Friend,

I met Thuan (pic below) in Vietnam yesterday who made me think about character, signals and our sphere of influence in financial services.

Thuan, a 75-year-old grandfather, fought unwillingly in “the American War”. Before it ended in 1975, he had a friend do his tattoo. Had either North or South Vietnamese loyalists found it, it would have cost him his life. Even now, in a village of mixed loyalties, it’s a no-go topic.

That tattoo was a signal, and a (dangerous) action. Sometimes a signal is leadership, especially when it’s risky and says something about your character.

RepTrak found a while back that Australian CEO’s reputation has shifted from being judged mainly on capability to character: how you get results, and what you stand for.

The hard calls coming at boards and CEOs now aren’t just operational. They’re character tests.

Character IRL, RN: private credit

ASIC’s recent private credit work makes character tests very practical. REP 820 and REP 823 set out ten principles for “private credit done well”. Six are character tests, not competence tests: stewardship of other people’s money, transparency, fair fees, disclosure, conflict management and good governance.

It seems sh*tty they need fancy words for “do the right thing”.

CEOs, and leaders: don’t expect to BS, PR or research-house-rating your way out of this. Boards are on notice too. No more “management didn’t disclose”. ASIC has given you the questions. Start asking them.

RepTrak’s April 2026 work says reputation is built in a “multiplayer world”. Companies create the proof, but others, investors, regulators, staff, clients, experience it, assess it and judge the reality.

Your strongest compliance, reputation and PR levers are what you do, and how people experience that. Not what you say.

Understand financial fear is the main click vector right now

On signals and trust, the pre-Budget Albanese and Chalmers positioning is worth watching. They’re building licence before delivering unpopular decisions.

The context is that interest rate fear and cost of living are second only to Alice Springs in news and search right now.

Ahead of the May 12 Budget, Chalmers is trying to earn permission for tough fiscal calls: savings, productivity reform, tax change, restraint. Saying global volatility means “more reform, not less” is classic pre-suasion to have voters and markets believe change is essential.

The CEO’s number one job right now amid this?

Chief sense-maker. That includes thinking carefully about what you do, and what you signal, about character.

Amid financial fear, perspective-taking is a valuable skill. Understand the anxiety driving clicks and you can lead with both character and self-awareness to avoid being cast as a villain in the next news cycle.

Best,

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

On our radar:

The other big story this week

"No choice': Experts' grim RBA rate call"

The Angle: Published by news.com.au, this article highlights that 75% of economists now expect a rate hike on May 5, framing it as an unavoidable "blow" to households.

The 4.6% "Shock": Almost every major outlet, including ABC News and 9News, is leading with the fact that inflation is at its highest level since September 2023.

Fuel Crisis Fallout: Articles are explicitly linking the war in Iran and the oil shock to local petrol prices, which surged 33% in a single month.

Mortgage Stress Projections: Reports from Roy Morgan and Aussie Home Loans provide "repayment calculators" showing that another 0.25% hike could add over $300 a month to average loans, a high-click "personal impact" metric.

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This week's market movers

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

Annual inflation jumps to 4.6pc as war’s fuel price spike bites – Data released from the ABS places Australia’s March inflation figure at 4.6 per cent, signalling concrete information about the impact of conflict in the Middle East on Australia’s economy. The data comes a week before the RBA is set to announce interest rates.

Super sector tipped as winner in CGT reform – Proposed cuts to capital gains tax concessions are expected to shift investment away from property and trusts toward superannuation, after the Albanese government suggested an exemption of super from CGT changes.