Budget grocer ALDI has again come out on top in the latest Roy Morgan Net Trust Score Survey that measures Australia’s top brands with a net trust score.
In second place was hardware retailer Bunnings, Qantas was third, while the ABC came in at number four on the list.
The study also revealed:
- Bendigo Bank was ranked Australia’s trusted bank in Australia
- HCF is the most trusted private health insurer
- Netball is the most trusted sport
- The ABC is the most trusted media brand
- SBS was the most trusted commercial media brand
- The most trusted industry sector is retail, with the banking sector, by far, the most distrusted
Bendigo Bank was the only bank brand to defy the fallout from the Financial Services Royal Commission. It has, despite the Royal Commission and the high levels of distrust in the banking sector, remained in the top 10 brands with a positive Net Trust Score (NTS) across the five surveys to date.
On the flip side, while the big-four banks remain in the top 10 most distrusted list, partly due to revelations of wrongdoing in the Royal Commission, AMP has moved from nowhere in the benchmark survey to feature prominently in the two most recent surveys of Australian brands with a negative NTS.
Commenting on the findings, Roy Morgan CEO Michele Levine said: “The banks were already deeply distrusted so any material impact on their market value is up and down. But AMP has never before been so distrusted,” she said.
“Seventeen years ago, AMP shares were worth more than $14. Today they’re worth less than $3.50. That’s a drop of 72 per cent.
“AMP’s skyrocketing level of distrust has cost the household brand billions of dollars. According to financial analysts, more than $4 billion has been wiped off the company’s value as a direct consequence of revelations during the Royal Commission.”
According to Levine, Facebook’s recent trust woes has severely impacted on Australians’ view of the social media platform.
Levine added: “After all the accusations of fake news, international political interference, and the Cambridge Analytica data privacy scandal, users, employees and advertisers jumped ship.
“Facebook’s distrust score catapulted it into the #1 ranking on the Roy Morgan top ten most distrusted media brands, and into the top ten most distrusted brands in Australia.
“Facebook’s earnings dropped and its share price plummeted, wiping $US145 billion off its market value,” she said.