If you think election results, TV ratings or sales tell you what’s happening in people’s minds, you’re probably wrong. ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­    ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­  
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Friend,

If you think election results, TV ratings or sales tell you what’s happening in people’s minds, you’re probably wrong.  

 

To quote Julia Roberts in Pretty Woman, that’s a “BIG mistake. Big. Huge”. 

 

Results are a lagging indicator. Of attitudes, of our identity, and of who we wish we were. 

 

Look what just happened in South Australia: 

  • The Liberals were smashed 

  • One Nation rose  

  • The ALP won.  

Former Liberal minister Alexander Downer described the Liberal campaign as a shambles. True. But the BIG problem is something worse.  

 

The Liberals don't look like today’s (diverse) Australia. Nor do they look like who we want to be. 

 

Which brings me to the Matildas. By contrast, our Tillies are beloved, even when they lose.  

The thread connecting the Matildas, One Nation and the Liberals is that support follows recognition of ourselves.  

 

That recognition in part depends on representation – do our leaders and brands look like us or who we want to be? 

 

1. The Matildas look like us. Or who we wish we were

The Matildas’ record-breaking popularity is partly because many different types of people identify with their offer. They’re talented, fit, incredibly skilled, modern, diverse, female, multicultural, and winners without being d7cks. 

 

They look like an Australia that’s our best (idealised) self. Hence, they drive loyalty.  

 

They’re also popular because they make support feel good. They’re a national team people can see themselves in, and see our daughters in. They appeal to a multitude of demographics without losing their core ethos or identity. Women and girls are central to their fan base (unlike many other sports), but they also draw in families, queer folk, feminists of all sorts, casual fans, multicultural communities and men. 

 

In their case, representation matters. It is not cosmetic. It is the product.

 

2. One Nation proves identity beats argument.

As much as I hate this, Pauline Hanson’s support is also a "I see me" or “people like me” story. For part of the electorate, One Nation is the epitome of an Australia they fear losing. Whiter, more familiar, less apologetic, more dominant, and yes, more xenophobic. But simpler. 

 

That’s why writing Hanson off misses the point that some One Nation voters are just trying to get by, voting for their own survival. These are, through one lens, people scared of losing what they see as a national identity, and their sense of belonging.

 

2. Culture is what you reward.

The Liberals look like someone we used to know and don’t like anymore.  

 

Sadly, Liberal female candidates and leaders now look like cannon fodder because their party keeps showing us a woman with experience and leadership ability will be pushed aside for a less capable man. And that people of colour have a very narrow band of acceptable roles in the party. 

 

This isn’t a staffing issue. It’s a public statement of values and a lead indicator of election results. 

 

So what? 

Australians like to think we are fair-minded. Meritocratic. Suspicious of inherited privilege, especially the white male type. Open to talented women.  

 

Are we always those things? No! But we like the story. 

 

The Matildas look like who we want to be.  

 

One Nation looks like a simpler version of Australia for those who don’t like the current one.

 

The Liberals by contrast look like an institution resisting the country they claim to represent.  

 

Back to Downer: “…as the Liberals consider the wreckage of their election campaign, they need to recognise that to restore trust in them will take effective leadership and sadly a lot of time. "

 

Restoring trust does take good leadership, and time. Longer if you fight the idea that it’s necessary. 

Best,

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

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On our radar:

The other big story this week

 

The Australian Financial Review - Productivity downgrade risks adding up to $100b in debt

Australia faces a growing fiscal risk as weaker productivity could add up to $100 billion to government debt over the next decade, while also dragging on wages and living standards. Jim Chalmers has flagged a downgrade in productivity forecasts, highlighting increasing uncertainty and downside risks to long-term economic growth. 

 

The Australian Financial Review - Australia may exploit LNG ‘leverage’ to secure oil from Asia 

To secure oil supplies from Asian allies, the government may leverage Australia’s LNG and coal exports amid escalating Middle East disruptions. With tanker cancellations already underway, concerns are rising around fuel supply volatility and flow-on inflation impacts. 

 

News.com.au - Australia sets strict new rules for tech giants on data centres and AI 

Australia has introduced a strict framework for tech giants, mandating that AI and data centre projects contribute to renewable energy, create local jobs, and protect national security, or risk delayed approvals. The policy seeks to keep data and AI infrastructure onshore while addressing energy and environmental concerns. 

 

The Australian Financial Review - Recording reveals Richard White’s $5m offer to WiseTech complainant

A recording reveals Wisetech Global co-founder, Richard White, personally offered a $5 million settlement to a complainant despite not holding an official role at the time, raising governance concerns about his influence over the company. The case adds to broader scrutiny, with regulators investigating share trades and ongoing questions around leadership, transparency, and board oversight at WiseTech Global. 

 

Get to know your journo

Yasmine Raso, Financial Newswire

Yasmine Raso is a journalist at Financial Newswire, where she reports on superannuation, wealth management and financial advice. She covers regulatory developments, industry shifts and fund strategy, translating complex policy and market changes into clear, accessible insights for industry professionals.

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This week's market movers

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

Canva’s $60b valuation intact despite Google’s AI challenge – Canva’s $60 billion private valuation remains stable despite Google’s new AI design tool, Stitch.

 

Manufacturers warn of ‘brutal’ price hikes amid worsening supply chain crisis – Price hikes and supply disruptions are expected to be “brutal” as the Middle East conflict continues to drive up fuel and material costs. 

 

Super funds bosses bet big on ‘enormous’ AI infrastructure investment opportunity –Australia’s largest super funds set out to invest heavily in AI infrastructure including data centres, energy and advanced networks. 

 

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