Public trust in Australian businesses is currently at its highest in five years, according to the newly released Edelman Trust Barometer, which examining the levels of trust across the institutions of government, business, NGOs and media.
According to the 2014 Edelman Trust Barometer, 59 per cent of Australia’s informed public trust Aussie businesses, rising 11 points from the previous year. Australians also now expect business to play a much bigger role around the debate and design of regulation, as 73 percent of informed publics believe government should not be working alone when setting policy.
“It has typically fallen under the remit of government to create the context for change,” Michelle Hutton, chief executive officer for Edelman Australia, said. “Today, people expect businesses to play a bigger role in shaping a positive future, trusting business to innovate, unite and deliver across borders, but as the Edelman Trust Barometer reveals, only under the watchful eye of government.
“CEOs must now go beyond their operational remit to become chief engagement officers, educating the public about the context in which their business operates.”
The Barometer also revealed that ownership type and where a company is headquartered were major influencers impacting trust in business.
Australians show a preference for family-owned (76 per cent) and SME businesses (67 per cent), trusting these types of businesses to do what is right. Less than half (42 per cent) said the same of big business, demonstrating the continued support Australians show for local businesses.