Incolink
Annual Report 2023
The safety net for the building and construction industry.
CEO Report
A video message from our Incolink CEO, Erik Locke.
President Report
A video message from our Incolink President, Rebecca Casson.
Snapshot FY23
Enhanced Support for Members
For workers facing redundancy, Incolink has always provided critical support, including through counselling, advice on accessing government support, and redundancy payments.
In 2022/23, we paid over $140m in entitlements to more than 17,368 workers who found themselves without income.
Total redundancy claims
Claims made through the improved app with faster payment processing
WorkerLink claims linking members with their entitlements quickly and easily
Portable sick leave claims
A National Entitlement Fund Investing for all Workers
Incolink has provided a safety net for workers in the construction industry for over 30 years. This year we expanded our offering into South Australia as well as Victoria, Tasmania and New South Wales.
We have had members and investments in the construction industry in these states for some years but we are on our way to expanding our presence so that Australia’s best entitlement Fund is available to more construction workers and employers.
Our investments create jobs for our members and help member businesses grow. They also delivered strong returns which allow us to work in partnership with industry stakeholders to address challenges together.
Training the Future Workforce
One of the challenges identified by our industry partners is current and future skills shortages, so Incolink continued to ramp-up our investments in industry training this year with over $21m committed.
We are the top funder of industry-based training in Victoria with over $250m invested in the past decade.
We plan to scale our training investments to benefit workers in other states where it’s needed, investing in the people and skills which help power our industry forward.
Last year alone we funded 192 courses and trained 9,958 workers at centres including:
- Mobile Crane Traineeship Program which supports significant numbers of women into the industry
- Building Leadership Simulation Centre which is the only facility of its type in the southern hemisphere
- Plumbing Industry Climate Action Centre which over 15 years has become a Centre of Excellence for plumbing in Australia
- Plumbing industry Hydrogen Centre of Excellence, which ensures workers skills advance alongside new technology
- The new construction Training and Wellbeing Centre, focusing on training to fill construction industry skills gaps and improving mental health in the sector
- The Master Builders Collaboration and Innovation Centre
- The Lynall Hall Community School upgrade
Courses funded in 2022-23
Invested in building and construction worker training
Workers trained
Invested in plumbing worker training
Women in Construction
Building the Future
In 2022/23, Incolink expanded its work to explore and capitalise on the opportunity of growing the number of women working in construction.
We funded a new report Building the Future: Why Women are Key to Victoria’s Next Building Boom which found women could account for almost one in five construction jobs by 2040, which is projected to plug 26,000 forecast vacancies.
The report looked closely at the drivers for women to work in construction and identified the major barriers needing focus.
Women thriving in construction:
- 87% of women in construction intend to stay long-term
- 73% would recommend a job in construction to a female friend
Top barriers to address:
- Work and family responsibilities (67%)
- More flexible rostering / hours (44%)
Trades Fit – Inspiring the next generation of Women in Construction
In May we partnered with the CFMEU and Hutchinson Builders to run an interactive booth at the Department of Education’s Trades Fit Expo.
Over two days, thousands of female and non-binary students came to learn what a career in construction could look like for them.
Students were able to put on a VR (Virtual Reality) headset and take a tour of a construction site.
Our photobooth for the students provided a fun activity where they could dress up like construction workers.
Crane Traineeship Graduate Jane took them through a Crane simulation and told them what it was like to drive a crane.
Health and Wellbeing
In February 2023, Incolink launch its first round of our UV SunSmart toolboxes in partnership with the Cancer Council Australia, which reached a mass audience of construction workers through social media, an email campaign and press coverage in the Herald Sun and major TV networks.
Australia has one of the highest rates of skin cancer in the world. Each year, 34,000 skin cancers and 200 melanomas are caused as a result of occupational exposure to the sun’s harmful UV rays.
In February and March, we delivered 15 UV SunSmart toolboxes to over 1,600 workers on sites throughout Victoria. Over 450 workers put their hands up to have their face viewed with the Skin Damage Viewer machine to see their skin damage levels from their exposure to UV Rays.
With significant support shown by employers and unions in 2023, Incolink is currently investing in a campaign which would continue the industry education rolled out this year.
Mental Health and Wellbeing
Those working in the construction industry are over 50% more likely to take their own lives. Suicide in our industry is a major issue which requires a industry-led solutions.
In 2022/23, Incolink responded to a higher number of critical incidents and we boosted our response.
The Bluehats training model has also fully transitioned to be deliverable both on site and digitally.
In July 2022, the Bluehats program was the Victorian People’s Choice winner in the Men’s Health Awards.
Increased the number of Bluehats sites to 40
Employed 3 x full time mental health educators in the Bluehats program
Increased the number of mental health toolboxes held onsite
Financial Wellbeing
Incolink provides a range of financial services to support members which include free, independent and confidential Financial Counselling and Debt Crisis Support.
Over the past two years, we developed a targeted campaign to address the financial issues associated with excessive gambling, particularly among young workers.
The awareness campaign centred around Doug, a relatable construction worker who’s journey mirrors that of many workers with gambling.
In FY23, we completed the final part of the Doug campaign, with Doug appearing in a new video, but this time as a mentor to new young apprentice who is in need of help.
Tackling the big issues to make our industry better
The provision of industry entitlements for workers who don’t currently receive them would have transformational workforce and social impacts with no cost to government. The Incolink model is a guiding light for all industries and if expanded would save the government billions in social security, health, and other payments.
In 2022, the idea of a national portable leave entitlements scheme was embraced by the Senate Select Committee on Job Security, in its inquiry on the impact of insecure or precarious employment on the economy, wages, social cohesion and workplace rights and conditions.
In FY23, we continued to advocate for the use of the Incolink model across other sections of the workforce.
Our advocacy efforts this years included:
- Submission to the DEEWR 2023 Workplace Reform Consultations
- Incolink Delegation to Canberra in November 2023
- Presentation to Senate Committee Hearings for the Inquiry into Corporate Insolvency in Australia
Investments and Finance
Incolink invests across a wide range of diversified asset classes selected by our investment experts to ensure risks are balanced and returns are maximised.
Read the full FY23 Financial Performance Summary
Incolink’s Net Profit for the financial year ended 30 June 2023 (FY23) was $53.9M. Balance Sheet Net Assets totalled $134.5M as at 30 June 2023. Net Assets coverage remains at a healthy level of 114% as at balance date.
In another strong year, member redundancy contributions amounted to $224M for FY23, an increase of 28% on the prior year.
Our investment portfolio returning 8.9% for FY23, comfortably outperforming Incolink’s return objective of 6.5%. This strong performance was largely driven by strong equity and real asset exposures which contributed 5.4% and 2.7% respectively. To give context of Incolink’s performance over the past 12 months compared to other investors, the Future Fund returned 6.0% and the average super fund pension option with a similar risk profile returned 7.8%. Incolink has outperformed these other investors for FY23.
The point of difference that drove Incolink’s outperformance is investments in the unlisted space. Over the past few years Incolink has focussed on building out its unlisted infrastructure portfolio which has contributed strongly. In addition, Incolink’s unlisted property investments have seen strong performance whilst other investors have been exposed to underperforming retail and office property investments. These property project investments directly support the construction sector and job prospects for our members.
Investments and Finance
The past year has continued to present challenges for financial markets and investment managers. At Incolink, we have prioritised the protection of workers’ funds above all.
Our careful financial management means the Fund remains in a strong position with $1.069B under management.
Our Board and Governance
This year, Incolink welcomed a new Chair, Rebecca Casson, who has provided strong leadership to the Board. We have also welcomed new Board members Claire Filson, Giovanni Abelardo and Elizabeth Doidge. We would like to sincerely thank outgoing Chair Brian Boyd for his significant contribution to the construction industry.
Click here to read more about our Committees and Governance structure.
Rebecca Casson
President
(since 2022)
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Rebecca is the President of Incolink, which is the largest worker entitlement fund in Australia. She is the first woman to be appointed to that position in the organisation’s 34-year history.
Rebecca is also the Chairperson of the Victorian Government’s Building Industry Consultative Council, which is a forum for discussion on economic and industrial relations issues in the building and construction industry. She is the first woman to be appointed to that position in the Council’s 21-year history.
Previously, Rebecca was the CEO of Master Builders Victoria. She was the first woman to be appointed to that position in the Association’s 147-year history. In her time at Master Builders Victoria, Rebecca led the Association through what can only be described as a journey of positive transformation during a notably tumultuous COVID-impacted period.
Additionally, Rebecca steered the building and construction industry through one of the greatest challenges we will see in our lifetime by successfully navigating the complex waters of the COVID-19 pandemic. In recognition of her efforts in leading through a crisis, Rebecca was inducted into the 2021 Victorian Honour Roll of Women.
Rebecca has a strong background in government, industry, and the not-for-profit sector. She has held senior roles across a wide range of portfolios including international engagement, government relations, corporate diplomacy, and major projects, together with public policy development and implementation. She is also a published author and academic.
Rebecca is currently an Advisory Board member on the Victorian Skills Authority, and she has previously served on the Boards of Master Builders Insurance Brokers, Development Victoria, and the Kardinia Park Stadium Trust.
Earl Setches
Director
(since 2002)
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Earl has been actively involved in the plumbing industry for 30 years. In 2001 Earl was elected State and Federal Secretary of the Plumbing Trades Employees Union, and he has held both roles ever since. Earl is also Chair of the Plumbing Industry Climate Action Centre and Indigenous Plumbing and Sanitation Foundation, and is a Board Member of the Victorian Building Authority Plumbing Advisory Council, the Building Industry Consultative Committee, Incolink, CBus and the Plumbing Joint Training Fund.
John Setka
Director
(since 2022)
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Born and bred in Melbourne’s western suburbs of Footscray, John Setka, has been a union man all his working life. Once he completed his apprenticeship as a motor mechanic, from the age of nineteen he began working as a builders’ labourer, following in the footsteps of his father Bob, who was a Rigger and was working on the West Gate Bridge when it came down in 1970, he was able to see firsthand the improvements that the union made on the job.
“Seeing the union in action and seeing the results they delivered inspired me to be a union activist,” he says.
It was not long before he drew the attention of the union leadership of the late John Cummins President of the BLF, who employed him as an organiser in 1986 at the young age of 22.
John is proud of the achievements of the CFMEU and under his leadership wants to strengthen and broaden the union presence on building sites in Victoria, so that more workers receive EBA pay and conditions.
John served four years as Assistant Secretary of the Victorian CFMEU before being elected in 2013 to lead the Branch.
John joined Incolink as a director in January 2022, and has completed the AICD Foundation for Directors course.
Michaela Lihou
Director
(since 2021)
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Michaela Lihou, CEO, leads Master Builders Victoria with a distinguished career spanning blue and white-collar services industries. With a Bachelor of Arts/Commerce from Deakin University and a Graduate Diploma in Business from Monash University, her strategic expertise shines in human resources management, industrial relations, policy and advocacy, communications and stakeholder engagement, strategy development and execution, member services, governance, marketing and finance.
Beyond her CEO role, Michaela’s influence extends across key industry bodies. She is a Director on the Incolink Board and plays a vital role within the BICC. Her visionary leadership propels growth, sustainability, and collaboration in the construction sector. With a unique blend of strategic acumen and industry insight, Michaela Lihou leaves an indelible mark on Victoria’s built environment, shaping its future with a legacy of progress.
Peter Daly
Director
(since 2021)
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With more than 20 years’ experience in senior leadership roles in the corporate and not-for-profit sectors, Peter has a deep understanding of membership organisations and a proven history of working successfully with government and industry to build consensus around business and public policy outcomes. He is a Civil Engineer and a member of the Australian Institute of Company Directors. Peter is the CEO and Secretary of Master Plumbers and Mechanical Services Association of Australia, member of various government advisory bodies and Director on the board of a number of business entities and charitable organisations.
Adam Darby
Director
(since 2021)
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Adam is the Managing Director of Wagstaff Piling Pty Ltd, an Australian owned foundation engineering contractor with operations nationally and in New Zealand. Prior to becoming Managing Director, Adam was the Group Finance & Strategy Director. Adam has a professional background in finance and law.
Robert Graauwmans
Director
(since 2022)
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Born and bred in Geelong, Rob has been a member of the CFMEU since 1996, coming from the FEDFA side of the Union. Rob worked primarily interstate for the first 8 years of his working life both as a Rigger and Crane Operator.
Rob joined the CFMEU as an Organiser in 2006 and spent 5 years Organising in the Western District.
Moving from Geelong to Melbourne in 2011, Rob was appointed the Organiser for Mobile Cranes as well as Organising in the Eastern Suburbs. He was elected as Vice-President in 2016 and at the turn of the 2020 ticket, was elected President. Rob’s vision is to broaden and diversify the Union so more people can enjoy the benefits of being a Union member. He has a strong commitment to achieving justice, fairness, equality and dignity for all workers.
Rob joined Incolink as a director in January 2022, and has completed the AICD Foundation for Directors course.
Claire Filson
Independant Non-Executive Director
(since 2022)
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Claire is an experienced non-executive director with more than 20 years’ experience on State and Federal Government boards and in superannuation and infrastructure businesses.
Chairing audit, risk, finance, and remuneration committees, Claire has experience in superannuation, insurance, funds management, infrastructure and property including ports, roads, rail and utilities. Her knowledge and skills include corporate legal advice, strategic risk management, compliance and governance.
While working in private legal practice, Claire was a construction lawyer working for major national law firms in Perth and Melbourne.
Claire currently sits on the board of Greater Western Water in Victoria, and is the Deputy Chair of the Port of Hastings Corporation, the Portable Long Service Benefits Authority and the Indigenous Land & Sea Corporation.
She is also Chair and independent member of the City of Kingston Audit and Risk Committee.
Giovanni Abelardo
Director
(since 2023)
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Giovanni has 15 years of Human Resources experience and 12 years in Senior Leadership roles, predominately within the building and construction sector. Currently Giovanni provides leadership to the Master Builders Association Victoria’s (MBAV) People and Member Services teams, covering, Advisory, People and Culture, Marketing and Communications, Projects and Membership.
Giovanni is also an Alternate Panel Member on the Victorian Building Industry Disputes Panel.
Elizabeth Doidge
Director
(since 2023)
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Elizabeth Doidge has a proud career in the trade union movement, leading advocacy and policy initiatives for the CFMEU Construction division across Victoria, Tasmania and South Australia.
In addition to her role at the union, Elizabeth was elected to Melbourne City Council in 2020 where she chair’s the council’s Sustainable Buildings, Environment and Creative Melbourne portfolios.
Executive Team
Erik Locke
CEO
Erik has been in leadership positions in the private sector, unions and politics for more than twenty years. Prior to joining Incolink in 2019, he worked as a Chief of Staff in three jurisdictions, held senior management positions in public relations, professional associations, political parties and the union movement.
He has worked in the investment banking sector in London, and while managing public relations firms counted some of Australia’s largest corporates, unions and NGOs amongst his clients. Erik sat on the Board of Andrew Denton’s charity, Go Gentle Australia and played a senior role in the marriage equality postal survey. He studied at UWA, Murdoch and Griffith Universities, collecting Bachelor of Arts in Politics, Communications, Australia and the Asia Pacific. He is a member of and is currently completing his AICD course.
In his role as CEO, Erik is responsible for leading Incolink’s corporate strategy and ensuring the member is always put first. Erik works with our stakeholders and industry to ensure the health and safety of workers is always at the forefront.
Throughout his time at Incolink, Erik has led the organisation to deliver covid testing and vaccinations whilst supporting members by implementing industry-first covid payments. Erik’s leadership has been instrumental in the funds growth and innovation over the last several years.
Niall Keane
Chief Financial & Investments Officer
Niall is a financial and investment leader with a strong track record in the financial services sector. In his role at Incolink, Niall is responsible for all financial and investments functions ensuring strong returns allowing the organisation to invest back into the industry through programs and services. Niall also works closely with the CEO and Leadership team to design and execute key strategic planning initiatives.
Since joining Incolink in 2014 Niall has delivered consistent industry leading investment returns, built out an in-house finance and investment team alongside external provider expertise, and implemented contemporary financial systems to streamline functional processes and improve efficiency.
Prior to joining Incolink, Niall was CFO at Perennial, a multi-boutique Australian Fund Manager and previously was in a similar role at Victorian Funds Management Corporation.
Niall is a member of the Institute of Chartered Accountants in both Australia and Ireland, holds a Master’s degree in Business Administration from Monash (Mount Eliza Business School) and is a Graduate member of the Australian Institute of Company Directors.
Benjamin Maxfield
Executive General Manager, Operations & Services
Benjamin is an executive leader in funds management and wellbeing services to the Australian building industry with over 15 years of experience. Throughout his career Benjamin has advised on major infrastructure projects, including Melbourne Metro Tunnel, Airport Rail and NBN Co on their government relations and corporate affairs strategies.
Christian Bombig
Executive General Manager Growth
Christian is a respected workplace leader having held positions in finance, public policy and industrial relations sectors over the last 20 years. Prior to joining Incolink Christian worked as a Senior Adviser to the Premier and Senior Manager of Industry Partnerships at CBUS Super. Recognised as being an excellent communicator, negotiator and strategist he has a consultative approach to decision making.
In his role at Incolink Christian oversees the growth, marketing and communications areas of the business ensuring a member-first approach. Christian has a lifelong commitment to representing the interests of working people and always approaches responsibilities with integrity. Managing processes that deliver effective business outcomes are important to Christian and he strongly believes that his considered approach to building and managing relationships, allows him to effectively deliver outcomes.
Christian holds a Bachelor of Social Science, Industrial Relations and Sociology from RMIT and a Masters of Social Policy from Melbourne University.
Samantha Ellison
Senior Legal Counsel & Company Secretary
Samantha is an experienced lawyer with a diverse background in legal practice. With many years of dedicated service in private practice, Sam has honed her expertise in property law, general commercial law, and corporate law. Throughout her career she has had the opportunity to collaborate with businesses across various sectors, guiding them through complex contract negotiations, offering sound legal strategies for risk mitigation, and ensuring compliance with regulatory frameworks.
In her role at Incolink, she is responsible for providing vital legal guidance on various regulatory regimes, trust law, and intricate compliance issues. She oversees the critical portfolios of legal, risk, governance and compliance, industry grants and members insurance.
Samantha is committed to the highest standards of legal practice and professionalism and prides herself on facilitating transparent stakeholder communications. She is a member of the Association of Corporate Counsel and the Governance Institute.