trust

CSIRO identifies trust as key priority for future prosperity

24 February, 2020

“To put Australia on the path to to the most prosperous future…requires a new way of thinking and a new type of leadership which cuts across all walks of life in our great country,” says CSIRO Chief Executive Dr Larry Marshall.

The Australian National Outlook 2019 report looks at what Australia will be like economically, socially and environmentally in 2060. If no action is taken on the most significant challenges in these areas the country faces a slow decline. However, if these challenges are tackled head on, the outlook is positive. This could mean higher GDP per capita, ‘net zero’ greenhouse gas emissions by 2050, strong economic growth and energy affordability, and more liveable major cities.

One of the five key shifts required to achieve this is a cultural one, to rebuild or restore trust in companies, institutions and politics.

Trust in institutions (governments, businesses, NGOs and the media) has declined in recent years. In Australia the percentage of people who say they trust government fell from 42% in 1993 to 26% in 2016. Trust in business has been largely stagnant, but has fallen in recent years, with 45% of respondents in the 2018 Edelman trust survey expressing trust, and only 39% of respondents rating CEOs as very or extremely credible. This loss of trust threatens the social license to operate for Australia’s institutions, restricting their ability to enact long-term strategies.

It is clear that what used to work no longer does. Leaders need to move beyond business as usual, and develop skills and approaches which will equip them to succeed in the new environment.

Read the full report here.

via CSIRO 2019

Photo by Ricardo Gomez Angel on Unsplash