Incolink
Annual Report 2025
The safety net for the building and construction industry.
CEO Report
Acting President Report
Snapshot FY25
Ongoing support for members
Providing a safety net for workers remained our number one priority and our core business.
The level of redundancy in Australia’s construction industry remains a fundamental challenge for workers, making our work critically important for both workers and employers.
In 2024/25, we paid $230 million in redundancy claims.
A total 23,356 claims were made by workers, with a vast majority continuing to be made on our mobile app.
A further 1,163 portable sick leave claims were made this financial year.
Total redundancy claims
Claims made through the app with faster payment processing
WorkerLink claims linking members with their entitlements quickly and easily
Portable sick leave claims
A new financial dividend for members
One of the great things about Incolink is that its financial strength and strong governance provide sustainability and the capacity to add new value for members every year.
This year, we were proud to become the first and only workers’ entitlement fund to not only offer comprehensive industry support services, but also to pay a direct dividend to our members.
We’re going to keep building on this with new initiatives to give our members even more benefits, while still making sure we continue to be a strong, secure fund.
This decision was made in consultation with members, to ensure Incolink stays the best entitlement fund in Australia, giving a truly national offering that combines both great services and financial benefits for all.
Australia’s largest and strongest fund
For almost four decades, we have been dedicated to supporting the workers who build our nation, a commitment that has shaped our evolution into Australia’s largest worker entitlement scheme.
In FY25, we once again exceeded expectations, delivering strong financial results for our members. We had redundancy contribution inflows of $346m, which is approximately a 25% increase from the previous year. We also paid $230m in redundancy claims to members and achieved a net return of 9.2% from our investment portfolio.
This year, we continued to deliver for our members in VIC and TAS, alongside our expansion into NSW and SA. This approach was crucial given the ongoing challenges the industry faces, including high rates of redundancies, business insolvencies, and low levels of productivity growth – all of which impact workers entitlements.
We have invested heavily in the VIC industry, with a total of $239.9m going into local construction projects over the past seven years, in addition to further support for workers around health, wellbeing and training.
Alongside this investment, we built our presence in SA by delivering health checks to 635 workers at 25 sites across the state. Supporting workers in SA remains a core focus for us and our future expansion plans.
Incolink has long advocated for the regulation of our sector and has confirmed that its current approach to self-regulation is already harmonised with the recent decision announced by the corporate regulator ASIC.
ASIC has announced that employee entitlement funds will be required to hold a financial services license and comply with some managed investment provisions of the Corporations Act. The option chosen by ASIC was Incolink’s preferred option, as this will enable us to meet the needs of our members and the industries they serve.
We look forward to continuing to constructively engage with ASIC and the federal government to ensure the proposed regulation of our sector becomes a reality.
Using our scale to grow our members’ industry
Incolink has invested more than $470m in commercial construction projects in the past seven years.
- With more than $1.4b funds under management, we invest for strong returns for members, with a focus on their industry.
- We have invested $470m in construction projects across Australia over the past seven years and have delivered thousands of jobs, while also providing strong returns that are reinvested in member services.
- We continued to invest at the same level in all states where we have members, except Victoria, where our direct investments over the last seven years increased from $187.7m to $239.9m.
Celebrating one year of supporting our members in New South Wales
This year in NSW, we continued to expand our support for members by providing additional health checks, counselling, and an enhanced training program.
To support our members’ mental health and wellbeing, 7,305 members receive health checks at 250 sites across Australia – this included 2,585 workers in NSW at 90 sites – almost double the number of members from the previous year. We also partnered with Foundation House to offer access to trusted counselling and rehabilitation services for members and their families.
In June 2025, we launched our first training voucher program for our members in NSW. This program has been overwhelmingly popular with almost $200,000 worth of training vouchers already supplied since its launch, $65,000 of which were claimed in the first 48 hours.
We extend our sincere gratitude to our hardworking members, stakeholders, and dedicated team across NSW for a successful first year. We look forward to continuing to support the industry and our members in NSW for many years to come.
Investing in South Australia
Over the last year, we continued to work with the South Australian construction industry to provide a welcome safety net for the local construction workers.
We focused on growth in the state by visiting key sites, investing in recruiting new members and ensuring they had an unrivalled level of service and support.
We placed a major focus on worker wellbeing, including the delivery of health checks to 635 workers at 25 sites across the state.
This commitment to South Australia is driven by our core mandate to continue to support the industry across the country and to invest in projects and programs that directly benefit our members.
Training the future workforce
We are the largest private funder of industry skills training, and we have continued to work over the last 12 months with stakeholders to plan for the future skills needs of the building and construction industry.
Labour shortages remain a major concern across all states and territories, which is why we launched our new employment platform, Incolink Jobs for the purpose of matching employers with workers who have the qualifications and skills to meet project requirements.
We are continuing to invest in training programs that provide people with the skills that power our industry into the future. This includes our new training voucher program, which launched in June in NSW for members who don’t have access to other free industry training. This means eligible members in NSW can access $1,500 vouchers and choose from eight in-demand courses at selected registered training organisations.
During FY25, Incolink funded 1,038 courses that reached 10,756 learners. That $28.6m investment took our spending on training programs over the last decade to $292.9m. Our programs include:
- Victorian Mobile Crane Traineeship Association (VMCTA), which recently graduated its eighth cohort of trainees;
- Building Leadership Simulation Centre, which is the only facility of its type in the southern hemisphere;
- Plumbing Industry Climate Action Centre;
- Plumbing Industry Hydrogen Centre of Excellence, which ensures workers’ skills advance alongside new technology; and
- The Master Builders Collaboration and Innovation Centre.
Courses funded in 2024-25
Invested in building and construction worker training
Learners
Invested over the last decade
Women in construction
Incolink remains a strong supporter of boosting the number of women in the construction industry. Our research continues to show that while women can thrive in the industry, with 87% of female construction workers intending to stay long-term, getting them in the door in the first place can be a challenge.
This year we entered a major partnership with employers, workers, registered training organisations, group training organisations, NGOs and industry bodies to deliver our Women in Construction program, which was successful in receiving a Federal Government Building Women’s Careers grant. The program comprises training and employment for women in skilled construction roles, wraparound services to support success, and worksite interventions to address cultural barriers. All with the aim of getting more women into the construction industry.
This work has led to a significant number of women in construction jobs throughout 2025, and with a growing pool of educated and ticketed female candidates, and we expect this number to increase further.
As we move further into 2025, we are focusing on sharing stories of women who have found success, helping others see what a career in construction could look like for them. Innovative programs, like the Women in Plumbing Program, have hired apprentices into roles that are giving them stability, purpose and security for the future.
We are committed to continuing to work with unions, educators, employers, and other industry bodies to create new pathways and opportunities for women.
I’m 27 and I waited, but if I had my time again I wouldn’t have waited because it’s such a great industry. I would say just go for it.
– Rachael, apprentice
Health and wellbeing
We know that the Australian sun can cause irreversible damage and outdoor workers, such as those in construction, are at an elevated risk. This risk combined with limited time and resources, can be deadly, so we decided last year to make skin checks more accessible for our members. Reducing risk and saving lives.
We bring skin checks to worksites to make it easier for workers to catch any suspicious spots early. Expansion in NSW and SA has boosted coverage, with workers across 250 sites in NSW, SA, and VIC registering for an on-site consultation. This year, 22% of members across Australia with concerns about spots on their skin were informed by a nurse that the lesions were suspicious.
The health check program was used by 7,305 workers across Australia, including 2,585 workers in NSW, 635 workers in SA, and 4,085 workers in VIC.
We continue to make it easier for workers to meet with a qualified nurse and have their cholesterol and blood pressure tested, while also discussing any health, wellbeing, or lifestyle concerns.
Mental health support at work
In Australia, construction workers are 84% more likely to take their own lives compared to those working in other industries.
Since 2018, our Bluehats suicide prevention program has been looking out for workers’ mental health on site, reaching more and more workers, largely due to the support of our employer members.
One such employer has been Planet Plumbing. After seeing the value it brought to their workforce, they wanted to find a way to further the impact through research.
Last year we partnered with Planet Plumbing and Monash University to conduct a study of the program and measure its success.
Alongside this work, our ‘Drop the Act’ campaign encourages the construction industry to do just that: to drop the act when it comes to mental health and to stop pretending everything is okay when it isn’t.
Through a series of three videos, we’re showing that it’s okay to lean on your friends when you need them. This campaign continues our fight to dismantle harmful stigmas and promote healthier conversations about mental health.
We have assembled a dedicated team that focuses on evidence-based education on a range of topics to complement suicide prevention efforts, such as relationships, alcohol and other drug use, gambling, and the promotion of good mental health.
Financial wellbeing
Beyond providing redundancy benefits, Incolink offers a range of financial support services to help our members through tough times.
We provide free and confidential financial counselling to assist members and their families with challenges such as unmanageable debt, fines, or simply needing support with budgeting. Last year, Incolink’s financial counsellors provided sessions for 354 workers.
We also successfully launched our financial advice service, through a partnership with Industry Funds Services, which saw 133 members provided with financial advice to plan for their futures.
To tackle the issue of problem gambling, we continued to offer our Gambling Harm Toolbox Talks to worksites. These 15-minute talks are designed to promote awareness, reduce stigma, and encourage those at risk of excessive gambling to seek help.
Investments and finance
Read the full FY25 Financial Performance Summary
Incolink Group Net Profit after income tax for the financial year ended 30 June 2025 was $80.9m. Balance Sheet Net Assets at the end of FY25 totalled $214.5m. Net Assets funding coverage remained at a healthy 118%.
In another strong year for member cashflows, redundancy contribution inflows amounted to $346m for FY25, an increase of 25% on the prior year. Incolink paid $230m in redundancy claim payments to members. Our investment portfolio delivered a net return of 9.2%. This return compared favorably to leading peer superannuation funds such as CBUS and Australian Super.
It should also be noted that Incolink’s investment portfolio contains less risk than the typical MySuper default fund option due to Incolink’s shorter investment time horizon and greater liquidity requirements. Positive absolute returns were seen across all asset classes. Listed Equities had a particularly impressive year, with Global Equities returning 21% and Australian Equities 11%.
Our Real Assets portfolio proved yet again to be a strong contributor, returning 7%, with our investments in Commercial Real Estate projects directly supporting the construction sector and providing jobs 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 $1.4bn funds under management.
Our board and governance
Click here to read more about our Committees and Governance structure.
Peter Daly
Director (since 2021)
and Acting President (since 2025)
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In addition to Incolink, Peter is the Co-Chair of Buildskills Australia and a Director of the National Centre for Vocation Education Research (NCVER) and the Indigenous Plumbing and Sanitation Foundation. Peter has substantial knowledge of the building and construction industry, with more than seven years as the past CEO and Secretary of Master Plumbers and Mechanical Services Association of Australia, and member of numerous government and industry advisory bodies. He is a member of the Australian Institute of Company Directors.
Earl Setches
Director
(since 2002)
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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.
Adam Darby
Director
(since 2021)
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Prof. the Honourable Jill Hennessy
Independent Non-Executive Director
(since 2024)
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A former lawyer and Graduate of the Australian Institute of Company Directors (GAICD), she holds Chair positions at Western Health, Monash Women’s Health Alliance and Wellness in Infrastructure.
A tireless champion of the communities she serves, Jill has also advocated for workplace health and safety reform and understands the unique challenges faced by those in the construction industry.
Sherri Hayward
Director
(since 2024)
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She has a Bachelor of Business (Human Resource Management and Industrial Relations), Bachelor of Laws, Master’s of Labour Law and Relations and over 12 years of experience as an Industrial Officer at the CFMEU NSW branch.
Zach Smith
Director
(since 2024)
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He became National Secretary of the C&G Division in 2023, and was appointed the National Secretary of CFMEU in 2024.
He serves on the Board of Incolink and serves on the National Construction Industry Forum.
Zach lead the successful campaign to ban engineered stone, and has worked on key policy issues including housing and the development of procurement standards at State, Federal and Territory level.
Elizabeth Lukin
Director
(since 2024)
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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.
Niall Keane
Chief Financial Officer
Benjamin Maxfield
Chief Operating Officer
Christian Bombig
Executive Officer, National Fund
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. In his role at Incolink Christian oversees the growth 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.
Samantha Ellison
General Counsel and 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, the Governance Institute and was recently appointed to the VBA Plumbing Special Advisory Panel.
Mathew Toner
Chief of Staff to the CEO and Executive General Manager, Corporate Affairs
Mathew has held leadership positions in the government, not-for-profit and private sectors for over 15 years. He has worked across industrial relations, public policy and communication roles – as a lawyer and National Director; and as a Specialist Adviser to two Premiers. Mathew oversees the media, communications, marketing and human resources functions at Incolink, and is Chief of Staff to the CEO. He also leads our national Women in Construction partnership with over 18 organisations, which was successful in receiving a $4.98 million federal government grant.
He holds a Bachelor of Arts (Political Science and Government) and a Bachelor of Laws with Honours from the University of Melbourne, completed the New Leader Development Program at Melbourne Business School, and is a Graduate of the Australian Institute of Company Directors. He is currently enrolled in the Executive Masters of Business Administration at RMIT.