It was "live" in the sense that Mad Max was also filmed "live in Australia."
While the in-studio anchor explicitly stated that the reporter was directly over the search site, their helicopter was, in fact, hovering over the channel's Brisbane studios on the first day, and simply sitting on the channel's helipad with its blades whirring the next. That's not even a good lie -- you know, one in which you get credit for trying. That's not turning in a report card with forged grades to your parents; it's taping a picture of your smarter brother to your face and pretending you're actually him.
This just confirms our suspicion that Australia is a fake country.