02 Jul IT’S TIME (TO MAKE CLIMATE CHANGE DISCLOSURES MANDATORY); THE COMING ATTENTION RECESSION
Welcome to this week’s business and media intelligence update.
PANDEMIC? WHAT PANDEMIC?!
An alien arriving in Australia could be forgiven for thinking pandemics are good for the economy.
Our unemployment rate stands at 5.1 per cent, the property market is on a tear, and now the share market has joined the party. The ASX 200 hit record highs this year, adding $430 billion to its market value, while the All Ordinaries has had its best run in more than three decades. Meanwhile, price-to-earnings or PE ratios, a conventional measure of value, are nearly 50 per cent higher than the average of the past two decades.
Not that aliens would be allowed in, of course, because our borders remain firmly shut.
Aliens who would like to read more about the ASX’s performance this year, should follow this link.
THE COMING ATTENTION RECESSION
Yes, the attention recession is a thing, according to The Economist.
A survey by MIDiA Research found that the average full-time worker in America, Australia, Britain and Canada, gained 15 per cent more free time during the pandemic. And while the more disciplined amongst us lost weight, cared for our children, or worked on creative projects (sourdough, anyone?), lots of others just spent all that free time watching a hell of a lot more TV.
Now, with stay-at-home orders gradually lifting, people are poking their heads out of their pandemic caves and venturing back outside, which in turn means that the attention boom of 2020 is fading. So, the question now for media conglomerates: Will new media consumption habits continue?
Who were the media winners and losers? Find out in The Economist.
IT’S TIME (TO MAKE CLIMATE CHANGE DISCLOSURES MANDATORY)
A joint report by the Investor Group on Climate Change and the UN-backed group Principles for Responsible Investment (PRI) has called for mandatory climate disclosure rules. The report states that voluntary disclosures are no longer sufficient, and warns that company directors could be held liable for failing to understand, disclose, and act on climate risks. They could also be sued for misleading investors if they list environmental goals or disclose their climate vulnerabilities without credible plans to achieve them.
In case you’ve forgotten, the UN International Panel on Climate Change or IPCC has warned that global emissions must be halved by 2030 if we are to avoid the catastrophic effects of climate change.
Morningstar also reports that ESG fund inflows rose to $185.3 trillion in Q1, a 17 per cent increase on the previous quarter, so it might be time for Australian companies to get in on the game.
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