When the first issue of the new series of Steele Rudd's Magazine appeared in July 1929, it represented the fifth attempt by Arthur Hoey Davis to sustain a magazine in the Australian market. Previous series had achieved some success, reaching a wide readership, but most had ended in financial difficulty. This series, produced in Sydney, was Davis' last term as proprietor of a magazine.
Like previous series, the first issue declared the interests of the magazine in an editorial:
'Steele Rudd's' will be conducted strictly along the lines of ability, national service, morality and commonsense. It will not be a purveyor of social personalia of the self-seeker, photographic and feminine idiosyncracies, movie-star painted absurdities and claptrap. Pictures or personal paragraphs in its pages will be printed only of people who have distinguished themselves by achieving something worth while in one form or another, excepting, of course, in cases of entertaining and useful satire.'
Without advertisements for farm equipment, the new Steele Rudd's Magazine did not immeditely exhibit the rural focus of its predecessors. The prose and poetry, except for several prominent examples from Steele Rudd and Henry Mostyn, also exhibited less of a rural bias. Contributions included a portrait of Ireland, an article on socialism by former Prime Minister Billy Hughes, a discussion of women's rights by Winifred Hamilton, and articles on the timber industry and immigration.
Only several issues of Steele Rudd's Magazine were produced, the venture apparently suffering financial difficulty as the Depression began to take hold. Nevertheless, it remains a significant part of the series of magazines published under the name of Steele Rudd between 1903 and 1930.