Temper Trap have broken, you've got Tame Impala going great and the live scene is bubbling along like it was in the `70s when I started. He has declared his goal is to achieve music's Holy Grail - a No.1 album in the US. And if he doesn't do it, that Matt will. In the digital age, you're not just an Australian company. We are going to set ourselves up to not only showcase our music to the world but give our artists what they need in other territories as well," Matt explains. But before the world domination, there was the party. The Gudinskis may be the last men standing when it comes to throwing an old-fashioned music shindig with much of the industry wiped out with a collective hangover on Wednesday. The event showcased the cream of the crop of their labels including current British chartbusters Alt-J, The Rubens, Snakadaktal and new signing Vance Joy. The occasion also allowed them to announce the marquee signing of one of Australia's hottest talents Dan Sultan. It was a personal mission of mine to sign Dan Sultan. With Matt taking more of an involvement, it means I can focus on the things I like that, pick my things and have some fun," he said.