Debby Blakey

HESTA has announced an average 12% drop in insurance fees across all cover types^[1] will take effect later this year as part of a broader suite of changes designed to provide more accessible and affordable insurance cover.

From 1 July 2026, HESTA members^[2] will pay less for the same level of death, total and permanent disablement (TPD) and income protection cover, and benefit from strengthened protection during pregnancy. The Fund has also improved the insurance fee waiver during parental leave, and made it faster and easier for members to apply for insurance cover.

The changes mean insured HESTA members will see average fee decreases of around 6% for death cover and nearly 15% for TPD, with income protection average reductions ranging from 1.4% to 23.5% depending on benefit period,^[3] which can mean more money stays invested in members’ super.

More than 630,000 HESTA members have insurance cover through their super. Over 80% of these insured members have standard default cover.^[4]

HESTA CEO Debby Blakey said the changes, which follow HESTA’s renewal of its long-standing insurance partnership with AIA Australia^[5], reflect the Fund’s commitment to providing members with value-for-money insurance.

“Being able to keep insurance costs down and enhance protections is a fantastic outcome for our members who are feeling the impact of higher cost-of-living pressures,” Ms Blakey said.

“Around 80% of HESTA members are women, many working in health and community services, dedicating themselves to looking after others. Providing access to appropriate, affordable insurance cover is a critical offering that can give our members and their families real peace of mind at a time when it matters most.”

As well as reduced insurance fees, the July changes mean HESTA members on parental leave will be able to maintain their cover without paying insurance fees for a full 12 months, with this extending to 24 months for a member whose baby is born prematurely.

The Fund is also removing the automatic exclusion of disabilities related to normal pregnancy or childbirth or miscarriage, from income protection claims in specified circumstances. This is currently a common industry exclusion.

The July changes build on the November 2025 uplifts made in partnership with AIA Australia to improve the digital insurance claims experience for HESTA members.

“For many of our members, the cover they have within their super is likely to be the only personal insurance they hold, which makes getting our insurance offering right all the more important,” Ms Blakey said.

“These changes reflect our ongoing commitment to provide insurance cover that is affordable, accessible, and that genuinely works for members when they need it most.”

Members will receive communication about the changes later this month, with the updated PDS and Insurance options guide available on the HESTA website from 1 July 2026.

Key insurance and other changes taking effect from 1 July 2026^[6] include:

• Reduced insurance fees: all insured HESTA members will get an insurance fee reduction for death, total and permanent disablement and income protection cover. The fee reduction amount will vary for each member and depend on a range of factors.^[7]
• Extended parental leave insurance waiver: while on parental leave, insurance cover can continue without fees for a full 12 months. For premature births (before 37 weeks) this will be extended to 24 months.
• Pregnancy-related disability changes: the automatic exclusion from income protection claims of disabilities related to normal pregnancy or childbirth, or miscarriage, will no longer apply in specified circumstances.
• Non-lapsing binding death benefit nominations: HESTA members will be able to make non-lapsing binding death benefit nominations from 1 July 2026.
• The minimum new events cover timeframe is reducing: new events cover will generally apply until 10 consecutive days of active employment, down from 30 days.
• Easier to apply for cover: members will be able to apply for increased death (up to a total of 6 units) and income protection (up to a total of 12 units) cover at any time by completing a short personal health statement.

———–

Notes:
[1] Average reduction in HESTA insurance fees across all cover types, effective 1 July 2026. The fee reduction amount will vary for each member and will depend on a range of factors including, but not limited to, the type and amount of cover, age and benefit period. More information about how insurance fees are calculated can found in the Insurance options guide on the HESTA website.
[2] HESTA Super and HESTA Personal Super members. The insurance changes will not apply to HESTA Corporate Super members.
[3] Average income protection fee decrease, effective 1 July 2026, with a benefit period of: up to 2 years: 1.40%; up to 5 years: 13%; up to age 60/67: 23.50%.
[4] As at 31 March 2026. Default cover consists of two units of income protection cover and two units of death cover. For more information, read the Insurance options guide on the HESTA website.
[5] HESTA reduces insurance fees and strengthens protection for members
[6] Insurance changes are only applicable to HESTA Super and HESTA Personal Super members.
[7] Factors include, but are not limited to, the type and amount of cover, age and benefit period. More information about how insurance fees are calculated can found in the Insurance options guide on the HESTA website.

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Ms Misic will be responsible for leading the ‘top down’ aspects of the portfolio, which includes portfolio construction and risk analysis, economic and capital market research, and portfolio overlays. The role reports directly to HESTA Chief Investment Officer, Sonya Sawtell-Rickson.

Ms Misic joins HESTA from the $29 billion Telstra Super, where she has been Acting Chief Investment Officer since March 2025. She is also Head of Alternative Investments and Real Assets at Telstra Super, a role she has held since December 2022.

HESTA CEO Debby Blakey said the appointment would further strengthen leadership and expertise within the Fund’s investment team.

“We’re excited to welcome Kate to HESTA, who brings a strong track record in investments. This is a critical role within our investment team and we’re confident Kate’s expertise will help us continue to deliver the strong long-term returns our members deserve,” Ms Blakey said.

Ms Sawtell-Rickson added Ms Misic’s experience would support HESTA’s efforts to capitalise on long-term opportunities for members in a fast-changing environment.

“Kate has broad and deep experience navigating a range of market conditions and asset classes, including internal management, which will be invaluable for HESTA as we continue to leverage our total portfolio approach,” she said.

“Her deep knowledge and trusted leadership will be invaluable as we continue to evolve, internalise and strengthen our investment strategy for the benefit of our members.”

Ms Misic said she was excited to join the Fund and support its clear sense of purpose.

“I’m thrilled to be joining HESTA. I look forward to contributing to an investment strategy that delivers real impact for members, many of whom have dedicated their careers to caring for others,” Ms Misic said.

Before joining Telstra Super, Ms Misic held roles at Warakirri Asset Management, Frontier Investment Consulting and Wilshire Australia.

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Robbie Campo

The HESTA Board has announced the appointment of Robbie Campo as CEO of the $100 billion profit-to-members industry fund, effective August 2026^[1].

HESTA Chair Nicola Roxon congratulated Ms Campo on the appointment, saying her wide-ranging leadership experience across a 26-year career in the superannuation sector made her a standout choice and would position her well to lead HESTA through its next, significant strategic era.

“Robbie brings extensive experience across executive and CEO roles, leading organisations, big and small, through complex regulatory, operational and investment environments to deliver better outcomes for members,” Ms Roxon says.

“As HESTA grows beyond more than one million members and $100 billion in assets, Robbie’s skills will position her well to lead the Fund as it enters an exciting new chapter – striving always to help our members feel confident, connected and well prepared for the future.

“Alongside our shared commitment to improving the financial futures of working people, particularly women, Robbie’s an inspiring leader who will bring fresh eyes and new energy to amplifying the positive impact HESTA has for generations of our members.”

The appointment follows a thorough search and interview process with a highly competitive field of applicants.

Currently the CEO of ESSSuper, Ms Campo’s previous leadership roles include Group Executive of Brand, Engagement, Advocacy and Product at CBUS and Deputy Chief Executive of Industry Super Australia (ISA). She is Chair of Women in Super, and has served as a non-executive director of Victoria Legal Aid and as a Director at Industry Fund Services. Ms Campo holds a Bachelor of Law with Honours, a Bachelor of Arts and a Graduate Diploma in Applied Finance and Investment.

Ms Campo said she felt privileged to be chosen to lead an organisation that is so strongly committed to improving the financial future of its members, 80% of whom are women and predominately work in health and community services.

“I am thrilled to be appointed as HESTA’s CEO, a role which will allow me to continue my passion for improving the economic security of Australians and, in particular, improving retirement outcomes for women,” Ms Campo said.

“HESTA is a top performing fund^[2] with a proud history of constant and courageous advocacy, global leadership in responsible investment and a strong track record of supporting its members. The nurses, carers, educators, and community service workers that make up the Fund contribute so much to the community, and it will be an honour to help them achieve a more secure retirement.”

“I look forward to building on the Fund’s very strong foundations, and to receiving the baton from such a high-impact leader as Debby.”

Ms Campo will start as CEO in August ensuring a smooth transition from current CEO Debby Blakey.

Ms Blakey welcomed the Board’s decision to appoint Ms Campo.

“I’ve had the opportunity of working with Robbie over many years on improving the super system for women and working Australians. I am thrilled I will have the privilege of handing over to Robbie as the incoming CEO in August, and feel confident she will lead the Fund from strength to strength,” Ms Blakey said.

———

Notes:
[1] The appointment is subject to standard regulatory approvals, including fit and proper assessments and notification as required under the Financial Accountability Regime (FAR)
[2] Based on HESTA’s analysis of SuperRatings 10 Year Platinum Performance 2016-2026
(MySuper).

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Debby Blakey

Around one year after the market shock caused by US tariff announcements, HESTA is urging its more than one million members to stay focused on their long-term retirement goals as global markets experience heightened volatility in response to escalating Middle East tensions.

Following the start of the Iran conflict, the super fund has seen a rise in average daily investment switching activity in March from the previous month^[1] while the number of visits to HESTA’s investment pages has risen sharply.

Switching activity peaked on March 9 when oil prices jumped through US$110 per barrel and the ASX200 fell 2.8% in its worst day since US trade tariffs were announced in April 2025. Daily switching numbers have since eased but remain above typical levels.^[2] Members who have switched investments options have predominantly moved their retirement savings into very defensive options, such as Cash and Term Deposits.

Amid the more challenging market conditions, the number of visits to HESTA’s investment landing page via online accounts climbed nearly 37% in March 2026.^[3] HESTA is providing regular updates to members on its website based on the current situation.

HESTA CEO Debby Blakey said it was natural to feel concerned during periods of market uncertainty, however making snap decisions based on short-term market fluctuations could harm retirement outcomes in the long run.

“We understand news of the conflict in Iran and the impact on global markets can feel unsettling, but history shows staying invested through market ups and downs typically delivers stronger long-term returns for our members,” Ms Blakey said.

“Super is a long-term investment. While it’s important to stay informed, knee-jerk reactions to short-term market movements can crystallise losses and risk missing out on a market bounce back. This could potentially cost tens of thousands of dollars at retirement.

“The best thing to do if you’re feeling anxious about your super is to seek advice tailored to your individual circumstances, which also takes account of how close you are – or if you are in – retirement. Engaging with your super regularly, not just during periods of market volatility, can also help build confidence in your investment strategy and ability to stay the course.”

A HESTA member survey conducted in September 2025 found 43% would be more likely to monitor their super balance during volatile market periods.^[4]

Separately, the Fund’s analysis of historical data revealed the potential risks of switching to more conservative options during a correction.

If a member with a $100,000 balance switched from the most popular option, the default MySuper Balanced Growth, to the most defensive Cash & Term Deposits option during COVID in 2020, just five years later they could be more than $20,000 worse off in terms of potential retirement savings. This figure assumes they took one year to switch back.^[5][6]

Ms Blakey said the team began the year with a cautious outlook, noting the Fund’s well-diversified portfolio was built for resilience during periods of market volatility.

“We actively manage members’ savings and our well-diversified core portfolio is built to weather periods of significant volatility,” Ms Blakey said.

“Our highly experienced and skilled investment team is closely monitoring developments and updating scenario planning to help ensure our ongoing activities manage emerging risks and take advantage of new opportunities.”

HESTA’s Balanced Growth investment option, the Fund’s MySuper default super option and where most HESTA members are invested, has delivered strong returns over the short and long term. It has returned 7.77% over the past year and an average of 7.89% per annum over the past 10 years, both to 31 March 2026.

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Debby Blakey

HESTA has launched a new white paper that highlights a significant blind spot in Australia’s retirement system.

The white paper – Make the move: guiding members to tax-free retirement – is a continuation of research insights released last month, providing further insight on how eligible Australians are missing out on billions of dollars in tax-free retirement savings.

It reveals for the first time that, collectively, eligible Australians likely missed out on up to $13.5 billion in tax-free investment returns between 2017 and 2025 simply by not transitioning their super into the retirement phase when they became eligible.

The white paper points to a simple solution: to let funds act in their members’ best interests at retirement by proactively transitioning eligible members into the tax-free phase of superannuation with the ability for members to opt out.

The research^[1], commissioned by HESTA and conducted by Laneway Analytics, analysed diverse eligible groups of members and found that every member group is expected to benefit from transitioning to a retirement product when they become eligible – regardless of their balance, gender, homeownership status, or whether they have a partner.

Current retirement product take-up rates by eligible members are low – 30% at HESTA and 45% system wide. This is despite member education efforts and targeted communications within the limitations of the current advice settings. The solution put forward could deliver Australians up to 12% more money in retirement compared to those who delay transition by four years.

“Retirement should be a time when Australians can enjoy the rewards of a lifetime of work. Yet too many Australians are not making the move from saving for retirement to actually living in retirement – and the cost of that inaction is significant,” HESTA CEO Debby Blakey said.

“Without reform, the problem will only grow. We need system-level change to make it easier for people to access tax-free income in retirement.”

The research found that in FY2025 alone, 1.8 million Australians remained in accumulation phase despite being eligible to switch, collectively forgoing $2.5 billion in a single year. By 2030, nearly 3 million Australians are projected to be missing out on $5.5 billion annually.

HESTA is continuing to call for reform, advocating for a default with member opt-out, that would transition eligible members to retirement phase products at a certain age when they’re no longer making contributions.

The white paper highlights how women disproportionately carry the cost of not transitioning to a retirement phase option – being the least likely to act under the current voluntary model. Female HESTA members have a take-up rate of just 29%.

“Women who have spent their careers caring for others often retire with more modest balances – and they are precisely the members least likely to make this transition on their own,” Ms Blakey said.

The research suggests transitioning to a retirement income stream upon eligibility could boost a member’s total retirement income by up to 12% depending on their circumstances, compared to those who delay by four years. This figure aligns with the median duration HESTA members remain eligible but do not transition. Such delays cost retirees both in the near-term and in the years ahead as the impact compounds over time.

“The research finds every eligible member cohort analysed is better off when they have access to a retirement phase option rather than staying in accumulation,” Ms Blakey said.

“That’s why we’re calling for a well-designed default mechanism that would seek to ensure no Australian is left behind simply because the system failed to guide them.”

HESTA’s white paper Make the move: guiding members to tax-free retirement was discussed at a roundtable event in Melbourne last week by sector leaders from funds, industry bodies, institutes and think tanks.

Read the paper.

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Debby Blakey

“HESTA welcomes the passage of the Division 296 Super Bill as a significant step toward a fairer superannuation system for all Australians.

“We are particularly excited to see the benefits of the Low-Income Superannuation Tax Offset (LISTO) – a reform HESTA has championed for several years. It represents a clear win for more than a million Australians who have been impacted by an inequality in the system, particularly women working in the lower-paid caring professions that are the backbone of our communities.

“The LISTO is effectively the only tax break more likely to benefit women than men. Today, we celebrate the recognition that this policy must work as it was always intended – for the long-term benefit of those who need it most.

“This includes the critical decision to permanently link the payment to personal income tax thresholds. The commonsense reform should ensure no Australian will pay more tax on their super than on their take-home pay.

“Around 70,000 HESTA members will directly benefit, having previously missed out on millions in super contribution ‘refunds’ under the old policy settings. For many, this change could have a transformative impact with the potential for tens of thousands of dollars more at retirement.

“The passage of this Bill, alongside major reforms such as super on Paid Parental Leave, the increase in the super guarantee to 12%, and the ‘3 Day Guarantee’ child care subsidy, represents a defining shift in how Australia supports women’s financial futures. Together, the changes can deliver meaningful progress in closing the persistent gender super gap.”

By Debby Blakey, CEO

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Debby Blakey

Australian retirees are missing out on billions in retirement benefits by not transitioning their superannuation to retirement phase, where they could benefit from tax-free investment earnings, new research reveals.

The research from Laneway Analytics, commissioned by HESTA, shows that in the 2025 financial year up to 1.8 million Australians collectively, and often unknowingly, missed out on an estimated $2.46 billion in additional investment earnings.

Without reform, this figure is projected to rise to more than $5 billion annually by 2030, impacting an estimated 2.9 million Australians.

In its 2026-27 Pre-Budget Submission, HESTA is calling for a range of regulatory changes to modernise the super system to ensure it better caters for the changing nature of retirement. This includes giving funds the ability to actively prompt members to transition to appropriate specific fund retirement products, with the ability to opt-out.

HESTA CEO Debby Blakey said the research clearly highlighted the value in reform.

“Australian retirees could be eligible for billions of dollars in additional retirement savings by simply moving their super to a tax-free retirement product,” Ms Blakey said.

“We’re calling for changes that would allow super funds to actively help eligible members transition to retirement products. This simple change could make a profound difference to Australians’ retirement outcomes.

“This isn’t just about individual retirees – it’s about Australia’s future. By enabling retirees to maximise their retirement income, we’re supporting we’re supporting more dignified retirements and helping to boost the economy.”

The change advocated for by HESTA includes implementing ‘soft defaults’ that would automatically transition eligible members to retirement phase products at a certain age when they’re no longer making contributions. The proposal would maintain clear member opt-out options.

The research modelling[1] shows that transitioning to retirement phase products could boost a member’s total retirement income by up to 12%, or as much as $99,000, compared to those who delay transitioning by four years.

The most profound benefit would be seen by members with lower balances, between $44,000 and $396,000, including women who may have worked part time or had breaks in their careers, who are often affected by the persistent gender super gap which has often been exacerbated by current super settings.

The benefits extend beyond individual retirees to the broader economy. As Australia’s population ages, enabling retirees to maximise their retirement income could help fuel the growing ‘silver economy’ while reducing pressure on the Age Pension system.

“The ‘silver economy’ represents a significant economic opportunity for Australia. By enabling retirees to maximise their retirement income, we are not just supporting more dignified retirements, we are enabling active participation in the economy through increased spending power,” Ms Blakey added.

“If we don’t act, by 2030 we could be talking about a missed opportunity worth up to $5 billion a year for Australian retirees and the economy.”

The modelling also found:

• Only 45 per cent of eligible Australians with super accounts transition voluntarily to a tax-free retirement account at Preservation Age.
• Australians aged over 65 missed out on $13.5 billion in retirement savings between2017 and 2025.

HESTA’s 2026-27 Pre-Budget Submission outlines additional priorities to modernise the retirement system, including:

• Allowing members to top up their retirement income streams with employment income.
• Removing barriers for pensioners to work more while keeping more of what they earn.
• Introducing measures to make the system fairer for women and carers.

For several years HESTA has called for an update to the Low-Income Superannuation Tax Offset (LISTO) and last week welcomed the introduction to parliament of legislation that will increase the full LISTO payment from $500 to $810, and permanently pin LISTO eligibility to income tax thresholds. This pinning is critical to ensure those who LISTO is intended to support continue to receive this payment over the long-term.More than 70,000 HESTA members are expected to directly benefit from the reform.

———

Notes:
[1] The Laneway Analytics modelling is based on assumptions including investment returns and the drawdown rate from income streams.

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Debby Blakey

“It’s great to see the introduction of the Division 296 Super Bill, which represents a significant step forward in creating a more equitable and fairer superannuation system for all Australians.

“Included in the Bill is an update to the Low-Income Superannuation Tax Offset (LISTO), which is something HESTA has advocated for over several years as it addresses an inequality in the system that impacts more than a million Australians – particularly women in lower-paid caring professions.

“It is rarely recognised that there is effectively only one tax break that is more likely to be paid to women than men – the LISTO – and it is fantastic to see recognition of the need for this policy to work as it was intended over the long-term.

“With around 80% of HESTA’s more than one million members being women, many working in lower-paid caring professions, these reforms are significant and could mean tens of thousands of dollars extra at retirement. The changes represent critical progress in creating a more sustainable and equitable super system. More than 70,000 HESTA members will directly benefit, having missed out on LISTO under the previous policy setting.

“The decision to increase the maximum LISTO payment from $500 to $810 and permanently link it to personal income tax thresholds is terrific news for low-income Australians, as it will help ensure they don’t pay more tax on their super than on their take-home pay.

“The introduction of this Bill, in addition to recent reforms such as super on Paid Parental Leave, the increase in the super guarantee to 12%, and the ‘3 Day Guarantee’ child care subsidy, reflects a welcome focus on addressing the persistent gender super gap.”

By Debby Blakey, CEO

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Debby Blakey

With parents around the country sending their children back to school this week, data from super fund HESTA indicates there’s one big question on their mind: ‘when can I retire?’

Over the past two years, HESTA digital data shows member activity using its Future Planner^[1] retirement tool spikes by more than 40% in late January and early February, just as the school year begins and the working year gathers pace.

The numbers match with Google Trends data showing searches for ‘how much do you need to retire’ surged as the school year began (Jan 26-Feb 1) last year. It was one of four spikes for the year, with jumps also seen in the Easter holidays, around the end of financial year in June and in the September school holidays.

HESTA CEO Debby Blakey said a break from work in January could often inspire dreams of an endless Summer in retirement, and there were many simple steps Australians could take to shorten their time until a comfortable retirement.

“We regularly see a jump in planning activity around this time of year after many members have enjoyed quality time with family and friends over the festive season – be it barbeques by the beach or relaxing by the pool,” Ms Blakey said.

“As Australians look ahead to the rest of the year, many ask one simple question: when can I retire?

“The reality is there is no better time than right now to take action on your super and it’s never too late to make a difference to your financial future. There are many small actions people can take to support their journey to a dignified retirement.”

Last year, in the first fortnight of the school year, activity on the $101 billion Fund’s digital retirement planning tool was more than 40% higher than both fortnights either side, and 38% above the annual average. The only fortnight that delivered similar levels of activity came around tax time, in the final two weeks of June.

Alongside outlining actions that can support preparedness for retirement, HESTA is releasing results of a survey of members that finds one in three say they check their balance irregularly^[2] (once a year or less). Around 11% said they either didn’t know when they last checked their balance or hadn’t checked in more than two years, while 43% said they were more likely to check super balances in times of market turbulence.

Ms Blakey said preparing for a comfortable retirement started with understanding the basics of your account, regardless of your age.

“It starts with knowing how much super you have, how much your employer is contributing, where it’s invested and how it’s grown over the long-term,” she said.

“For Australians that check their super only during market events, it raises the risk of making snap decisions that may lock in losses and miss out on eventual market recoveries.

“For those that can afford to, putting extra aside now can make a huge difference at retirement. Our modelling shows $10 a week extra could amount to tens of thousands of dollars at retirement for someone in their forties and hundreds of thousands for someone just joining the workforce.”

Just as many Aussie families set up their umbrellas on the beach for protection from the elements, Ms Blakey added a proper super health check also included preparation to help protect loved ones.

“Understanding whether you have a suitable level of insurance can make all the difference if somethings goes wrong, while ensuring you have a binding beneficiary nomination can provide confidence your money will go where you want it to and make things simpler for your loved ones at such a difficult time,” she said.

“While super and retirement can feel daunting at times, many funds – including HESTA – offer advice at no extra charge, which can support your unique journey^[3].”

Key tips include:

Scope out the surf: Check and consolidate

• Find your balance
• Check your employer is contributing the right amount
• Know how and where your super is invested
• Confirm your details are up to date
• Look for lost super and consolidate multiple accounts where suitable^[4]

Top up your esky: Consider options to boost your savings

• Consider if tax-effective salary sacrifices or additional contributions with a government top-up are an option for you
• Use your fund’s planning tool to assess if you’re on track to retire your way

Set up your shade: Protect you and your family

• Check your insurance
• Nominate your beneficiaries

———-

Notes:
[1] Future Planner is the $101 billion Fund’s online super tool, which projects to retirement and provides options to grow super balances.
[2] Based on responses of 599 members – survey conducted in September 2025.
[3] Intra-fund advice.
[4] Review any other benefits, such as insurance cover that you have through your other funds

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Lisa Annese

A new report exploring the drivers of strengthened gender diversity of some of Australia’s leading companies has found commitment to gender diversity remains strong despite international challenges.

The report^[1] summarised the findings of the latest survey of 40:40 Vision company signatories. It also detailed progress towards gender balance^[2] within Executive Leadership Teams (ELT). Currently, 41% of the 41 company signatories have at least 40% women in their ELT compared to just 26% of the overall ASX300. A further 27% were ‘on the cusp’ of reaching 40%, with 30-39% women in their ELTs.

Chair of 40:40 Vision and HESTA CEO Debby Blakey said while critical progress toward gender balance had slowed, it was pleasing to see 95% of the 30 surveyed signatory companies had maintained their commitment to gender diversity, despite changes in the global landscape.

“The strong conviction among many Australian companies of the value of gender diversity in executive leadership is encouraging. It again highlights the difference in Australia, where we have not given up the critical advances made over recent years,” Ms Blakey said.

“We also acknowledge there remains much more to do. Embracing diverse perspectives is a driving force behind innovation, resilience, and sustainable success in an ever-evolving world and we have yet to fully unlock these benefits across the economy.”

40:40 Vision is an investor-led initiative, founded by HESTA in 2020 and supported by investors and industry partners, which aims to improve gender balance in ELTs of ASX300 companies by 2030.

The survey of 40:40 Vision company signatories found 100% of company respondents believe greater gender diversity in leadership benefits talent attraction and retention, and workplace culture, while 91% were of the view it benefits business performance.

This follows findings from a recent report^[3] from Bankwest Curtin Economics Centre (BCEC) and the Workplace Gender Equality Agency (WGEA) which found companies taking action in support of gender equality see lower staff turnover and better shareholder value.

The research also found over 90% said target setting had been a useful tool in driving progress toward gender balance in leadership, highlighting the critical role of targets in driving change.

“Gender equality is not just a moral imperative; it’s a strategic one. The evidence is clear – companies with gender-balanced leadership perform better, innovate more, and deliver stronger economic outcomes,” Ms Blakey said.

“Targets are a proven tool for driving change. It’s encouraging to see so many of our signatory companies not only setting targets but also achieving their interim goals and experiencing the tangible benefits of doing so.”

More broadly across the ASX300, board-level diversity has improved, partly due to sustained investor focus, but progress within ELTs continues to lag and the number of women CEOs remains stagnant at 10%.

Chief Executive Women CEO Lisa Annese also emphasised the need for companies to set clear targets.

“This report confirms what we have long known: to improve gender diversity in corporate leadership, companies need more than simply goodwill. They need clear targets tied to genuine accountability,” Ms Annese said.

“The 2025 CEW Senior Executive Census also underscored this reality: organisations with 40:40 commitments consistently outperform those without them. We have the formula for change. We need companies to commit to it, resource it, and ensure accountability for delivering it.”

The progress report provides actionable insights to help companies drive progress, including prioritising leadership development and succession planning, tackling the gender pay gap, and adopting strategies to attract and retain diverse talent, especially in male-dominated industries.

It also emphasises the need for inclusive workplace cultures, flexible work options, and targeted career programs, such as mentoring, to support women and underrepresented groups.

———–

Notes:
[1] The survey was completed in August 2025 and 30 company signatories participated (out of 41 signatories). Overall findings on gender balance at ELT level apply to all 40 of the company signatories. The survey collected information on company interim target setting and achievement, company strategies to advance change and the perceived benefit to companies of improving gender diversity in leadership.
[2] Gender balance is defined as 40% women, 40% men, and 20% any gender.
[3] Source: https://www.wgea.gov.au/newsroom/2025-bcec-wgea-gender-equality-insights The research found for a $1 billion ASX-listed business with a gender balanced ELT, additional company value of ~$93 million was added, on average.

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