Excerpt of new hit lampooning old Aussie leader (7)

I believe the answer is:

whitlam

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'excerpt' is the definition.
I know nothing about this answer so I cannot tell whether this works.

'new hit lampooning old aussie leader' is the wordplay.
'WHITLAM' is hidden within the letters.
But, I'm unsure how the hidden word is indicated.

'of' is the link.

Can you help me to learn more?

I've seen this clue in The Independent.

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