Rear Window’s year in review: the scoops, the scandals, the power plays
Dec 18, 2024
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Myriam Robin, the outgoing editor of Rear Window for The Australian Financial Review, shares captivating insights into Australia's housing crisis led by an ambitious megalomaniac. She discusses the column's biggest scoop and highlights the tensions among elite clubs grappling with new norms of inclusion. The fallout from the PWC tax leak and Qantas’s struggles reveal deep corporate vulnerabilities. With a reflective take on her impactful career, Myriam provides a compelling overview of scandals and power plays defining Australia's business landscape.
The podcast highlights ongoing corporate scandals, exemplified by PwC and Qantas, underscoring the urgent need for accountability in business practices.
It discusses the contentious housing crisis in Australia, emphasizing Peter Volandis' controversial proposals that reveal the complex intersection of leadership and societal needs.
Deep dives
The Role of Business Founders
Business founders often possess a significant influence over their companies, which can create a delicate dynamic for shareholders. Richard White, founder of WiseTech, exemplifies this blend of reverence and concern as his controversial personal actions sparked allegations of inappropriate workplace behavior. Despite the discomfort stemming from these revelations, shareholders seem reluctant to let him go due to his invaluable knowledge and vision for the business. Similarly, Chris Ellison of Mineral Resources faces scrutiny for undisclosed financial dealings, yet his reputation as a capital allocator keeps investors invested in maintaining his leadership.
Public Perception and Corporate Leadership
Corporate executives at consumer-facing businesses have faced significant backlash this year due to rising public frustration amid economic challenges. Woolworths’ CEO Brad Banducci created a stir by abruptly walking out of a televised interview, reinforcing negative sentiments about corporate transparency during a cost-of-living crisis. Furthermore, the Commonwealth Bank's attempted imposition of withdrawal fees was met with public outrage, demonstrating a disconnect between corporate decisions and consumer expectations. This highlights how companies that engage directly with the public must navigate rising tensions and dissatisfaction more carefully than their less-visible counterparts.
Controversies in Housing Solutions
The pressing housing crisis in Australia has led to contentious solutions proposed by prominent figures, such as NRL chair Peter Volandis. His suggestion to construct new housing developments at Rose Hill Racecourse has elicited heated debates, reflecting the clash of interests in a development that many stakeholders view as critical. While the potential for increased housing stock is recognized, the methods and motives behind such initiatives have raised questions about ethical practices in influential circles. Ultimately, Volandis’ approach exemplifies the intersecting challenges of leadership, power dynamics, and societal needs in addressing critical issues.
Scandals Affecting Major Corporations
The year saw several major corporate scandals come to light, notably involving PwC and Qantas, which continue to grapple with reputational damage. PwC faced scrutiny for its involvement in tax scheme scandals, which revealed a complicated network of accountability that extends beyond Australian borders. Qantas, on the other hand, has been wrestling with the fallout from its governance reviews and past decisions during the pandemic, leading to a significant shift in public perception. Both companies are emblematic of the larger trends affecting big corporations: the need for accountability and the challenge of restoring trust amid systemic failings.
Outgoing Rear Window editor Myriam Robin tells us about the megalomaniac trying to solve Australia’s housing crisis, the column’s biggest scoop and the rebellion underway at the country’s most exclusive clubs.
Further reading: Peter V’landys bogged down in a multibillion-dollar property play The influential CEO of Racing NSW is staring down allegations aired confidentially by purported whistleblowers to a parliamentary inquiry. Gina Rinehart lobbies NGA to remove portrait Being Australia’s richest resident comes with some perks. Who knew said benefits included a network of flunkies who will bombard a national institution over a painting you don’t like? Who’s in (and out) at the Australian Club Who coughs up the hefty annual membership fee at Sydney’s Australian Club on Macquarie Street? Why, we’re so glad you asked.