Retirement
Super fund spends $19m on social investment, expects big returns
One of Australia's biggest super funds has invested millions in Australia’s first suburban village for dementia patients, showcasing the investment potential of social impact projects.
Super fund spends $19m on social investment, expects big returns
One of Australia's biggest super funds has invested millions in Australia’s first suburban village for dementia patients, showcasing the investment potential of social impact projects.
HESTA, a member of Industry Super Australia, has invested $19 million in Tasmania’s Korongee village, an urban development for those living with dementia.
The super fund has invested in the village through its Social Impact Investment Trust, which seeks to find investment opportunities to deliver market returns whilst also positively impacting communities.
HESTA CEO Debby Blakely said the investment was reflective on the fund’s focus on seeking out worthwhile investment opportunities that also provide a social impact.
“We focus on making a real difference to the financial future of every member and, in the process, having a positive impact on the world into which they will retire,” Ms Blakey said.
“To deliver this we think and act holistically about how we achieve sustainable investment returns, while contributing to a healthier society and planet.”
The social impacts
She said she hoped the act would inspire other super funds to follow suit and invest in opportunities that reap capital returns and address social issues.
“Even relatively small allocations to impact investing from funds in Australia’s $2.7 trillion superannuation industry can make a huge difference,” Ms Blakey said.
The village, the first of its kind in Australia, will be shaped as a typical Australian cul-de-sac, with 12 eight-bedroom houses, a café, supermarket, beauty salon and gardens.
HESTA CEO Debby Blakely said the village represents the need for innovation in dementia care across Australia, as the disease is currently the second biggest cause of death for Australians and the largest cause of disability for those aged 65 and above.
“The demand for dementia care across the nation is outstripping supply,” Ms Blakely said.
“Korongee will help address the big social challenge of dementia, as well as create jobs and opportunities for our members who work in health and community services.”
The design for Korongee was based on leading international and local examples of care facilities that offer independence and stability to dementia patients who can no longer live at home.
Lucy O’Flaherty, CEO of Glenview, the not-for-profit aged care provider that has partnered with HESTA on the project, said:
“Residents at Korongee will live in small houses with others whose values they share. All the homes are being built with dementia design principals throughout, so a sense of everyday normality is much easier to maintain.”
The development is in partnership with the Commonwealth Government and Social Venture Australia, who manage HESTA's $70 million trust, and will be completed in late 2019.
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more