03 Jun IS IT TIME FOR A RETHINK ON GDP?; BOASTING BOSSES BEWARE
Welcome to this week’s business and media intelligence update.
IS IT TIME FOR A RETHINK ON GDP?
First the good news: the GDP data released this week confirmed that Australia’s economy expanded by a stronger-than-expected 0.8 per cent in the March quarter – despite the effects of the Omicron wave and floods.
To come up with GDP figures, the Australian Bureau of Statistics looks at a whole range of economic activity indicators, including private consumption and government spending. They then work out whether the economy is growing or shrinking – a great tool for economists and politicians.
But is it time to change the way these all-important figures are calculated?
Dr Cressida Gaukroger, a senior policy advisor at the Centre for Policy Development, suggests it’s time to include other equally important factors that measure our quality of life such as, commuting time and access to education. Gaukroger argues that including these other variables will most likely give us a better overall picture of how Australia is progressing.
Read her thoughts here.
BOASTING BOSSES BEWARE
Humility may be a CEO’s best friend when it comes to company successes.
A Harvard Business Review analysis of over 23,000 media articles about more than 350 CEOs showed that when the boss takes credit for decisions that achieved unexpected positive earnings, he or she is more likely to be blamed for negative results in the future – and even get fired as a result.
Those behind the research suggest that CEOs should be more modest when times are good to save their skin when times turn tough.
MUSK’S MELTDOWN ON WFH
Billionaire Elon Musk has had enough. Musk has joined the likes of Netflix and Goldman Sachs executives in ordering workers to return to the office – or else.
In a leaked memo sent to all Tesla employees early this week – headlined “Remote work is no longer acceptable” – the world’s richest man wrote “anyone who wishes to do remote work must be in the office for a minimum (and I mean *minimum*) of 40 hours per week or depart Tesla. This is less than we ask of factory workers.”
The edict may not go down too well with his employees. In fact, new research by technology firm Cisco has found that working from home has made Australian office workers happier, healthier, and wealthier, saving as much as $10,000 a year just on commuting costs.
UNPACKING LABOR’S PATH TO ELECTION VICTORY
Prime Minister Anthony Albanese has hit the ground running after Labor’s federal election win, with his first week and a half in the job including a dash to Tokyo to meet his fellow Quad leaders before flying home to name his new Cabinet. And it’s only the beginning…
In our latest podcast episode of On the Couch with Cannings, we talk to Simon Banks, a former senior Labor adviser and Managing Director of our sister government relations agency Hawker Britton, about Labor’s path to an election win and what we can expect next from the new government.
Listen to the episode here.
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