2022 was supposed to have been the year when the world emerged from the pandemic, with a promised return to normal life and an economic boom. Instead, we got an unprecedented Russian invasion of Ukraine, spiraling commodity prices, greater global food insecurity, skyrocketing interest rates, continued climate shocks, strict Covid lockdowns in China and a retreat from globalisation due to geopolitical risks. This triggered a cost-of-living crisis among the lower- and even the middle-class worldwide.
People now fear for their economic future without a trust safety net. Only 30% of respondents say they and their families will be better off in five years, a 11-point decline from 2022.
Very few would help, live near, or work with someone who disagreed with their point of view:
would help them if they were in need.
would be willing to live in the same neighborhood.
would be willing to have them as a coworker.
Even among those who see their country as polarised, my employer is the only trusted institution.
While people want business to do more on social issues, it risks being politicised when engaging on contentious issues.
As the most trusted institution, business holds the mantle of greater expectation and responsibility. Leverage your comparative advantage to inform debate and deliver solutions across climate, diversity and inclusion, and skill training.
The best results come when business and government work together, not independently. Build consensus and collaborate on policies and standards to deliver results that push us toward a more just, secure, and thriving society.
A grim economic view is both a driver and outcome of polarisation. Invest in fair compensation, training, and local communities to address the mass-class divide and the cycle of polarisation.
Business has an essential role to play in the information ecosystem. Be a source of reliable information, promote civil discourse, and hold false information sources accountable through corrective messaging, reinvestment, and other action.
Polarisation is a central theme globally in this year’s Trust Barometer, with Australia currently straddling the boundary between ‘moderately polarised’ and ‘in danger of severe polarisation’.
More than half (61%) of respondents think the lack of civility and mutual respect today is the worst they have ever seen.
Government joins media in the realm of ‘distrust’ for the first time since 2020, declining seven points in just the last year to 45%.
In this year's Trust Barometer report, the government joins the media in the realm of ‘distrust’ for the first time since 2020, declining seven points to 45%. To mirror this, trust continues to slide for Australia’s institutional leaders, with journalists (36%), CEOs (39%) and Government leaders (41%) all declining for a second consecutive year. Despite Government also being distrusted, media continues to be the most distrusted institution in Australia, only trusted by 38% of people (down 5 points).
Across the world, we're united in our fears and economic optimism has collapsed globally. Amid the rising cost-of-living, interest rates and energy prices, only 30% of Australians believe they will be better off financially in 5 years, down 11 points from 2022. In a common unifying thread from across the globe, an enormous 83% of Australians are worried about job loss, and 69% about inflation. Alongside personal economic anxieties, several geopolitical issues are causing fear amongst Australians - including nuclear war (68%), climate change (61%), energy shortages (59%) and food shortages (54%).
In Australia, Business remains the only institution seen as both ethical and competent. 'My employer’ ranks as the most trusted institution, compared to Government, Media, Business, and NGOs, in every 23 out of the 28 countries. 75% said they trust their employer to ‘do what is right’ – more than business, government, NGOs and media. Also, CEOs are expected to publicly take a stand on the treatment of employees (91%), climate change (78%), discrimination (75%), the wealth gap (74%) and immigration (66%).
On Wednesday, February 8, 2023 we launched the 2023 Edelman Trust Barometer Australia Report in Sydney: Our panelists included Andrew Parker, Chief Sustainability Officer, Quantas; Megan Brownlow, Deputy Chair and Chair of the Audit & Risk Committee, Atomos; Antoinette Latouf, Non-Exec Director, Media Diversity Australia; Prof. Shane Hearn, CEO, First Nations Media and Michelle Hutton, Vice Chair, Asia Pacific, Edelman; and moderator Susan Redden Makatoa , EVP, Head of Corporate, APAC.
