My speech to the 16th National Rural Health Conference

HESTA is very proud to partner with the National Rural Health Alliance and we’re particularly pleased to help contribute to this wonderful event tonight.

More than 400,000 of our members live in, and provide, vital services to regional, rural and remote communities. That’s why we’re so honoured to be the long-standing superannuation partner and friend of the Alliance.

We share a vision for a fairer and healthier Australia for all. The Alliance plays such a critical role in shaping reforms to advance rural health equity.

As a passionate advocate for our members for almost 35 years, we understand what it takes to achieve lasting change.

I’d like to acknowledge the commitment and courage of so many in the Alliance and their tireless efforts to build healthier, more resilient communities.

As a fund, we’re dedicated to listening to the diverse experiences of our members across the country.

My colleagues and I at HESTA are truly inspired by their stories. Because we know that every day, our members overcome significant challenges to improve the lives of those they care for.

How we invest in, and for, the people who make our world better guides decisions we make at HESTA.

It’s an incredible privilege to be able to support our more than 930,000 members to enjoy a better financial future, after they’ve dedicated their working careers to improving the lives of so many in our community.

This is the reason that it is so important to us that we are recognised as a top performing super fund in Australia, in terms of the investment returns we deliver to members, as well as the help we provide them with tools and advice to make good decisions about their financial future.

There is always a fair amount of interest at the end of the financial year to see the league tables for super funds across Australia, and once again this year, we are thrilled to be in the small group of top performing funds over the last financial year – but most importantly, also in the top group for long-term performance.[1]

For over seven million Australians living outside of urban areas, the work of healthcare professionals is absolutely vital.

Without the commitment of the Alliance, and the dedication of health and community services workers nationally, the challenges faced now, and for future generations, would be far greater.

Those living in rural communities already face an unacceptable gap in health outcomes. Compared to their metropolitan counterparts, people living in rural areas experience shorter lives, and higher levels of disease and injury. Our members deal with the human stories behind these statistics.

We stand with you in solidarity for your advocacy for communities in rural, regional and remote areas. Your voice is helping to ensure the urgent need for more equitable access to healthcare is given the prominence it deserves in our national policy discussion.

Together, we’re committed to being gutsy advocates, driving meaningful change on behalf of the communities and individuals we serve. They depend on us to make sure their voices are heard.

More than 44% of HESTA members live and work outside metropolitan areas.

This number has grown more than 10% in the past two years. Like you, we’re working to improve outcomes for these members, as we know they too often lag those in urban areas.

These members living outside urban areas have average superannuation balances that are lower than their urban peers.

While we’re supporting our members to help improve their financial future, we know that we also need to change the systemic inequalities that impact them. ?

In many cases, their situations are a by-product of a society and a superannuation system that was not designed to meet their specific financial needs.

A system that often penalises those who take periods of time out of the workforce to raise children or care for others in non-paid caring roles – and we know that most often those non-paid caring roles are filled by women.

A system that penalises them for returning to work part-time.

It is our job to be their gutsy advocate. And it is why we will continue to push for change, like many of you here tonight do for your communities.

It’s why we’re focused on issues like closing the gender pay gap and paying super on paid parental leave. We do this because ensuring a fairer super system for women and those on lower wages will improve the financial wellbeing of our members.

It’s why we’re also investing in, and working for, greater access to affordable housing. A lack of affordable housing is impacting so many regional communities as they struggle to attract and retain vital health and community services professionals.

It’s also why we continue to use our influence as an active owner to push companies to take greater action on climate change. This includes, for example – ensuring they plan and commit capital to helping impacted communities transition to a low carbon future.

Our members are at the frontline; supporting communities affected by drought, bushfires, and floods. Through their work they provide vital support services to these communities affected so significantly by the impacts of climate change.

We believe a holistic approach is needed to meet the challenge of climate change. It will require a once in a generation national response that coordinates all levels of government and civil society.

We will also need to attract global investment. The more than $3 trillion superannuation sector, with its investment expertise and patient capital, is an incredible national advantage for Australia in this regard.

Like other investors around the world, we are looking to de-carbonise our portfolio and invest in the transition at scale. But we need long-term policy certainty to invest in transition opportunities in Australia. HESTA has successfully deployed over three times as much capital in renewables globally as domestically, despite the locational advantages of investing in Australia, and despite our strong desire to invest more in renewables in Australia.

We now have an incredible opportunity ahead of us to invest in creating a country that can thrive in a low carbon future. And support a fair, orderly, and equitable transition to ensure communities are not left behind.

It will be a challenge for our wonderful country – but as investors and advocates on behalf of our members, and with partners such as the Alliance, we will rise to this challenge.

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Extract of speech delivered at the 16th National Rural Health Conference in August 2022

[1] Top 10 balanced super funds for FY 2021-22 according to SuperRatings?