From Qantas to PwC, corporate greed is rotting Australia from the inside out
Too many corporations have been allowed to grow too powerful, greedy and unaccountable, and that greed has warped their behaviour.
Oct 05, 2023
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A rottenness has crept into the heart of boardroom Australia, spurred on by a system of crony capitalism embedded in Australia by stealth. The interests of investors and the community are continually being jeopardised by corporations going rogue and politicians have turned a blind eye to reforming the system.
The recent reputational implosion of Qantas is just the latest in a long line of corporations that have succumbed to greed — ethical failings papered over by prioritising shareholder value. After all, profits are the essence of corporate existence. However, the culture has become one of profits-at-all-costs. The dangers of this have been ignored.
Few could have predicted the extent of Qantas’ fall when its controversial, high-profile former CEO Alan Joyce posted a company record profit of $2.47 billion in May. But behind its historic turnaround lay its ruthless culture: allegedly selling tickets for cancelled flights; illegally sacking ground staff; continually downgrading customer service; muscling up on government to fend off competition; and dragging its feet on returning credit to customers. It’s a quagmire of rogue behaviour — but it helped deliver the record profit.
Nelle's journey 