‘Innovation is being mismanaged and tech is leaving them behind’: Edelman Trust Barometer shows an untrusting Australia
Australians are deeply sceptical of our corporations’ and governments’ abilities to manage innovation, which may see us left behind in a global sense.
This is according to the 2024 Edelman Trust Barometer, which this year focuses on trust in innovation “at a time of rapid transformation and against a backdrop of ongoing macroeconomic and geopolitical instability.” It shows that Aussies are far more wary than the rest of the Asia Pacific region when it comes to trusting our core institutions of business, government, NGOs, and media.
Tom Robinson, Australian CEO of Edelman, presented the findings in Sydney this morning, noting that Australia is a comparatively sceptical country in terms of trusting the above four major institutions. Australians are second, globally, to the US in our belief that innovation is poorly managed.
Perhaps it’s also a case of dragging our feet, and being resistant to the fast changes that technology, such as AI, bring.
73% of Australian respondents believe that “society is changing too quickly and is happening in ways that will not benefit people like me”, while 59% of Australians worry “government, business leaders and journalists, respectively, are purposely trying to mislead people by saying things they know are false or gross exaggerations”.
Australians have a distrust of the government’s competency in regards to innovation, ranking it 39 points less competent than the business sector. Interestingly, of the four major institutions, only businesses were trusted by over half of the population – 53% – to integrate innovation into society in a successful manner.
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A trust in brands rather than those who lead the brands is prevalent in the results. Robinson notes there is a window of opportunity for governments and business leaders to restore faith in innovation – albeit a narrow one.
“Currently, many Australians feel that innovation is being mismanaged and tech is leaving them behind, which is in turn exacerbating divisions already prevalent in our society,” he said.
“This year’s Trust Barometer has shown that, to build trust in our institutions and their leaders in Australia, we need to work together in partnership, and be open to new, transparent models of communication.
“Australians want a forum to raise their concerns. They want information about new technologies and innovations which is balanced, and which addresses those concerns in a real way.”
As dentsu’s Data Consciousness Report also highlights, Australians are less worried about inflation (70%) and climate change (63%) than hackers.
“Personal economic fears remain amidst the cost of living crisis but we’re witnessing a shift in societal fears,” Robinson noted.
“No longer are they dominated by energy and food shortages but instead by the increasing threat of hackers and, by extension, cyber security.
“Business, rather than government, carries the greatest burden of responsibility based on the levels of trust we hold. We found that many Australians believe government regulators lack adequate understanding of emerging technologies to effectively regulate them.”
Robinson also spoke to Fear and Greed this morning, where he highlighted the importance of trust in a society.
“Firstly, trust is quite personal,” he explained.
“It dominates the relationships of almost every interaction we have, which is key, as it’s a measure of a relationship between someone and something or someone else. And it’s two- way. And when that balance of trust leans one way or another, and we’re asking to be trusted, we see levels impacted. And it’s fragile, it’s hard-earned, and it’s easily lost.
“And for business leaders, trust defines an organisation’s license to operate, whether it can lead and succeed as well. Trust is the foundation that allows an organisation to take responsible risk, and if it makes mistakes, how it will rebound from them as well. And so for any business, lasting trust is the strongest insurance against competitive disruption. It’s almost the antidote to consumer indifference, if you will, and the best path for continued growth. So without that, really credibility gets lost and reputation can be threatened.
“So that’s why we look at trust as a real measure for how not only the economy is doing, but what we need to do in future to continue to grow and succeed together.”
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Nathan Jolly is the Deputy Editor of Mumbrella. He joined the team in July, 2023.
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