Why boomers are turning their backs on some of Australia’s largest companies

A new report finds that Australia’s baby boomer generation is using their spending power to boycott companies that virtuously demonstrate their support for trendy political causes.

According to the Centre for Independent Studies, a conservative think tank, companies that promote the agenda of “diversity, equality and inclusion” are more likely to lose customers than attract new ones.

“This suggests that when they advocate on controversial issues, companies may lose investors, employees and customers rather than attract them,” according to a new report, “Business Means Business. Why Corporates Should Avoid Social Activism.”

Baby boomers, born between 1946 and 1964, were particularly reluctant to support companies that pursued progressive political causes. Seventy-two percent of customers, employees and shareholders from this older generation said they never or rarely supported corporate activism.

Among Generation X, born between 1965 and 1980, 71 percent held a similar view, compared to 60 percent of Millennials born between 1981 and 1996.

Gen Z adults, born after 1997, were the only group that had a large number of supporters of corporate activism, with 48 percent saying they often or always supported companies that did so.

According to Simon Cowan and Emilie Dye, authors of the report, companies are alienating older and middle-aged customers by trying to please a younger audience.

‘Not only does corporate activism lead to higher employee turnover, but it also appears that the activism only appeals to a small part of the population, namely Generation Z, the GroenLinks voters,’ the researchers said.

‘As a result, companies are likely to lose their most experienced people as well as the important diversity of thought within their organizations.

“Companies pay a price for their activism.”

Last year, major companies such as Qantas voiced their support for Indigenous Voice in parliament, but the No vote won with 61 percent support as the referendum failed in all states.

The flying kangaroo airline continues to pay tribute to the ‘traditional custodians of the local lands and waterways where we live, work and fly’ as planes land.

On corporate websites, from banks to supermarkets, the footer often includes the statement “Indigenous Peoples and Their Elders, Past and Present.”

Then there is the ANZ bank sponsors Sydney‘s Gay and Lesbian Mardi Gras, where major corporate websites often the rainbow flag with light blue and pink to show support for transgender individuals.

The Black Lives Matter movement in the US has also seen Australian companies, such as software group Atlassian, voice their support for “anti-racism” programs.

The report also found that a seemingly good cause could alienate consumers. Far-left activists are often associated with movements such as anti-racism, based on the ideology of Critical Race Theory, which implies that white people are oppressors because of colonialism.

Last year, major companies like Qantas declared their support for Indigenous Voice in parliament, but the No vote won with 61 percent support as the referendum failed in every state.

“Movements that appear innocent or non-threatening, such as anti-racism, often turn out to be led by individuals with extreme views that many people would find deeply repugnant if made public,” the report said.

‘Corporate activism may have advantages, but the disadvantages seem more likely and greater.’

A company’s reputation can also be damaged if it becomes too closely associated with a cause that does not appeal to the public.

“Top management should also be concerned about reputational damage to their companies if they associate with movements that are viewed negatively by the general public,” the report said.

‘Moreover, a clear majority of the population is not in favor of this kind of activism by companies.

‘Neither employees nor shareholders believe that companies should take a position in heated social debates.’

The report is based on an online survey of 2,521 Australian adults in April, split into customers, employees and shareholders.