After a year in which trust has rapidly declined in both media and government institutions, business has emerged as the clear leader in shaping the future of Australia’s society and policies with 58 per cent of Australians revealing they trust business to do the right thing.
In comparison only 52 per cent of Australians said they trust government to do the right thing (-9 points year-on-year) and only 43 per cent saw the media as trustworthy, making it the only institution in Australia distrusted by a majority of the population.
The 2022 Edelman Trust Barometer is its 22nd annual trust and credibility survey that is powered by Edelman Data & Intelligence (DxI). Data is collected via 30-minute online interviews conducted between 1 November and 24 November 2021 across 28 countries and more than 36,000 respondents across business, industry, non-government agencies and media.
The Australian component of that business is now being held accountable for taking a stand on issues that align with their values and beliefs. The survey revealed that 56 per cent of Australian consumers will buy or advocate brands based on their belief and values; 57 per cent of Australian employees will choose a place to work based on their beliefs and values, and 64 per cent of investors make financial decisions based on their beliefs and values.
The pressure is now on chief executive to lead on change and 80 per cent of participants in the survey said CEOs should be visible in discussing policy with external stakeholders or work their company has done to benefit society.
Australians also expect CEOs to inform and shape conversations around subjects specifically related to jobs and the economy (72 per cent), wage inequality (72 per cent), technology and automation (68 per cent), prejudice and discrimination (64 per cent) and climate change (61 per cent). However, CEOs are expected to stay out of politics.
The barometer also found that for most people the quality of information they are given by business – and other institutions – is imperative for building trust.
The report found that Australians want business to be doing more, not less, when engaging on all societal issues with 44 per cent saying business should be doing more when it comes to climate change, compared to 10 per cent who think business is overstepping when it comes to the environment.
Employers continue to enjoy strong levels of trust with their employees, with nearly three-quarters of Australian employees (74 per cent) saying they trust their employer, compared to 58 per cent who trust business in general. Employers’ communications are also highly trusted (70 per cent), eclipsing communications from government (63 per cent), media reports with named sources (58 per cent) and advertising (51 per cent).
Conversely, more Australians see business and NGOs more unifying than those who consider these institutions playing a dividing role.
