09 Sep HAVE CRYSTAL BALL, WILL TRAVEL; THANKS, BUT NO, THANKS – SUPPLY CHAINS AND ESG
Welcome to this week’s business and media intelligence update.
HAVE CRYSTAL BALL, WILL TRAVEL
Increases in household spending and exports helped deliver a rise in the June quarter GDP figures, but economists are painting a murky outlook for the Australian economy as it battles strong headwinds.
The big four banks expect growth to slow over the next six months to two years as the post-COVID rebound subsides and higher prices, rising interest payments and negative real wage growth begin to put pressure on households and consumption. Sobering stuff, to be sure …
On the bright side, ANZ senior economist Felicity Emmett is predicting that Australia will manage to avoid a recession given the current strength of households and businesses.
THANKS, BUT NO, THANKS – SUPPLY CHAINS AND ESG
As supply chains become more complex, companies need to pay even closer attention to possible environmental, social and governance (ESG) issues that could flare up at any level … as Ansell discovered this week.
UnitingCare, one of Queensland’s largest private hospital and aged-care providers, has cut ties with the listed Australian protective clothing company amid ongoing concerns about modern slavery along its supply chain.
The move follows a decision by US Customs earlier this year to ban one of Ansell’s biggest suppliers – a Malaysian disposable glove maker – alleging it was using forced labour.
GENDER DIVERSITY STILL HAS A LONG WAY TO GO
Chief Executive Women (CEW) president Sam Mostyn has a challenge for the Federal Government to tackle the lack of women in executive leadership roles – introduce financial sanctions for companies who fail to submit an annual Workplace Gender Equality report and consider linking government procurement contracts to firms demonstrating gender balance.
Her comments came after CEW’s latest Census showed yet again how Australia’s biggest companies are going backwards in appointing women to executive leadership roles, noting it would take 100 years to have at least 40 per cent of CEO positions at ASX300 firms filled by women based on current trends.
In yet more depressing news, it emerged that only 60 per cent of resources companies had signed up to the Minerals Council of Australia’s code on eliminating sexual harassment, while Sex Discrimination Commissioner Kate Jenkins highlighted how alcohol, social networking and career progression can be for a dangerous combination for women.
TO INFINITY AND BEYOND!
The long-held dream of a flying car may soon become a reality.
AMSL Aero, the developer of the world’s most efficient “green” flying vehicle and a Cannings client, announced this week that it has raised an additional $23 million in its Series B.
The company’s aircraft, Vertiia, can reach speeds of up to 300 kilometres per hour and has a 250-kilometre flying range using electric batteries. Due to low operating costs, the cost per passenger would be equivalent to a ride-sharing service, with a flight from Melbourne to Geelong taking just 15 minutes and costing only $130.
The new funding will be used on pre-production and test flights.
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