Friend,

I shudder to use this in a weekly email but the Catalano story stopped me in my tracks.

A former agency adviser (when I was leading a comms function in-house) once introduced me to the delicate art of serving the proverbial sh$t sandwich. It was with re crisis management.

“It’s a sh$t sandwich. You can either serve it or have it shoved down your throat”. Ugh.

Another way to put it is “jump or be pushed”. Or even better, steal the thunder of those who are about to tell the story for you.

This week CBA did. Catalano didn’t.

Stealing thunder only works if you actually steal it

Commonwealth Bank has again given us a live example of a crisis strategy that few leaders have the nerve or discipline to use well. Faced with a suspected $1 billion fraudulent home loan scheme, CBA went first. It reported itself to police and regulators, flagged concerns about fake documents including AI-generated payslips and bank statements, and got on the front foot before others could define the story for them. (Yahoo Finance)

That is the essence of stealing thunder: break the bad news yourself, take ownership of the fix, and remove some of the oxygen from the “gotcha” moment. Research has long shown that when organisations disclose first, they are often seen as more credible than those dragged into daylight by someone else. (ScienceDirect)

Speed is not the magic. Leadership is.

This strategy is often framed as something you use if you’re in the right. True. But it can be equally effective if you’ve done the wrong thing.

I think this is where it becomes genuinely interesting.

Stealing thunder is a leadership strategy that goes beyond comms strategy.

To make it work you have to be self-aware enough to describe what you’ve done wrong in the way others see it. Not the lawyered-up, spin doctored or blandised board-paper version.

The real version, with the right level of brutal frankness, accountability, empathy and consequence. That is a rare talent.

Why it’s not used much

It gets much harder when you are the person at the centre of the scandal. Most leaders can narrate a crisis when it’s not too close to home.

Few can do that when the story is about them and their failings.

Which brings us to Antony Catalano. His case is the reverse of CBA’s.

Media broke a horrific story, domestic violence. The charges became public, and staff reportedly learned of the situation through the news. At some point in this, after media published, came the statement. Sure, that was maybe necessary (he’s not a client obv), legally. But was it really? And it sure isn’t stealing thunder. It’s trying to manage fallout after the lightning has already destroyed your roof. (Crikey)

So what?

Yes, breaking the news yourself is brave because it’s early. But it’s also brave because it’s being accountable.

If you want to steal thunder, you need more than to be first. You need self-awareness, a genuine ability to see the issue as your stakeholders see it, and the courage to be damned for the truth but do the right thing anyway.

That’s not comms. It’s ethical leadership.

Best,

Carden | she/her (here’s why that matters @work)

On our radar:

The other big story this week

The Guardian - Reserve Bank raises official cash rate to 4.1% 

The RBA lifted the cash rate to 4.1% in a narrow-split decision, citing persistent inflation and rising global energy risks, with markets now weighing the likelihood of further hikes. The Guardian's coverage highlights that the move adds pressure on households and mortgage holders, as policymakers warn inflation could stay above target for longer despite growing economic uncertainty.

ABC - RBA lifts interest rates by 0.25pc for second time this year 

The ABC's coverage echoed these concerns, as a lift in 0.25 percentage points to 4.1% marked the second hike in as many months amid rising domestic demand and tightening labour markets. The board’s split 5‑4 vote reflects heightened inflation risks, compounded by soaring oil prices following the Middle East conflict, with the RBA leaving the door open for further increases.

The Australian Financial Review - RBA delivers second straight rate rise 

With the decision coming in at a close 5-4 vote, the AFR cited the RBA's concerns about persistent domestic inflation and rising global energy risks from the Middle East conflict. The decision increases pressure on households and mortgage holders, while policymakers signal that inflation may remain above target for longer, prompting markets to weigh the possibility of further rate hikes amid economic uncertainty.

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This week's market movers

Big plays, bold bets, and (occasional) unconfirmed speculation

Financial crimes officials using CBA data to ‘chase down’ loan fraud  – Westpac CEO Anthony Miller warns banks must prosecute brokers tied to $1B in AI‑doctored home loans amid regulator probes. ASIC and AUSTRAC are investigating, indicating rising mortgage fraud risks. 

Atlassian cuts 1,600 jobs from global workforce as AI slashes labour needs  – Atlassian is cutting nearly 500 Australian jobs, with 30% of its global workforce reduced as AI reshapes labour needs. CEO Mike Cannon-Brookes said the savings will be reinvested into AI and enterprise sales.  

The big four are minting it right now, but 2 big threats are building  - Big four banks are benefiting from a credit boom, but fintech, BNPL, big tech, and regulation threaten long-term profits and their role in Australia’s financial system.