CEO Report

A video message from Incolink CEO, Erik Locke.

Our core business is to be a safety net for workers in an industry with the highest level of redundancy in Australia.​

In 2023/24, we paid $189.9m in redundancy entitlements.

With more than $1b under management, we invest for strong returns for members, with a focus on their industry. ​

Our more than $410m investment in construction projects across Australia over the past six years have delivered thousands of jobs, while also providing strong returns that are reinvested in member services.

We recently announced mezzanine funding of $15m into Adelaide’s Market Square development, providing renewed momentum for this iconic development.

Incolink’s evolution as Australia’s largest workers’ entitlement scheme has been years in the making and stems from our deep commitment to the workers building our nation.​

While we have long invested in the NSW industry – a total of $143m has gone into local construction projects over the past six years – the launch of our Fund in NSW means that workers now have access to the direct benefits of being an Incolink member.​

Our report, Capitalising on the Next Construction Boom, highlighted both the challenges and opportunities for the sector in NSW, attracting significant media attention.​

Construction contributed $47b to the NSW economy in the year ending June 2022. And as the largest non-services industry, it employs over 315,000 workers in NSW’s private sector.  ​

However, the industry accounts for significant redundancies and business insolvencies, which presents obstacles to workers accessing their entitlements.​

At Incolink we recognise that only a modern worker entitlement fund, like Incolink, can support a construction sector as big as that of NSW.

Our contribution to the NSW economy doesn’t stop there. Our work in NSW is forecast to contribute $128 million to the state’s economy (refer to graph).

We congratulate the Incolink staff who made this expansion possible and look forward to an exciting future ahead for our NSW members as they benefit from being a part of the Incolink safety net. ​

‘We’re in’… NSW

The launch of our Fund in NSW in June was accompanied by a major advertising campaign, ‘We’re in’, featuring real members espousing the benefits of joining Incolink.

Advertisements featured across mainstream print and radio, delivering 1.5 million impressions, and impresively, the campaign reached more than 250,000 people via social media.​​

The digital campaign supported ‘on the ground’ enterprise agreement votes and by week-four, 11 NSW construction companies had become employer members, ensuring that their employees would have access to a range of Incolink benefits and supports, including skin cancer and other health checks.​

As a leading funder of industry-based training, we work with stakeholders to plan for the future skills needs of the building and construction industry.

While construction activity has returned to pre-pandemic levels, labour shortages remain a major concern.

By 2050 it’s estimated that Melbourne will have the population of London, and the construction industry will be tasked with building the infrastructure to sustain this anticipated growth.

That is why we launched our new employment platform, Incolink Jobs. Developed in partnership with the Victorian Government, the platform has been built by the industry for the industry and seeks to match employers with workers who have the qualifications, skills, and tickets to meet project requirements.  

Incolink is a strong supporter of boosting the ranks of women in the construction industry.

Our research has shown 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.

In 2023/24, we continued to work with unions, educators, employers, and industry bodies to create new pathways and opportunities for women.

Innovative programs, like the Women in Plumbing Program, aim to attract young women into the trade by finding supportive work sites and providing support as they undertake their apprenticeships.

Incolink has placed more than 300 women in construction jobs in recent years. With the pool of female candidates who are educated, ticketed, and ready to work growing, we expect that number to continue to expand.

In March, we celebrated International Women’s Day with a luncheon featuring the Honorable Jill Hennessy – now Incolink’s Acting President – speaking about challenges she’s faced throughout her trailblazing career and why investing in women benefits everyone.

Australia has one of the highest rates of skin cancer in the world. Each year, 34,000 skin cancers and 200 melanomas are diagnosed due to exposure to the sun’s harmful UV rays. Outdoor workers, such as those in construction, are at an elevated risk.

Following a successful pilot in Victoria, we expanded our lifesaving skin cancer prevention program into South Australia and NSW, providing SunSmart education and skin cancer checks to thousands of workers at pop-up clinics on site.

With heart disease and stroke making up 15% of all deaths in Australia annually, we also expanded our popular voluntary health check program into NSW, enabling more workers to meet with a qualified nurse and have their cholesterol and blood pressure tested, while also discussing any health, wellbeing, or lifestyle concerns.

Last year, the health check program operated at approximately 150 sites, enabling 3,884 workers to undergo checks without needing to leave work.

Since 2018, our Bluehats suicide prevention program has been looking out for workers on site. Our mental health support programs have reached 19,800 workers so far, largely due to the support of our employer members.

This year, we invited Monash University to conduct an evaluation of Bluehats and the findings – together with feedback from industry stakeholders – are informing our next steps to make this award-winning program even more impactful.

We have assembled a dedicated team that will focus on evidence-based education on a range of topics to complement suicide prevention efforts, such as relationships, harmful use of alcohol and other drugs, and excessive gambling.

Free and confidential counselling is available to members experiencing financial challenges, such as unmanageable debt or fines, or who simply need support with budgeting.

Incolink’s financial counsellors provided 728 counselling sessions for 192 workers last year.

Events and partnerships

As Australia’s largest portable entitlement fund, Incolink is an important voice in the public debate about how to best support workers in insecure industries.

In November 2023, Incolink led a delegation of industry and union leaders to attend the Building Leaders Forum in Canberra, where we advocated for the establishment of a national system enabling workers’ entitlements to follow them from job to job.

Delivering a major speech to the forum, Incolink CEO Erik Locke said the initiative would give more insecure workers the safety net of paid leave between jobs while also creating a multi-billion-dollar industry – not dissimilar to the superannuation industry – over time.

In the last year we have supported and delivered over 30 events to industry ranging from plumbing apprentice awards, building apprentice awards, excellence in construction awards and the Building Union picnic. 

Incolink invests across a wide range of diversified asset classes selected by our investment experts to ensure risks are balanced and returns are maximised.

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 $1.211b under management.