The 24^th edition of the yearly poll received insights from 32,000 respondents in 28 countries, including Australia.

The Edelman Trust Barometer’s key finding revealed that, out of four categories (Business, Governments, NGOs and Media), Business had the highest trust scores and is seen as more competent and ethical.

The Business trust barometer increased one point to 63 per cent this year, leading NGOs on 59 and Government on 51, with Media the lowest at 50.

The score was closer in Australia, with Business equally leading on 58 points (up four on last year) alongside NGOs (up five), with Government rising five points to 50 and Media dropping two points to 50.

A primary reason for the disparity is management of innovation and technology.

• 64 per cent of respondents believe Government regulators lack adequate understanding of emerging technologies to regulate them effectively.
• Business is the most trusted to integrate innovation into society, with 84 per cent of respondents trusting business to keep innovation affordable, 83 per cent trusting business to communicate pluses and minuses, and 82 per cent trusting business to hear concerns and let them ask questions.
• A growing solution is a demand for business-government partnership, which has surged to 55 per cent in Australia, up 19 per cent since 2015. If government partnered with business on innovations, respondents would trust it more with technology-led changes.

Acceptance of innovation also varies in different sectors.

The most accepted innovation category was Energy, with 54 per cent embracing green energy and only 13 per cent rejecting it. The score was closer in Technology, with only 30 per cent embracing artificial intelligence and 35 per cent rejecting it.

Edelman notes rapid innovation is “a new paradox at the heart of society” that “offers the promise of a new era of prosperity, but instead risks exacerbating trust issues, leading to further societal instability and political polarisation”.

Respondents “need to know that the inventions have been evaluated by scientists and ethicists, are effectively regulated, and feel in control over the impact on their lives”.

Victorian Chamber Chief Executive Paul Guerra said the confidence in business underscores our collective responsibility to uphold integrity and transparency in all that we do.

“The report highlights the pivotal role of business in driving innovation and navigating societal change. With the majority of Australian respondents expressing scepticism about government competence in regulating emerging innovations, the onus falls on us, as business leaders, to ensure the responsible and inclusive deployment of new technologies for the benefit of society,” Mr Guerra said.

The report also notes that 64 countries will hold elections this year, deeming nearly half the world’s population eligible to cast their vote, which will be an indicator of public trust in global institutions in 2024.

The full Global Report is available via the 2024 Edelman Trust Barometer.