How concerned are Australians about the Federal Budget?
Next week’s Federal Budget has many Australians wondering how they will be affected.
The government has strongly advocated for building a more resilient economy than their predecessors, yet in recent months, the economy is suffering due to a rapid rise in inflation. This has pushed up interest rates and is squeezing the cost of living with both consumers and businesses feeling the pressure.
Following groceries, the leading financial stressors for Australians are petrol, rent, mortgage payments and energy bills. And just to make ends meet, Aussies are making more considered purchases, seeking higher paying employment or working multiple jobs. Australians are already anxious about inflation with growing concern there’s no end in sight.
Will the government restore their trust in Australians and keep their pre Federal Budget promises?
Cost of living crisis
Latest data from CHOICE’s Consumer Pulse survey, revealed that cost of living pressures are a major concern, with 90% of Australians seeing an increase in their household bills and expenses over the past year.
Inflation pressures are intensifying and the Reserve Bank of Australia (RBA) continues to drive up interest rates – their highest level in 7 years. The government has promised a long-term and sustainable approach to cost of living support in the form of a relief package.
Concerned about their mortgage payments, up to a third of mortgage holders could struggle to keep up with future repayments, with younger generations particularly concerned about surging interest rates.
Using Isentia data, during an eight week period from early August to early October 2022, 18% of Australia’s front pages featured cost of living stories. Even in a time of large local and international news such as the war on Ukraine and the Optus security breach, the cost of living crisis was still making front page news.
According to Pulsar data, anxieties around the cost of living, peaked following the RBA’s interest rate announcements on 4 September and 4 October. For the sixth consecutive month, Australians have had to tighten an already lean household budget.
Apprehensions around security increased on 24 September as a result of the Optus security breach and again on 10 October when the government announced changes to the country’s defence projects. Also on 10 October, cost of living concerns spiked after growing speculation surrounding the Stage 3 tax cuts being recalibrated. Australians also felt a heightened sense of unease after the announcement of a future surge in energy costs, following a recent 35% rise.
Anxieties surrounding topics mentioned by the government. Source: Pulsar
Childcare fees are at their highest in 8 years, with child care subsidies failing to keep out of pocket costs to a minimum. On 16 September, conversation around child care spiked, as Treasurer Jim Chalmers promised to reduce the cost of childcare, yet pledged to keep spending restrained in light of budgetary constraints.
As part of the cost of living relief package, this reduction won’t come into play until mid 2023. Can Australian families wait this long?
Problematic climate conditions such as excessive rain and floods are leading to localised food price increases and diminished food quality. Even in the same area, poorer households are faring far worse than affluent counterparts. Across the board, there has been a surge in the cost of fruit and vegetable prices (7.3%) and meat, seafood and bread rising by 6.3%.
On top of these climate issues, labour shortages in both warehousing and transportation have resulted in added disruption to the supply chain. Freight costs are on the rise, putting intense pressure on importers and exporters.
Are Aussie consumers looking at a continued supply chain that is more disruptive than the 2020 toilet paper shortage? The rise in the cost of living weighs on households’ spending, and Australians are seeking alternate ways to make extra cash.
The thrifty shopper
As the cost of living rises, many Australians are seeking alternate ways to make or save cash; trimming budgets where they can; cancelling home entertainment subscriptions, and reducing insurance coverage for lower fees to name a few. Purchases at all levels are becoming more involved and highly considered, with discounts heavily sought after.
As Millennials and Gen Z shoppers are gaining more buying power, their passion for sustainable commerce is stronger than ever. Selling personal items to make extra cash has been on the rise with retail e-commerce platforms such as Facebook Marketplace and ‘Recommerce’ platforms like AirRobe, are booming. Not only are Australians becoming more financially savvy, they are conscious of the need to ‘reduce, reuse and recycle’ – a criteria these platforms adopt.
Following the money
There’s no doubt that inflation is changing salary expectations. And for those in industries where movement and remote working is possible, many Australians are following the money.
Data from the Reserve Bank of Australia, shows organisations have reported higher rates of employees leaving to achieve higher pay packets as a way to provide temporary relief for the rise in cost of living. Interestingly, this higher voluntary turnover was especially concentrated in professional services.
In response to labour shortages, organisations are implementing a range of non-base wage strategies – e.g bonuses, flexible work practices, more internal training and hiring staff with less experience, as opposed to increasing base wages.
Australian Bureau of Statistics (ABS) figures also show Australians are taking on multiple jobs, as full-time work forces employees to juggle several roles to make ends meet. Although multiple job holding is more common in low-paid industries, a record high of 900,000 people held multiple jobs in the June quarter of 2022.
This is an increase of 4.3 per cent from the previous quarter and is a reflection of wages growth stagnating and nominal wages barely keeping up with consumer prices. The result; people needing to work more hours to make ends meet.
Using data insights from Pulsar, wages is one of the ‘most anticipated’ topics in this year’s Budget. The Wage Price Index (WPI) rose 0.7 per cent in the June quarter and 2.6 per cent over the year, which represented a substantial fall in real wages given inflation rose 6.1 per cent last quarter.
Social media conversation around wages is evolving with other indicators suggesting wages are still climbing alongside extreme uncertainty surrounding global growth and rampant inflation.
Will Australians see more dollars in their pocket after the Budget is handed down?
The “most anticipated” topics in this year’s Federal Budget. This is a visual representation of the conversation frequency of topics over time. Source: Pulsar
Australians taking action
With Australians taking a greater interest in living a sustainable lifestyle, the government and organisations are prompted to influence the lever of positive change and create actionable outcomes.
Despite a great deal of politicians pledging change, governments are often swayed by the media and public opinion which can derail policies wanting to address complex, longer-term challenges. Millennials and Gen Zs have long pushed to see societal and economic change.
Results from the 10th Annual Deloitte Global 2022 Gen Z and Millennial Survey shows they are increasingly becoming more politically involved. These influential cohorts are progressively showing interest in political issues, and turning to social media to discuss their opinions. Moreover, they are consciously making calculated career decisions and spending their money with organisations who share the same values.
The top keywords used by key communities discussing the Federal Budget online.Source: Pulsar
Social engagement shows left wing millennials are showing concern over the budget and economic issues, with Treasurer, Jim Chalmers gaining the most chatter. Similarly, baby boomers are equally vocal, using the same keywords as millennials but they also seek strong leadership and a strong economy.
For younger demographics, their interactions or relationships with organisations is dependent on the organisation’s treatment of the environment, their policies on data privacy and their position on social and political issues.
For governments, tackling environmental, economic and social issues and their impact requires a huge transformation across all sectors. Market forces alone will not solve the problem, and the onus is on governments to take a lead to meet the sustainability challenge.
The October Federal Budget is an opportunity for the government to show they are the lever of change by creating actionable outcomes and a positive impact. Australians are concerned for the welfare of the country and previous governments have fallen short.
The government promises to back clean energy and build new renewable infrastructure across the country, will they succeed or disappoint?
The Federal Budget can be an overwhelming time, with an abundance of promises and policies, it can be hard to stay on top of the latest news. We have a comprehensive range of political news services available to help you navigate the political media coverage at this October Federal Budget. Want to learn what’s being said at this Federal Budget?
Click hereto start navigating the announcements that may impact your organisation.
Louise is an experienced content marketing professional who translates Isentia’s marketing strategy into impactful and effective marketing campaigns across multiple channels. As the Content Marketing Specialist for Isentia, Louise enjoys creating informative and engaging content for media and communications professionals.
In today's fast-paced world, audience intelligence is critical to crisis management. By understanding who your audience is and what they want, you can more effectively manage a crisis.
The constantly changing landscape of the internet and social media can make it difficult to stay ahead of the curve. Additionally, the vast amount of data available can be overwhelming and make it difficult to identify the most important information.
Getting a hold of the narrative in the media is crucial. It's inevitable that at some point, your brand will receive negative press. Whether it's a simple misunderstanding or a full-blown crisis, bad press can have a serious impact on your brand's progress.
Surviving a crisis:Optus & BeReal
More than 100,00 mentions of Optus in the media since the data breach announcement.
On 21 September, there was a data breach of telecommunications company Optus where many of its customers’ information were compromised. In response, the company adopted a cautious and controlled approach in delivering its external communications.
However, the approach allowed the media as well as social media to swirl negative narratives about the company’s “inaction”. In the three weeks after the announcement that its databases had been hacked, there were more than 123,000 mentions of the company in the media.
In this instance, addressing a crisis quickly to minimize the impact on your business is critical. Seeing a spike in media coverage becomes a good barometer of how negative sentiment can escalate against your brand.
In another example, rising social media app BeReal suffered a shutdown in September. The app focuses on users being authentic in their posts by prompting them to post pictures of themselves at random times of the day. With almost 15 million downloads of its app in September alone, the shutdown caused a stutter in its communications approach.
Source: Twitter
With a single tweet acknowledging the shutdown of its service, users were left puzzled as to what had happened. Media queries were left unanswered. This silence by the social media platform led to high-profile news sites such as Yahoo and TechCrunch covering the shutdown.
This is a highly risky communication approach in an extremely competitive market of social media platforms. Social media giant TikTok rolled out its version of BeReal while Instagram has begun testing the function.
Source: Twitter
The lack of transparency during a crisis such as a shutdown can lead to negative publicity and a loss of trust in the company. If users are not given clear information about why an app is shutting down, they may feel ‘lost’ and ultimately lose them as users.
7 things to consider for your crisis management strategy
While it's impossible to completely avoid negative press, there are steps you can take to manage it and protect your brand's reputation.
1. Acknowledge the crisis & remain transparent
In the hyper-speed age of information-sharing and social media, it's more crucial than ever to be open and honest with your audience.
When something goes wrong, don't try to hide it - own up to it and let people know what you're doing to fix the problem.
Being open and transparent will help build trust with your audience and show that you are committed to making things right.
2. If it happens in your industry, it's your crisis
When a crisis strikes your competitor, there is no time to revel in their troubles. On another day, the crisis could happen to your brand and the scrutiny would be as intense as it was for your competitors.
Take notes of what is happening in the media and quickly facilitate actions to counter any possible scrutiny that might come your way. These actions must be part of your crisis management plan.
3. Anticipate and monitor the crisis
In the high-speed world of audience intelligence, crisis management is essential to protecting your brand. Rapid response and proactive communication are key to mitigating the damage of a negative event.
By monitoring the conversations online and identifying potential risks, you can take steps to prevent a crisis before it happens. If a crisis does occur, having a plan in place will help you quickly contain the situation and protect your organisation's reputation.
Crisis management is the process by which an organisation deals with a major disruptive event. It's critical to remember that in a crisis, your audience is seeking reassurance and guidance on the issues.
Therefore, it's essential that you don't argue, trivialise or act defensively. Instead, you need to be calm, informative and decisive in your actions. This will help to instill confidence in your audience and allay the media pressure to give you space to address the crisis.
5. Keep it short and sweet
The message you send out must be brief and informative in order to effectively manage the crisis. Getting involved in a large-scale debate is not advisable because it distracts your focus from finding solutions.
A brand crisis can be a very difficult situation to navigate. Your audience is interested in what you are going to do next and what will happen to them. It's important to keep your audience updated on what is happening and what you are doing to resolve the issue.
6. Address your most important audience
In the event of a crisis, it's essential to quickly identify your key audiences and address their concerns. For a fast-moving consumer goods or a services organisation, the customer comes first because they are the primary audience of interest.
It also depends on what type of crisis it's. If there is a workplace safety and security matter, it's better to address your employees first and reassure them on resolving the crisis.
Ultimately, it's best to identify key audiences and have various sources of information to implement this preemptive approach. From discovering communities in social media narratives to stakeholders of your business, keeping the flows of communication open is a priority.
7. Keep authorities and the media on your side
In the event of a crisis, it's essential to effectively communicate with the authorities and the media. Provide updates to the media and work with authorities to ensure that they are kept informed of the situation. By having a good relationship with them, the crisis is managed effectively and the negative impact on your business is minimised.
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Blog
Crisis management with audience intelligence
Crisis management is crucial for any brand. In today’s social media-driven world, a brand crisis can quickly spiral out of control.
For every conversation that we have, a compelling story becomes the link between you and your audience. When your stories resonate and relate, the audience will take notice. Great storytelling needs to become part of your brand awareness strategy. This strategy becomes more urgent now because the media landscape is constantly evolving.
As stories get told rapidly in traditional media as well as social media, how can your brand carve a niche with your own stories? You can by sharing stories that are authentic and relatable. You can connect with your audience on a deeper level and build a strong relationship with them. Your brand's stories should be told in a way that is consistent with your brand's voice and values.
By staying true to your brand, you will be able to create a loyal following of customers who believe in what you do. So, how can you make sure your stories stand out?
The relationship between traditional and social media
In recent years, there has been a growing debate about the relationship between traditional and social media. Some believe that traditional media is replacing social media, while others believe that the two can coexist. We believe that the two medias share a symbiotic link and they can work together to deliver the best strategy for your brand.
There is no doubt that social media has changed the way we consume information. We are now used to getting our news from Twitter, Facebook, and TikTok. But traditional media outlets are still important, especially when it comes to storytelling.
In the recent 2022 Digital Media Report by the University of Canberra, traditional media remains the strongest source of news for Australians. They are more cautious of news found in social media, reflecting their growing concern of misinformation in that realm.
While social media is great for sharing short snippets of information, traditional media is still the best platform for in-depth storytelling and credibility. This is because traditional media outlets have the resources to invest in long-form journalism. They also have experienced reporters who know how to find and tell a good story.
The relationship between social and traditional media
However, we no longer need to wait for the nightly news or the morning paper. We can get our news and information in real-time, from a variety of sources. The power of social media lies in its ability to connect people. We can connect with people all over the world and share our stories with them.
But what is often overlooked is the role that traditional media plays in shaping the stories that we see on social media. Undeniably, social media platforms provide a more immediate and intimate connection to the events and people we care about.
However, it is the work of traditional media outlets in covering these stories that set the stage for much of the discussion and debate that takes place on social media. In many ways, social media is now the amplifier of your story, not traditional media.
This symbiotic relationship between traditional and social media presents a huge opportunity for brands to amplify their messages to their audiences — raising their forte of storytelling and elevating their brands to another level.
Great storytelling in 5 ways
Now that we know the relationship between traditional and social media, how can brands find ways to anticipate and forecast trends for their industries and markets? In this section, we list five ways your brand can draw interesting insights to create stories relevant to your audiences.
1. Analyse your audiences
The first thing you must find out is your audience personas. Knowing your audience is essential so that you can produce the kind of story they want to hear. By analysing your audience, you can create better content that resonates with them. This will help you build a stronger connection with your audience and keep them engaged.
You can analyse your audience in three quick ways:
Website visitors — Analysing data from your website can help you identify the types of audiences who have already started their discovery journey about your brand.
Customer data — This audience is already engaging with your brand so it is critical that you identify the personas found within this subset.
Social media — Driven by conversations around your brand and industry, you can find new personas and demographics to cover trending topics.
By understanding different types of personas, you can target your storytelling and messaging to appeal to them. For example, if you are a tech-based company, you will want to target buyers who are interested in innovation and new technology — knowing your audience is key to telling the right story.
2. Identify trending keywords in your industry
In today’s digital realms of search engines and social media, the practice of keyword research is essential for brand storytelling. Finding and researching relevant keywords ensures the right people see your content. Identifying keywords is crucial to your business because they are related to queries that users in search engines ask.
By understanding the relationship between keywords and queries, brands can better target their marketing efforts and ensure prospective customers see their message. Insights from social media intelligence can also boost this keyword research process and add current topical trends while delivering relevant queries about your audiences.
Keyword research tools can help your storytelling by listing all the keywords you need to create content for your brand. Better content and engagement with audiences will boost your brand’s ranking in search results.
3. Monitor mainstream media coverage
As media and technology continue to evolve, it is more important than ever for brands to stay on top of media trends. By monitoring media coverage, brands can ensure that their message is being communicated effectively and reach their target audience.
In today's competitive landscape, media coverage can make or break a brand. By understanding how people are consuming mainstream media, brands can better tailor their messages and ensure that they are reaching their target audiences.
Media coverage is another key contributor to brand reputation. Positive media coverage can help to build trust and credibility, while negative media coverage can damage a brand's reputation. Therefore, responding quickly to any negative coverage is the most effective way of handling crisis communications.
Using a media monitoring platform can help you quickly identify negative media coverage as well as spot positive opportunities to engage with your audiences. Creating content which is relevant and that resonates with your audience will ultimately increase engagement. This engagement in return strengthens your relationship with your audience and builds a healthy reputation.
4. Listen to social media conversations
With 4.6 billion users on social media in 2022 (estimated to rise to 5.8 billion by 2027) conversations can revolve around many topics at any given time. People are jumping from one topic to another so quickly and several trending topics can dominate the overarching social media landscape.
Staying on top of these topics is critical for brand storytelling and engaging audiences. Many brands are harnessing the power of technology and artificial intelligence to identify these conversations.
Source: Pulsar
The word cloud above reveals the keywords associated with the dairy industry. The larger the word in the cloud represents the bigger emphasis that topic is discussed in social media. Using this information, brands in the fast-moving consumer goods (FMCG) industry such as dairy can craft more relevant stories for their audiences.
Social media provides a way for people to connect and share their experiences. By engaging in social media conversations, people can learn about new perspectives and stories. Additionally, social media conversations can help build relationships and create a sense of community.
5. Discover topics through Google Trends
It is inescapable now for someone to search for information on Google. A common thing a person would do is search for information on a topic once they read something online or in social media. With Google dominating 83 percent of the search engine market, it is unsurprising that the company’s name has become the new word for searching information.
Using Google Trends, you can discover trending topics that people are looking for on the search engine. These topics can help in your content creation remain current and relevant. These trending topics reflect what people are interested in and what topics are widely discussed at the moment. You can also use Google Trends to see what topics are popular in different parts of the world.
Source: Google Trends
A search on the term "cars" in the past 12 months in Australia reveals a significant trend in the automotive industry — electric cars. The trend shows that residents in Australia are actively looking for more information on electric cars and the topics related to it. And automotive brands such as Tesla and BYD are on the top of people's minds when they search for information on the topic.
For an automotive brand, keeping an eye as well as creating stories on topics revolving electric cars would help reach new audiences and create relevant stories in their markets. With Google being the starting point of most information-searching journeys, brands can jump straight in and make that connection with more targeted content.
What to do next for your brand storytelling
Like Homer, arguably the first globally renowned storyteller, you need a platform to deliver your messages. For the Greek poet, pedestals and tents in ancient Athens provided him the platforms to tell the stories of the Iliad and Odyssey. The next step for your brand is to find that platform. There are a plethora of options to send your message across to your audience.
Here are three things you need to do to get that brand storytelling on point:
1. Select your platform
Find out which platform best serves your brand. Do you have thousands of followers on Instagram? Are website visitors actively engaging with your blogs? Are people commenting on your Facebook profile? The options below are usually the main platforms that most brands use to tell their story.
Website - Your first point of impression and contact, your story starts here.
Microsite - A unique story or campaign you want to illustrate to your audience.
Blogs - Your stories live and breathe in this section of your website.
Advertising - Storytelling to reach a wider audience through the most optimal channels.
YouTube - Biggest video-based storytelling platform for your brand.
LinkedIn - Global professional community site to connect and network with your stories.
Facebook - Largest social media community in the world with over 2.9 billion users per month.
Instagram - Most popular social media app to share your short-form stories.
2. Create a reason for your audience to contact you
Create your call-to-action (CTA) for your audience. As a brand, you must have a strong CTA in your marketing efforts. A CTA is what drives your audience to take the desired action, whether it's signing up for your email list, making a purchase straight from the point of discovery, or scheduling a demo consultation.
To create an effective CTA, start by clearly defining what you want your audience to do. Then, create a sense of urgency and make it easy for them to take action by providing a clear and concise path.
3. Tell your story and share as much as you can
The final step would be to share that story with your audience and the general public. There are many ways to share your brand story with your audience. You can use social media, your website, email marketing, and even face-to-face interactions to get your story out there.
The most important thing is to be clear about who your audience is and what you want to communicate to them. Once you know that, you can tailor your story to fit their needs and interests. If you can tell a compelling story that resonates with your audience, you'll build a strong brand.
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Blog
Storytelling for your brand in 5 ways
In order to engage customers and prospects, you must have brand storytelling. A great story will hook readers in and keep them engaged.
Insights promote action and change with stakeholders
Research, measurement and evaluation needs to promote action with relevant stakeholders including the general public. It’s easy to fall into a trap of measuring something because you think you should or because someone has asked for a few charts on a communication team's activity. But your stakeholder engagement strategy is missing an opportunity to create long term impact with key audiences.
Stakeholders (internal and external) are an effective resource for driving change and shifting narratives. Stakeholders are a crucial avenue for advocacy of communications activity but are usually not provided with the necessary information. They need motivation to change their behaviour and support your objectives.
A project that champions this is the Media and Gender research the Isentia insights team produced with Sport New Zealand. This research examines how women are portrayed across sports news in New Zealand and shines a light on where there is work to do. The research itself is engaging and builds rich insight into an area often not looked at on this scale. The most success lies in how research helped motivate and support behaviour change within the primary stakeholder - the media.
Move stakeholders with data-led evidence
Editor of The LockerRoom, Suzanne McFadden, said this study encourages national representation of women in sport,
“A surge in women's sport in NZ media, but a fall in female bylines, highlight the latest Sport NZ study - which also shows where LockerRoom leads the pack.”
Jennie Wylie, Netball New Zealand’s Chief Executive said to Radio New Zealand, that media coverage plays a vital role in female participation in sports,
"What we do know is the cost of our young people not participating in sport, and the gap for young women and girls in that participation, it plays out in terms of media coverage, so if you can't see it, you can't be it."
Sport New Zealand was able to build a stakeholder engagement strategy using data and research that goes beyond numbers. It encourages those at the source of reporting to strive to improve.
Here are some tips on how to rethink your approach to research and evaluation, so your organisation can do the same:
4 considerations for your stakeholder engagement strategy
1. Don’t only focus on your own activity
It’s easy to fall into the measurement trap of focusing on your own activity and neglect your audience and sector. It’s important to understand if your communication is successful, but you're missing key opportunities (and threats) that you can only see if your research lens is wider.
2. The value of pre-research
Research performs at its best when used to determine where you should be going instead of only where you’ve been. Bring research into your planning early and give insight into what your audiences already experience as well as their responses and their preferences, so you can tailor your organisation’s activity based on evidence.
3. Use your evidence to generate conversations
Engage all your stakeholders in the research process and as early as possible to increase their investment in the results, regardless if it means changing their own behaviour. The more measurement and research is collaborative and unites stakeholders within a common purpose, the more effectively it will spur change.
4. Measure more than once
Changing audiences and information requires your organisation’s research lens to focus on what's relevant to your objectives and audiences.
Talk to the experts about how Isentia insights can refocus your stakeholder engagement strategy
Ultimately, research should help drive conversations, and in those conversations is where you can create change. It doesn’t always work the first time, so be persistent - it’s worth it!
Contact us to discuss how we can create a tailored measurement programme that supports your goals.
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Thought Leadership
A targeted stakeholder engagement strategy in 4 steps
To have an impactful stakeholder engagement strategy you must use the right data-led insights to drive interest in your objectives.
