Bunnings has been named Australia’s most trusted brand, followed by Aldi and Woolworths as retail, supermarkets and consumer products is named Australia’s most trusted industry.
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Research house Roy Morgan released the trust ratings on Tuesday, noting that trust is “an essential ingredient in any functional relationship”.
It found that Bunnings was the brand with the highest Net Trust Score, followed by Aldi, Woolworths and insurer NRMA.
National broadcaster, the ABC, was the fifth-most trusted brand, with supermarket giant Coles sliding into sixth place.
The national carrier, Qantas was next, followed by Toyota, Kmart and Bendigo & Adelaide Bank.
Last year, Aldi landed first place followed by Bunnings, while Qantas and ABC took out third and fourth place. ING bank and Target have fallen off the list entirely, replaced by Woolworths and Coles.
“It’s important to understand that distrust is not uncertainty about whether to trust, nor is it an absence of trust. It is something separate, something much darker and more damaging,” Roy Morgan CEO Michele Levine said.
“The key message for business is that distrust is a major risk factor which must be monitored because it leads to customer churn, loss of market share, and a plummeting share price.”
Retail the most trusted industry
Woolworths, Coles, Bunnings, Aldi and Kmart’s appearance in the top 10 brands highlighted retail’s position as the industry which was the most trusted.
Supermarkets and convenience stores was the industry second-most trusted, followed by consumer products, insurance and automotive industries.
On the other end of the spectrum, mining and petroleum was the least trusted industry, with telecommunications, utilities and media also considered distrusted industries.
It comes after a disaster year for the mining and telecommunications industries.
In June, the Australian Competition and Consumer Commission (ACCC) announced it was investigating Telstra for selling “unaffordable” contracts and took Optus to the Federal Court for allegedly forcing customers to switch to its NBN service.
The ACCC also took aim at Dodo in July for misleading thousands of customers, with the telco forced to issue $360,000 in refunds.
The Adani coal mine has also attracted major controversy, with the #StopAdani campaign gaining prominence in June.
The Carmichael mine’s approved groundwater plan would see Adani gain access to around 270 billion litres of Queensland’s groundwater for 60 years, for free.
The mine would also add around 4.6 billion tonnes of carbon pollution to the atmosphere.
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