Annual Report 2025
Trustee for the Construction Industry Long Service Leave Fund
CONTENTS
CONTENTS
VISION, PURPOSE, & VALUES
VISION, PURPOSE, & VALUES
VISION
To be the best operator of a portable entitlement scheme.
PURPOSE
To support and protect the long-term wellbeing of construction workers and the vitality of the construction industry.
VALUES
HERE FOR MEMBERS
Our members are at the centre of everything we do.
THRIVE TOGETHER
We collaborate to overcome challenges and celebrate our achievements.
ANTICIPATE & CREATE
We are encouraged and supported to grow and trusted with responsibility. We respect and care for each other and value diversity.
EMPOWER OUR PEOPLE
We are curious, seek out new ideas and find a way to make change real.
VISION
To be the best operator of a portable entitlement scheme.
PURPOSE
To support and protect the long-term wellbeing of construction workers and the vitality of the construction industry.
VALUES
HERE FOR MEMBERS
Our members are at the centre of everything we do.
THRIVE TOGETHER
We collaborate to overcome challenges and celebrate our achievements.
ANTICIPATE & CREATE
We are encouraged and supported to grow and trusted with responsibility. We respect and care for each other and value diversity.
EMPOWER OUR PEOPLE
We are curious, seek out new ideas and find a way to make change real.
CHAIR & CEO REPORT
CHAIR & CEO REPORT
Jenny Acton and Craig Bell
chair of the board and chief executive officer, LeavePlus
As we reflect on the financial year ended 30 June 2025, we acknowledge this year as the second in the LeavePlus multi-year transformation journey. Building on the strong foundations established in 2023–2024, our focus remains steadfast on evolving into a modern, digital regulator. Our commitment is clear: to enable workers to easily accrue and receive their Long Service Leave (LSL) entitlements, while ensuring all employers meet their obligations under the efficiently operated compulsory scheme. This dual focus supports not only individual workers’ wellbeing but also the integrity and sustainability of the Victorian construction industry.
Financial Performance and Fund Strength
We are pleased to report that LeavePlus continues to demonstrate robust financial health and resilience. Key achievements for 2024–2025 include:
– Fund Balance: Increased to $2.46b, reflecting ongoing fund strength.
– Investment Return: Achieved an annual return of 10.35%, contributing to sustained financial growth.
– Accrued Funding Ratio: Increased to 131.7%, indicating a strong ability to meet future obligations.
– Worker Registrations: Grew to 257,738 registered workers, demonstrating increased engagement and awareness of the compulsory scheme.
– Long Service Leave Benefits Paid: $241m paid to workers to fund their long service leave, supporting their wellbeing.
– Employer LSL Charges Collected from employers: $307.4m, reinforcing the scheme’s sustainability.
These results affirm the effectiveness of our investment strategy and the expanding impact of the scheme across Victoria’s construction industry, with record levels of benefits paid and charges collected. They also reflect prudent financial management in a challenging economic environment, ensuring LeavePlus remains well-positioned to meet its long-term commitments.
Strengthening Scheme and Regulatory Effectiveness
This year also marked significant strides in expanding and enhancing the scheme’s coverage and compliance. On 1 July 2024, we incorporated offsite electrical switchboard assembly and offsite precast concrete work into the scheme, further broadening our regulatory scope and ensuring more workers in the construction industry get the benefit of portable long service leave.
To strengthen compliance by employers with their obligations under the scheme, we have expanded our enforcement capabilities, notably through the establishment of an in-house litigation team. This team has been instrumental in pursuing compliance breaches, supported by data-sharing partnerships with the Victorian Building Authority and other regulatory bodies. LeavePlus also secured two landmark rulings in the Supreme Court of Victoria: Detector Inspector and EnergyAustralia, which confirmed our interpretation of the Construction Industry Long Service Leave Act 1997 (Vic) and reinforced the broad definition of the ‘construction industry’ under Victoria’s portable long service leave scheme. These decisions strengthen workers’ rights, clarify employer obligations across related sectors, and reaffirm our commitment to fairness, education, and compliance within the industry.
People and Culture
Investing in our people remains a cornerstone of our transformation. Throughout 2024-2025, we have focused on building a workforce that is empowered, supported, and aligned with our organisational values. By fostering a culture of adaptability and continuous improvement, we are equipping our team to meet the evolving demands of our role as a regulator and service provider. This investment in our people is critical as we continue to drive innovation and efficiency in service delivery.
Infrastructure and Workplace Modernisation
The past year also saw the completion of a major milestone with the refurbishment of our Albert Street, East Melbourne office. This modern, collaborative workspace enhances staff wellbeing and operational effectiveness. The newly launched Member Centre provides a dedicated in-person service hub and training facility, improving accessibility and engagement for our members. These infrastructure upgrades not only add asset value but also underpin our commitment to a modern, supportive and collaborative workplace.
Looking Ahead: 2025–2026 Priorities
Looking ahead to 2025–2026, our strategic priorities centre on delivering smarter, more seamless digital solutions for both workers and employers in the construction industry.
These enhancements will make the compliance obligations of employers much easier and will simplify the payment of long service leave benefits for workers, through a more streamlined experience with LeavePlus.
We remain committed to our transformation journey, including improving our registration and quarterly returns processes for employers, providing for workers to receive their benefits more quickly, and strengthening our digital service delivery. By continuing to invest in data capability, we’ll enable more informed decision-making and deliver better experiences for workers and employers.
Strengthening compliance partnerships and expanding our regulatory reach will be key to safeguarding the integrity of the compulsory portable long service leave scheme and promoting fairness across the industry.
Finally, we will continue to build our brand and foster collaborative engagement with industry stakeholders, reinforcing our vision and regulatory objectives, and supporting the long-term sustainability of the construction industry.
Our Thanks
We extend our sincere appreciation to all workers, employers, and industry stakeholders for their continued support and engagement. Our achievements in 2024–2025 would not have been possible without the dedication and resilience of our staff and leadership team. We also thank the Board of Directors for their governance and strategic guidance throughout the year.
We extend our sincere appreciation to Robert Graauwmans — Worker Representative (Building Trades) for his valuable contribution and dedication during his tenure on the Board, and we warmly welcome our new Board members, Stephen Fodrocy — Worker Representative (Metal Trades) and Ivan Balta — Worker Representative (Electrical Trades), who joined in this past year.
Together, we reaffirm our commitment to the vision and purpose of LeavePlus: to support and protect the long-term wellbeing of construction workers and to ensure the vitality of the construction industry in Victoria.
Thank you for your continued support.
INVESTMENT REPORT
INVESTMENT REPORT
Year in Review
The 2024–25 year was shaped by a mix of challenges and opportunities in the global economy. Growth slowed in many countries as trade and investment weakened, but share markets still rose strongly. This was helped by three big drivers: enthusiasm for new artificial intelligence technologies, inflation coming down from its peak, and the growing belief that interest rates had reached their high point.
Inflation eased around the world but stayed higher than central banks wanted. In the United States, interest rates were held steady, while in Australia the Reserve Bank cut rates twice, bringing the cash rate down to 3.85% by 30 June 2025. Lower interest rates supported company earnings and boosted confidence in financial markets.
For many Australian households, however, the benefits of lower inflation were slow to appear. Mortgage repayments stayed high, rents kept climbing, and the overall cost of living remained well above pre-pandemic levels. These pressures were felt across the community, including in the construction industry.
Markets were unsettled at times. New tariffs announced by the United States in March and April created uncertainty, while the continuing war in Ukraine and unrest in the Middle East added to global tensions. Despite these events, both Australian and international share markets reached record highs. Other parts of the investment world also performed well. Infrastructure and credit remained in strong demand, while bond markets rose in value as investors became more confident that interest rates had peaked and would begin to come down.
Amid these conditions, LeavePlus’ investment portfolio delivered strong results, supported by our diversified and risk-aware approach.
LeavePlus’ investment portfolio returned 10.35% for the 2024–25 financial year. This was achieved through a diversified mix of growth and defensive assets.
This strong performance lifted the Fund’s (Construction Industry Long Service Leave Fund (Fund)) accrued funding ratio to 131.7% as at 30 June 2025 (2024: 125.4%), which means the Fund has around one-third more assets than it needs today to cover all current and potential future Long Service Leave (LSL) obligations.
Looking ahead to 2025–26, LeavePlus will continue to build on this position of strength by implementing a refined, diversified investment approach aimed at delivering sustainable returns and continuing to protect and support long service leave benefits for workers.
Fund Performance
The Fund delivered an annual return of 10.35% for the 2024–25 financial year, net of investment fees and taxes, which do not include internal investment management costs. All asset classes contributed positively to the result, with listed equities leading with a return of 15.65%. Real assets delivered a solid result overall, with infrastructure posting strong double-digit gains, while property showed more modest positive returns. Alternatives also provided steady growth and defensive allocations to fixed income and cash added stability to the portfolio.
Strong market performance and positive cashflows lifted the Fund’s value by $234 million to $2.46 billion at 30 June 2025.
Over the past decade, the Fund has achieved an average annual return of 7.11%, exceeding its goal of outperforming Victorian construction industry wage growth by at least 2% per year (target: 6.01%).
The investment portfolio is designed with clear risk objectives, including:
– Limit the likelihood of negative returns to no more than five years in any 20-year period; and
– Limit the likelihood of an annual loss greater than 10% tono more than once in any 20-year period.
These targets have been successfully met over the past 20 years.
Strategic Asset Allocation
LeavePlus has defined a Strategic Asset Allocation (SAA) range that aligns with its long-term investment objective in a risk adjusted manner and maintains an SAA target, which is typically the mid-point of the SAA range. The investment portfolio is managed to attain an actual asset allocation that mirrors the SAA. A summary of the Fund’s Actual Asset Allocation versus its SAA as at 30 June 2025 is as follows:
Asset Class Performance Overview
The performance of the LeavePlus portfolio for 2024-25 reflects the diverse strategies employed across different asset classes. Growth assets, including equities, real assets, and alternatives, were the principal contributors to portfolio performance. Defensive allocations to fixed income and cash also generated positive returns, providing additional stability to overall results. This diversified approach is key to achieving the Fund’s long-term objectives.
Asset Class Performance Overview
Equities:
Domestic and international equities were the primary drivers of performance, contributing to over 60% of the Fund’s total return for the financial year. After investment manager fees and taxes, the equity portfolio delivered a net return of 15.65%, with international equities leading the performance result at 16.90% and Australian equities achieving 12.54%.
Real Assets:
After two consecutive financial years of subdued results, Real Assets delivered a strong result of 10.17%. Infrastructure assets performed strongly, and property valuations were positive following prior periods of devaluation driven by softer valuation metrics.
Alternatives
Alternatives delivered a solid 8.93% return for the financial year, providing valuable diversification and growth-like performance amid market volatility. Credit strategies led with a 9.97% return, while multi-asset strategies followed closely at 6.75%.
Fixed Income:
Fixed income produced a positive result of 6.71% for the financial year, primarily due to declining yields, easing inflation, and expectations that the Reserve Bank of Australia (RBA) had reached the peak of its tightening cycle, all contributing to positive capital gains and steady income.
Cash:
The Reserve Bank of Australia (RBA) implemented two rate cuts totalling 50 basis points during the year, lowering the cash rate to 3.85% as at 30 June 2025. These cuts were introduced early in the 2025 calendar year as inflation eased. Over the same period, LeavePlus’ cash holdings returned 4.58%.
Investment Expense Ratio
An Investment Expense Ratio (IER) reflects the total cost of managing the Fund’s investments and includes investment manager fees, custodian fees, investment consultant fees, and internal investment management costs. Internal investment management costs comprise the time spent managing the Fund’s investments by LeavePlus management, the Investment Committee, and the Board, as well as an allocation of overheads. The IER is calculated by dividing these total expenses by the average value of the investment portfolio across the year.
The IER for 2024–25 was 0.63% (2024: 0.61%). The annual investment performance of 10.35% has been quoted as after external investment management fees and taxes, which do not include internal investment management costs. After allowing for internal investment management costs included within the IER, the annual return reduces to 10.31%.
Investment Governance
In it’s role as Trustee of the Fund, LeavePlus is responsible for the stewardship of the Fund’s assets and must act in the best interests of current and future beneficiaries of the Fund. It must prudently invest and manage the assets, while retaining a liability-aware approach to liquidity and volatility risk. Liabilities include long service leave benefits for workers and operational expenses. Consistent with LeavePlus’ core beliefs, investment decisions are guided by a comprehensive Investment Governance Framework that outlines the Board’s approach to decision-making, accountability, and oversight.
The governance structure places ultimate decision-making authority with the Board, while the Investment Committee is responsible for overseeing the investment governance process.
An independent asset consultant provides advice and monitoring to support investment activities. LeavePlus also engages external investment managers to execute investment decisions aimed at achieving the Fund’s investment objectives. Internally, LeavePlus manages direct property investments (with the aid of a property manager) and cash holdings.
Investment governance includes the rules and principles that guide LeavePlus’ investment processes, ensuring decisions are responsible, transparent, aligned with the Fund’s objectives and in the best interests of its members.
The investment process is designed to achieve optimal results, manage risks, and fulfill responsibilities. The key components of the investment process within the governance framework include:
Investment Purpose & Beliefs
The investment purpose and core beliefs underpin the governance framework, providing guiding principles for all investment decisions.
Investment Strategy
The investment strategy defines the Fund’s objectives, risk tolerance, investment horizon, liquidity requirements, and performance expectations, and sets the long-term allocation of capital across asset classes. The Board holds responsibility for approving the investment strategy.
Portfolio Construction
Portfolio construction involves detailed strategic asset allocation and integrated risk management. Risk management entails setting risk limits, using risk assessment metrics, and establishing protocols for escalation when risks exceed predefined thresholds, ensuring that all exposures are thoroughly assessed and managed.
Implementation
The Trustee maintains a rigorous due diligence framework, incorporating both qualitative and quantitative assessments of each manager’s capabilities, performance, and alignment with the Fund’s investment objectives. During the year LeavePlus carefully planned implementation of the SAA, aiming to minimise transitional costs and align portfolio movements with anticipated cash flows. The implementation process is continuously reviewed to reflect current market valuations and respond to significant events as they arise.
Monitoring
The Board continues to assess investment performance relative to benchmarks and objectives. This structured process ensures accountability and transparency through performance reviews and reporting. The Investment Committee and Board regularly review these reports to identify potential issues or adjustments needed in the portfolio’s construction, implementation, or strategy. Compliance monitoring ensures adherence to relevant laws, regulations, investment guidelines, and the Trustee’s beliefs.
The Trustee maintains a rigorous due diligence framework, incorporating both qualitative and quantitative assessments of each manager’s capabilities, performance, and alignment with the Fund’s investment objectives. During the year LeavePlus carefully planned implementation of the SAA, aiming to minimise transitional costs and align portfolio movements with anticipated cash flows. The implementation process is continuously reviewed to reflect current market valuations and respond to significant events as they arise.
FUND MANAGERS
FUND MANAGERS
Equities
• Wellington Asset Management LLP
• Veritas Asset Management LLP
• American Century Investments
• Polaris Capital Management LLC
• Northcape Capital
• Hyperion Asset Management
• Merlon Capital Partners
Real Assets
• Morgan Stanley Investment Management (NHGIF I)
• Morgan Stanley Investment Management (NHGIF II)
• Ancala Partners LLP
• Maple Brown Abbott
• Internally Managed Direct Property – 478 Albert St,
East Melbourne
• Mirvac Funds Management Australia Limited
• Barwon Investment Partners
• Europa Capital
• Resolution Capital Ltd
• Palisade Impact Pty Ltd
• Palisade Investment Partners Limited
Alternative
• Fulcrum Asset Management LLP
• Oakhill Advisors
• Towers Watson Investment Management
Currency Overlay
• Mesirow Financial Investment Management Inc.
Fixed Income
• Macquarie Investment Management Global Ltd
Cash
• Internally Managed Cash held with Westpac and AMP
SCHEME HIGHLIGHTS
SCHEME HIGHLIGHTS
FY25
69,911
CALLS RECEIVED
7,425
EMAIL ENQUIRIES
ACTIONED
24,155
LONG SERVICE LEAVE
BENEFITS PAID
8.09
AVERAGE DAYS TO
PAY BENEFITS
3,913
NEW EMPLOYERS
REGISTERED
20,162
ACTIVE EMPLOYERS
REGISTERED
22,055
NEW WORKERS
REGISTERED
$9,290
AVERAGE LONG SERVICE
LEAVE BENEFIT PAYMENT
AMOUNT
$307.4M
TOTAL LONG SERVICE
LEAVE CHARGES
COLLECTED
$517.66
AVERAGE QUARTERLY LONG
SERVICE LEAVE CHARGE
PER WORKER
257,738
ACTIVE WORKERS
63,570
MEMBERS ELIGIBLE TO
CLAIM A LONG SERVICE
LEAVE BENEFIT
FUND HIGHLIGHTS
FUND HIGHLIGHTS
FY2025
$2.46B
VALUE OF THE FUND (FY2024 $2.2B)
$241M
BENEFITS PAID TO WORKERS (FY2024 $219.7M)
10.35%
INVESTMENT RETURN TO THE FUND (FY2024 7.85%)
10 years
SCHEME HAS BEEN FULLY FUNDED (FY2024 $9 YEARS)
131.7%
FUNDING RATIO (FY2024 125.4%)
THE FUND'S ABILITY TO PAY CURRENT AND PROJECTED BENEFITS AT 30 JUNE 2025
BOARD OF DIRECTORS
BOARD OF DIRECTORS
AS AT 30 JUNE 2025
JENNY ACTON
INDEPENDENT DIRECTOR & CHAIR
DAVID ST. JOHN
INDEPENDENT DIRECTOR
MICHELLE MCLEAN
INDEPENDENT DIRECTOR
Chair of Remuneration, People & Culture Committee;
Chair of Business Transformation Committee;
Member of Investment Committee;
Member of Audit, Risk & Compliance Committee
Jenny Acton was appointed as a Director and Chair of the Board on 1 October 2021. Jenny is also Chair and a Director of State Trustees Limited, STL (Financial Services) Limited and the Principal of Jennifer Acton Consulting. She has previously been a Non-Executive Director in the transport, ports, water and education sectors. Jenny was a Senior Presidential member of Australia’s national workplace relations tribunal and a member of the Victorian Independent Remuneration Tribunal. She holds degrees in economics and law. Jenny is a Barrister and Solicitor of the Supreme Court of Victoria and has been accredited as a mediator under the Australian National Mediator Standards.
Chair of Investment Committee;
Member of Audit, Risk & Compliance Committee;
Member of Remuneration, People & Culture Committee;
Member of Business Transformation Committee
David St. John was appointed as a Director of the Board on 1 October 2019. David has an extensive background in investment management as a practitioner and as a consultant. He currently sits on the Investment Committee at GrainGrowers Limited as an Independent Investment Expert. David’s career included investment consulting at William M. Mercer where he was a Worldwide Partner, he was Chief Investment Officer at UniSuper for eight years from 2001 to 2009, and he was an Expert Adviser at PwC for 7 years. He also has experience as: a Member of Deakin University’s Investment Committee; a Member and Chair of Legal Super’s Investment Committee; and a Non-Executive Director of the Motor Accidents Insurance Board in Tasmania. David holds a Bachelor of Agricultural Science (BAgrSc), a Master of Business Administration (MBA), and a Graduate Diploma in Applied Finance and Investment. He is a Senior Fellow of the Financial Services Institute of Australasia (SF Fin) and a Fellow of the Australian Institute of Company Directors (FAICD).
Chair of the Audit, Risk & Compliance Committee;
Member of Investment Committee;
Member of Remuneration, People & Culture Committee
Michelle McLean was appointed as Director of the Board on 1 October2023. Michelle is also a Board member of Frontier FSI, East Gippsland Water, Jordamm Pty Ltd and Macca Pty Ltd. Previously, Michelle was the Chief Commissioner of the Victorian Building Authority, and Deputy Chair of the Country Fire Authority (CFA) was Managing Partner and CEO of the law firm Cornwall Stodart (now Cornwalls). She has also been President of the Australian Legal Practice Management Association (where she is a life member), an Advisory Board member of the Melbourne University Business School, an Executive Council member of the Victorian Chamber of Commerce and Industry, and a Board member of the Mercy Health Foundation, the Overnewton Anglican Community College and Acom International.
ROBERT GRAAUMANS
BUILDING TRADES WORKERS
PADDY MCCRUDDEN
BUILDING TRADES WORKERS
IVAN BALTA
ELECTRICAL TRADES WORKERS
Member of Audit, Risk & Compliance Committee
Robert Graauwmans was appointed as a Director of the Board on 1 July 2017. He served as a full time official of the CFMEU from 2006 to 2024, where he initially managed responsibilities for the Western Districts of Victoria for six years before relocating to Melbourne to represent Mobile Crane Hire and the Inner Eastern Suburbs. Robert has also previously held the positions of President of the CFMEU in Victoria and Director of Incolink.
Member of Investment Committee
Paddy McCrudden was appointed as a Director of the Board on 22 November 2012. Paddy was employed by CBUS from 2005 to 2010. He re-joined the Plumbing Trades Employees Union in 2010 and currently holds the positions of Assistant Secretary and Federal Divisional President. He is also a director of Plumbing Industry Climate Action Centre, Plumbing Joint Training Fund, Plumbing Industry Development Fund, and PTEU (NSW) Pty Ltd..
Ivan Balta was appointed as a Director of the Board on 26 September 2024. Ivan has over 35 years of experience in the electrical industry. In 2006 Ivan became a Branch organiser with the ETU Victorian Branch representing electrical workers in the contracting industry sector. In 2015, Ivan was appointed as Assistant Secretary where he organised in the CBD and Docklands — areas that have the highest concentration of large-scale developments in Victoria. Ivan now heads up the new infrastructure division which oversees all the major projects in Victoria with billions of dollars. Ivan is a qualified company Director and is a member of the ETU VIC Finance & Risk Committee and serves as a Divisional Councilor.
STEPHEN FODROCY
METAL TRADES WORKERS
MICHAEL PAYNTER
METAL TRADES EMPLOYERS
GRANT DONALD
BUILDING TRADES EMPLOYERS
Stephen Fodrocy was appointed as a Director of the Board on 20 May 2024. Stephen has been an industrial officer of the AMWU since September 2022, with experience representing metal workers and their interests at the workplace level and before the Fair Work Commission and Federal Circuit Court of Australia. He is a voluntary Board member of the Moonee Valley Legal Service and was previously a lawyer in the public service. Stephen is admitted to practice as a lawyer in the Supreme Court of Victoria and holds a current practising certificate. He has been awarded a Bachelor of Arts (University of Melbourne), Graduate Diploma of Legal Practice (ANU), and Juris Doctor (University of Melbourne).
Member of Audit, Risk & Compliance Committee
Michael Paynter was appointed as a Director of the Board on 1 July 2023. Michael holds a Bachelor of Laws; a Bachelor of Economics; and a Post Graduate Diploma in Industrial Relations from Monash University. Michael has over 40 years of Industrial Relations experience, representing business and government on major projects in Victoria, including the Regional Rail Link, Melbourne Airport, the Australian Grand Prix, and the Suburban Rail Loop. Michael is an advisor to the Incolink No. 2 Redundancy Fund and is the principal consultant of Peregrine Industrial, an Industrial Relations and Workplace Relations consultancy, providing strategic advice to government departments and other major organisations.
Member of Remuneration, People & Culture Committee
Grant Donald was appointed as a Director of the Board on 1 February 2017. He is a Director of Premier Plumbing Service (Victoria) Pty Ltd, a long-standing family-run commercial plumbing business based in Ballarat. Grant also serves on the Master Plumbers and Mechanical Services Association of Australia, where he is a member of the National Council, the Major Contractors Division and is an Executive Board Member and the Honorable Treasurer. In addition, he is a member of the Australian Institute of Company Directors and serves as a Justice of the Peace.
DAVID NEWNHAM
BUILDING TRADES EMPLOYERS
MICHAEL PURNELL
ELECTRICAL TRADES EMPLOYERS
CHRIS PATTERSON
ELECTRICAL TRADES WORKERS
Member of Investment Committee
David Newnham was appointed as a Director of the Board on 1 July 2011, after being an alternate Director since March 2011. David has 40 years of experience in the construction industry after graduating as a civil engineer. He has been State Building Manager for AV Jennings. After a management buyout of Stonehaven Homes in 1997, he became Managing Director retiring in 2016. He remains a director of the company. David has been a Director and President of the Master Builders Association of Victoria and was a member of the Building Practitioners Board from 1998 to 2006. He has also served as a Director of Incolink, the construction industry severance fund. David has also served as an expert witness for registration appeals at the Victorian Building Authority and mentor for the Victorian Small Business Mentoring Service. David is currently a Director and Chair of Lynden Aged Care and Folio3 Homes Pty Ltd (which is no longer trading).
Member of Audit, Risk & Compliance Committe and Business Transformation Committee
Michael Purnell was appointed as a Director of the Board on 16 March 2016. Michael has a long history of Company Director, General Management and Management Consulting roles with high profile organisations, including 21 years in the construction industry. Michael has served on the National & Victorian Councils of the National Electrical Contractors Association (NECA) as well as the NECA Industry Advisory Committee. He is currently a Director of ElecNet Australia Pty Ltd (trading as Protect), Protect Services Pty Ltd, NECA Education & Careers, Future Energy Skills and is an owner of Michael Purnell & Associates. Michael is a member of the Australian Institute of Company Directors and a member of the Australian Society of Accountants. Michael is also Councilor of NECA Victoria Division.
Member of Business Transformation Committee
Resigned 26 July 2024
Chris Patterson was appointed as a Director of the Board on 1 July 2023. He has been an electrician working in the contracting industry with over 20 years’ experience. Working on a broad range of projects including warehouses, factories, domestic housing and high-rise apartments, shopping centres, industrial maintenance, installation and repairs, automatic logic, PLC’s, and lighting controls. Prior to his resignation from the Board, Chris has been representing electrical workers for over 10 years and most recently worked for ETU Victoria where he led the contracting industry covering over 10,000 members statewide. Chris resigned from the Board, effective 26 July 2024..
JENNY ACTON
INDEPENDENT DIRECTOR & CHAIR
Chair of Remuneration, People & Culture Committee;
Chair of Business Transformation Committee;
Member of Investment Committee;
Member of Audit, Risk & Compliance Committee
Jenny Acton was appointed as a Director and Chair of the Board on 1 October 2021. Jenny is also Chair and a Director of State Trustees Limited, STL (Financial Services) Limited and the Principal of Jennifer Acton Consulting. She has previously been a Non-Executive Director in the transport, ports, water and education sectors. Jenny was a Senior Presidential member of Australia’s national workplace relations tribunal and a member of the Victorian Independent Remuneration Tribunal. She holds degrees in economics and law. Jenny is a Barrister and Solicitor of the Supreme Court of Victoria and has been accredited as a mediator under the Australian National Mediator Standards.
DAVID ST. JOHN
INDEPENDENT DIRECTOR
Chair of Investment Committee;
Member of Audit, Risk & Compliance Committee;
Member of Remuneration, People & Culture Committee;
Member of Business Transformation Committee
David St. John was appointed as a Director of the Board on 1 October 2019. David has an extensive background in investment management as a practitioner and as a consultant. He currently sits on the Investment Committee at GrainGrowers Limited as an Independent Investment Expert. David’s career included investment consulting at William M. Mercer where he was a Worldwide Partner, he was Chief Investment Officer at UniSuper for eight years from 2001 to 2009, and he was an Expert Adviser at PwC for 7 years. He also has experience as: a Member of Deakin University’s Investment Committee; a Member and Chair of Legal Super’s Investment Committee; and a Non-Executive Director of the Motor Accidents Insurance Board in Tasmania. David holds a Bachelor of Agricultural Science (BAgrSc), a Master of Business Administration (MBA), and a Graduate Diploma in Applied Finance and Investment. He is a Senior Fellow of the Financial Services Institute of Australasia (SF Fin) and a Fellow of the Australian Institute of Company Directors (FAICD).
MICHELLE MCLEAN
INDEPENDENT DIRECTOR
Chair of the Audit, Risk & Compliance Committee;
Member of Investment Committee;
Member of Remuneration, People & Culture Committee
Michelle McLean was appointed as Director of the Board on 1 October2023. Michelle is also a Board member of Frontier FSI, East Gippsland Water, Jordamm Pty Ltd and Macca Pty Ltd. Previously, Michelle was the Chief Commissioner of the Victorian Building Authority, and Deputy Chair of the Country Fire Authority (CFA) was Managing Partner and CEO of the law firm Cornwall Stodart (now Cornwalls). She has also been President of the Australian Legal Practice Management Association (where she is a life member), an Advisory Board member of the Melbourne University Business School, an Executive Council member of the Victorian Chamber of Commerce and Industry, and a Board member of the Mercy Health Foundation, the Overnewton Anglican Community College and Acom International.
ROBERT GRAAUMANS
BUILDING TRADES WORKERS
Member of Audit, Risk & Compliance Committee
Robert Graauwmans was appointed as a Director of the Board on 1 July 2017. He served as a full time official of the CFMEU from 2006 to 2024, where he initially managed responsibilities for the Western Districts of Victoria for six years before relocating to Melbourne to represent Mobile Crane Hire and the Inner Eastern Suburbs. Robert has also previously held the positions of President of the CFMEU in Victoria and Director of Incolink.
PADDY MCCRUDDEN
BUILDING TRADES WORKERS
Member of Investment Committee
Paddy McCrudden was appointed as a Director of the Board on 22 November 2012. Paddy was employed by CBUS from 2005 to 2010. He re-joined the Plumbing Trades Employees Union in 2010 and currently holds the positions of Assistant Secretary and Federal Divisional President. He is also a director of Plumbing Industry Climate Action Centre, Plumbing Joint Training Fund, Plumbing Industry Development Fund, and PTEU (NSW) Pty Ltd..
IVAN BALTA
ELECTRICAL TRADES WORKERS
Ivan Balta was appointed as a Director of the Board on 26 September 2024. Ivan has over 35 years of experience in the electrical industry. In 2006 Ivan became a Branch organiser with the ETU Victorian Branch representing electrical workers in the contracting industry sector. In 2015, Ivan was appointed as Assistant Secretary where he organised in the CBD and Docklands — areas that have the highest concentration of large-scale developments in Victoria. Ivan now heads up the new infrastructure division which oversees all the major projects in Victoria with billions of dollars. Ivan is a qualified company Director and is a member of the ETU VIC Finance & Risk Committee and serves as a Divisional Councilor.
STEPHEN FODROCY
METAL TRADES WORKERS
Stephen Fodrocy was appointed as a Director of the Board on 20 May 2024. Stephen has been an industrial officer of the AMWU since September 2022, with experience representing metal workers and their interests at the workplace level and before the Fair Work Commission and Federal Circuit Court of Australia. He is a voluntary Board member of the Moonee Valley Legal Service and was previously a lawyer in the public service. Stephen is admitted to practice as a lawyer in the Supreme Court of Victoria and holds a current practising certificate. He has been awarded a Bachelor of Arts (University of Melbourne), Graduate Diploma of Legal Practice (ANU), and Juris Doctor (University of Melbourne).
MICHAEL PAYNTER
METAL TRADES EMPLOYERS
Member of Audit, Risk & Compliance Committee
Michael Paynter was appointed as a Director of the Board on 1 July 2023. Michael holds a Bachelor of Laws; a Bachelor of Economics; and a Post Graduate Diploma in Industrial Relations from Monash University. Michael has over 40 years of Industrial Relations experience, representing business and government on major projects in Victoria, including the Regional Rail Link, Melbourne Airport, the Australian Grand Prix, and the Suburban Rail Loop. Michael is an advisor to the Incolink No. 2 Redundancy Fund and is the principal consultant of Peregrine Industrial, an Industrial Relations and Workplace Relations consultancy, providing strategic advice to government departments and other major organisations.
GRANT DONALD
BUILDING TRADES EMPLOYERS
Member of Remuneration, People & Culture Committee
Grant Donald was appointed as a Director of the Board on 1 February 2017. He is a Director of Premier Plumbing Service (Victoria) Pty Ltd, a long-standing family-run commercial plumbing business based in Ballarat. Grant also serves on the Master Plumbers and Mechanical Services Association of Australia, where he is a member of the National Council, the Major Contractors Division and is an Executive Board Member and the Honorable Treasurer. In addition, he is a member of the Australian Institute of Company Directors and serves as a Justice of the Peace.
DAVID NEWNHAM
BUILDING TRADES EMPLOYERS
Member of Investment Committee
David Newnham was appointed as a Director of the Board on 1 July 2011, after being an alternate Director since March 2011. David has 40 years of experience in the construction industry after graduating as a civil engineer. He has been State Building Manager for AV Jennings. After a management buyout of Stonehaven Homes in 1997, he became Managing Director retiring in 2016. He remains a director of the company. David has been a Director and President of the Master Builders Association of Victoria and was a member of the Building Practitioners Board from 1998 to 2006. He has also served as a Director of Incolink, the construction industry severance fund. David has also served as an expert witness for registration appeals at the Victorian Building Authority and mentor for the Victorian Small Business Mentoring Service. David is currently a Director and Chair of Lynden Aged Care and Folio3 Homes Pty Ltd (which is no longer trading).
MICHAEL PURNELL
ELECTRICAL TRADES EMPLOYERS
Member of Audit, Risk & Compliance Committe and Business Transformation Committee
Michael Purnell was appointed as a Director of the Board on 16 March 2016. Michael has a long history of Company Director, General Management and Management Consulting roles with high profile organisations, including 21 years in the construction industry. Michael has served on the National & Victorian Councils of the National Electrical Contractors Association (NECA) as well as the NECA Industry Advisory Committee. He is currently a Director of ElecNet Australia Pty Ltd (trading as Protect), Protect Services Pty Ltd, NECA Education & Careers, Future Energy Skills and is an owner of Michael Purnell & Associates. Michael is a member of the Australian Institute of Company Directors and a member of the Australian Society of Accountants. Michael is also Councilor of NECA Victoria Division.
MICHAEL PURNELL
ELECTRICAL TRADES EMPLOYERS
Member of Business Transformation Committee
Resigned 26 July 2024
Chris Patterson was appointed as a Director of the Board on 1 July 2023. He has been an electrician working in the contracting industry with over 20 years’ experience. Working on a broad range of projects including warehouses, factories, domestic housing and high-rise apartments, shopping centres, industrial maintenance, installation and repairs, automatic logic, PLC’s, and lighting controls. Prior to his resignation from the Board, Chris has been representing electrical workers for over 10 years and most recently worked for ETU Victoria where he led the contracting industry covering over 10,000 members statewide. Chris resigned from the Board, effective 26 July 2024..
EXECUTIVE TEAM
EXECUTIVE TEAM
AS AT 30 JUNE 2025
CRAIG BELL
Chief Executive Officer
LEWIS TASSONE
Chief Financial and Investment Officer
CATRYN TUCKWELL
Chief Legal and Compliance Officer
Craig is a seasoned executive with over 35 years of experience in leadership, strategy, and finance-related roles across investment banking, state government, and member-based organisations, both in Australia and overseas. He is passionate about building member-centric organisations and brings a strong commitment to social impact through his leadership.
As CEO of LeavePlus since September 2021, Craig leads the organisation’s strategic direction and transformation, ensuring it delivers long-term value to members and stakeholders across the construction sector.
Before joining LeavePlus, Craig was CEO at Foresters Financial, one of Australia’s largest member-owned friendly societies. He also served as Chief Financial Officer at the Victorian Chamber of Commerce and Industry. Beyond his executive roles, Craig is Chair of the Victorian Pride Centre and former Chair of the Lord Mayor’s Charitable Foundation.
Craig is a Fellow of CPA Australia, a Graduate of the Australian Institute of Company Directors, and holds a Bachelor of Commerce.
Lewis is an accomplished executive with over 20 years’ experience in financial and professional services. He has led diverse portfolios spanning Finance, Investments, Technology, Strategy, and Operations. He is known for shaping long-term strategy while driving operational excellence and sustainable financial outcomes.
Lewis joined LeavePlus in September 2023 as Chief Finance and Investment Officer. He is responsible for the organisation’s financial strategy, investment governance, and the enterprise project management office (EPMO), which supports the successful delivery of strategic initiatives. Core to his role is ensuring alignment between long-term objectives, financial performance, and delivery outcomes.
Prior to joining LeavePlus, Lewis was a Group Executive at Hostplus, gaining valuable experience over a decade leading functions including finance, investment operations, technology, project management, operations, and data and analytics. He has also held senior finance roles at VMIA, NAB/MLC, Mercer, and KPMG.
Lewis is a Chartered Accountant and holds a Bachelor of Business (Accounting), a Diploma of Management, and a Diploma in Organisational Leadership..
Catryn is an experienced executive, commercial lawyer and company secretary. She enjoys leading operational teams and is known for her pragmatic legal approach and strong governance leadership.
Since joining LeavePlus in May 2022, Catryn has led the Legal and Compliance department, managing the compliance and enforcement functions of the organisation, supporting transformation initiatives, and enhancing our strategic approach as a regulator.
Catryn has held General Counsel and Company Secretarial roles at Arts Centre Melbourne, Scope, and Asahi brands. She is a trusted advisor with a track record of supporting complex transactions and business transformation.
Catryn holds a Bachelor of Science (Honours) and Bachelor of Laws (Honours) from the University of Melbourne. She also holds a Masters of Intellectual Property Law from the University of Melbourne, a Diploma of Financial Markets from FINSIA (now Kaplan) and a Graduate Diploma of Applied Corporate Governance and Risk Management from the Governance Institute of Australia. She is a graduate of the Australian Institute of Company Directors and a fellow of the Governance Institute.
DAVID LANG
Chief Technology and Innovation Officer
NATALIE FIRTH
Chief People Officer
MICHAEL SMOLDERS
Chief Product and Experience Officer
David is a technology leader with over a decade of experience in senior IT roles across diverse industries including automotive, manufacturing, motorsport, membership and not-for-profit sectors. He is passionate about delivering practical, scalable digital solutions that enables business success.
Since joining LeavePlus in February 2022, David has spearheaded the organisation’s Technology and Innovation function, leading significant improvement initiatives that are reshaping the LeavePlus digital landscape. Under his leadership, LeavePlus has accelerated cloud adoption, strengthened cyber security resilience, and modernised IT infrastructure to support scalable, secure, and future-ready operations. David’s strategic vision has been instrumental in embedding innovation across the enterprise, enabling the modern digital platforms, data driven decision making and enhancing service delivery.
David previously held senior technology leadership roles at Movember, Victorian Chamber of Commerce and Industry and Prodrive Automotive Technology. He brings hands-on expertise in digital systems, cyber security, and business applications.
David holds a Bachelor of Business – Information Systems and Advanced Diploma of Information Technology.
Natalie is an experienced executive with deep expertise in people leadership, cultural transformation, and organisational design. She brings a strong strategic lens to building modern, high-performing, and values-driven organisations. Known for her authentic and engaging leadership style, she is passionate about creating environments where people and performance thrive together.
As Chief People Officer at LeavePlus, Natalie leads the People and Culture portfolio, responsible for shaping the organisation’s people strategy to enable business transformation and position LeavePlus for future success. Her focus is on building the capability, culture, and leadership required to deliver on strategic priorities. Her remit spans People Operations, Talent, Learning and Development, Internal Communications, and Business Partnering.
Prior to joining LeavePlus, Natalie led People and Sustainability functions at Future Group and Envato, where she guided large-scale transformation, growth, and M&A integration. Earlier in her career, she founded and ran her own consultancy, advising organisations on talent, leadership development and cultural change. Her background across both corporate and entrepreneurial settings gives her a unique perspective on aligning people, purpose, and performance.
Natalie holds a Bachelor of Business and a Post Graduate Diploma in Management.
Michael is an experienced executive director who champions a customer-centric strategy to drive sustainable growth and innovation within organisations. With a product and marketing career spanning over 25 years, he has worked across multiple industry sectors, including financial services, education, consumer retail, and member-based organisations.
Since joining LeavePlus in January 2025, Michael has led the Product and Experience team, responsible for shaping and delivering seamless, innovative, and effective product and service experiences for all employers, workers, and other industry stakeholders in the construction sector.
Michael brings senior leadership experience from OES, CPA Australia, and ING DIRECT. His multi-sector perspective adds depth to the leadership team, helping drive a member-first business transformation that delivers significant value and satisfaction to all LeavePlus members.
Michael is a Graduate of the Australian Institute of Company Directors and holds a Master of Business Administration (Strategic Management) and a Bachelor of Business (Marketing).
CRAIG BELL
Chief Executive Officer
Craig is a seasoned executive with over 35 years of experience in leadership, strategy, and finance-related roles across investment banking, state government, and member-based organisations, both in Australia and overseas. He is passionate about building member-centric organisations and brings a strong commitment to social impact through his leadership.
As CEO of LeavePlus since September 2021, Craig leads the organisation’s strategic direction and transformation, ensuring it delivers long-term value to members and stakeholders across the construction sector.
Before joining LeavePlus, Craig was CEO at Foresters Financial, one of Australia’s largest member-owned friendly societies. He also served as Chief Financial Officer at the Victorian Chamber of Commerce and Industry. Beyond his executive roles, Craig is Chair of the Victorian Pride Centre and former Chair of the Lord Mayor’s Charitable Foundation.
Craig is a Fellow of CPA Australia, a Graduate of the Australian Institute of Company Directors, and holds a Bachelor of Commerce.
LEWIS TASSONE
Chief Financial and Investment Officer
Lewis is an accomplished executive with over 20 years’ experience in financial and professional services. He has led diverse portfolios spanning Finance, Investments, Technology, Strategy, and Operations. He is known for shaping long-term strategy while driving operational excellence and sustainable financial outcomes.
Lewis joined LeavePlus in September 2023 as Chief Finance and Investment Officer. He is responsible for the organisation’s financial strategy, investment governance, and the enterprise project management office (EPMO), which supports the successful delivery of strategic initiatives. Core to his role is ensuring alignment between long-term objectives, financial performance, and delivery outcomes.
Prior to joining LeavePlus, Lewis was a Group Executive at Hostplus, gaining valuable experience over a decade leading functions including finance, investment operations, technology, project management, operations, and data and analytics. He has also held senior finance roles at VMIA, NAB/MLC, Mercer, and KPMG.
Lewis is a Chartered Accountant and holds a Bachelor of Business (Accounting), a Diploma of Management, and a Diploma in Organisational Leadership..
CATRYN TUCKWELL
Chief Legal and Compliance Officer
Catryn is an experienced executive, commercial lawyer and company secretary. She enjoys leading operational teams and is known for her pragmatic legal approach and strong governance leadership.
Since joining LeavePlus in May 2022, Catryn has led the Legal and Compliance department, managing the compliance and enforcement functions of the organisation, supporting transformation initiatives, and enhancing our strategic approach as a regulator.
Catryn has held General Counsel and Company Secretarial roles at Arts Centre Melbourne, Scope, and Asahi brands. She is a trusted advisor with a track record of supporting complex transactions and business transformation.
Catryn holds a Bachelor of Science (Honours) and Bachelor of Laws (Honours) from the University of Melbourne. She also holds a Masters of Intellectual Property Law from the University of Melbourne, a Diploma of Financial Markets from FINSIA (now Kaplan) and a Graduate Diploma of Applied Corporate Governance and Risk Management from the Governance Institute of Australia. She is a graduate of the Australian Institute of Company Directors and a fellow of the Governance Institute.
DAVID LANG
Chief Technology and Innovation Officer
David is a technology leader with over a decade of experience in senior IT roles across diverse industries including automotive, manufacturing, motorsport, membership and not-for-profit sectors. He is passionate about delivering practical, scalable digital solutions that enables business success.
Since joining LeavePlus in February 2022, David has spearheaded the organisation’s Technology and Innovation function, leading significant improvement initiatives that are reshaping the LeavePlus digital landscape. Under his leadership, LeavePlus has accelerated cloud adoption, strengthened cyber security resilience, and modernised IT infrastructure to support scalable, secure, and future-ready operations. David’s strategic vision has been instrumental in embedding innovation across the enterprise, enabling the modern digital platforms, data driven decision making and enhancing service delivery.
David previously held senior technology leadership roles at Movember, Victorian Chamber of Commerce and Industry and Prodrive Automotive Technology. He brings hands-on expertise in digital systems, cyber security, and business applications.
David holds a Bachelor of Business – Information Systems and Advanced Diploma of Information Technology.
NATALIE FIRTH
Chief People Officer
Natalie is an experienced executive with deep expertise in people leadership, cultural transformation, and organisational design. She brings a strong strategic lens to building modern, high-performing, and values-driven organisations. Known for her authentic and engaging leadership style, she is passionate about creating environments where people and performance thrive together.
As Chief People Officer at LeavePlus, Natalie leads the People and Culture portfolio, responsible for shaping the organisation’s people strategy to enable business transformation and position LeavePlus for future success. Her focus is on building the capability, culture, and leadership required to deliver on strategic priorities. Her remit spans People Operations, Talent, Learning and Development, Internal Communications, and Business Partnering.
Prior to joining LeavePlus, Natalie led People and Sustainability functions at Future Group and Envato, where she guided large-scale transformation, growth, and M&A integration. Earlier in her career, she founded and ran her own consultancy, advising organisations on talent, leadership development and cultural change. Her background across both corporate and entrepreneurial settings gives her a unique perspective on aligning people, purpose, and performance.
Natalie holds a Bachelor of Business and a Post Graduate Diploma in Management.
MICHAEL SMOLDERS
Chief Product & Experience Officer
Michael is an experienced executive director who champions a customer-centric strategy to drive sustainable growth and innovation within organisations. With a product and marketing career spanning over 25 years, he has worked across multiple industry sectors, including financial services, education, consumer retail, and member-based organisations.
Since joining LeavePlus in January 2025, Michael has led the Product and Experience team, responsible for shaping and delivering seamless, innovative, and effective product and service experiences for all employers, workers, and other industry stakeholders in the construction sector.
Michael brings senior leadership experience from OES, CPA Australia, and ING DIRECT. His multi-sector perspective adds depth to the leadership team, helping drive a member-first business transformation that delivers significant value and satisfaction to all LeavePlus members.
Michael is a Graduate of the Australian Institute of Company Directors and holds a Master of Business Administration (Strategic Management) and a Bachelor of Business (Marketing).
OFFICE REFURBISHMENT
OFFICE REFURBISHMENT
Transforming our workplace and member experience
In April 2024, LeavePlus commenced a major refurbishment of the Member Centre and offices at 478 Albert Street, East Melbourne. Designed by Futurespace and delivered by SHAPE, the refurbishment provides a provides a modern, welcoming environment that brings our community together and enhances the in-person experience for members and visitors.
Member Centre
Our new ground floor Member Centre is a first for LeavePlus. The LeavePlus Member Centre welcomes all our members and guests into a brand new, modern and welcoming space.
Highlights include:
• Atrium Space — The extended façade and redesigned atrium now create a bright, inviting space with natural finishes, greenery, and comfortable seating for members and guests.
• Member Lounge — A dedicated area for face-to-face support, enabling staff to work directly with members in a warm and relaxed setting.
• Training Facilities — Multi-purpose rooms for member education and events, complete with integrated technology.
Modern Workplace For Our People
Refurbishment of the upper office levels was completed, transforming three floors into a contemporary workplace designed to support collaboration, flexibility, and hybrid working for our staff.
Highlights include:
• Connected Teams — A new internal staircase links three floors, improving connectivity and encouraging cross-team collaboration.
• Multi-Use Spaces — A central breakout hub, kitchen and informal lounge areas enable team meetings, staff events, and flexible work environments.
• Hybrid-Ready Facilities — A range of work settings and video-enabled meeting rooms support modern working practices and improve productivity through integrated technology.
BUISNESS TRANSFORMATION
BUSINESS TRANSFORMATION
FY25 was another important year in the delivery of our multi-year business transformation program. The focus over the last year was on strengthening our foundations by replacing legacy platforms, improving core processes and building modern digital solutions to better support members and employers.
Throughout the year, we designed, developed and tested several new tools with existing users. These included a new digital claims form, which makes it easier for workers to claim long service leave, and a redesigned employer returns form that uses real-time validation to improve data accuracy and reduce follow-ups and rework. As part of Elevate, we also reviewed how the scheme operates and identified ways we can improve our role as a regulator, with a focus on efficiency, transparency and user experience.
FY26 Outlook
In FY26, our business transformation will move from testing to broader rollout, with a stronger focus on improving speed, access and support for workers and employers. Claims will be processed more quickly, supported by streamlined workflows that reduce wait times. Employer invoices will be generated faster, enabling near real-time payment and improved cash flow visibility. The returns process will also be further simplified to make both quarterly and one-off submissions easier to complete.
A key milestone will be the launch of a new mobile app, giving workers instant access to their account straight from their device. We will also introduce clearer tools and guidance to support employers in navigating complex coverage rules and meeting their obligations confidently.
In addition, enhanced support channels will be introduced to better assist workers and employers with resolving issues such as missing service.
Together, these updates will help deliver a more efficient, user-friendly and future-ready LeavePlus experience.
LEGAL & COMPLIANCE
LEGAL & COMPLIANCE
Upholding Our Role as a Regulator
The Legal and Compliance team plays a vital role in ensuring that LeavePlus continues to deliver on its responsibilities as the regulator of Victoria’s construction industry long service leave scheme. As a compulsory scheme, it is essential that both workers and employers understand their rights and obligations.
This includes employers being registered with LeavePlus, submitting quarterly returns, and paying long service leave charges in full and on time. The Legal and Compliance team works to support employers to meet these obligations and takes appropriate action when they do not.
Industry Engagement and Education
Education and awareness of employers and workers in the construction industry remained a key focus. The Industry Engagement team attended 192 onsite toolbox sessions, engaging directly with more than 19,000 workers, and trained 101 union delegates in using our compliance checker tool to monitor employer compliance on construction sites.
We also partnered with RJ Sanderson & Associates and APM Apprenticeships to promote greater awareness of the LeavePlus scheme across the industry.
Key Achievements in FY25
In FY25, LeavePlus achieved strong outcomes across all areas of compliance and enforcement. We processed a record 3,913 new employer registrations, up from 3,041 in FY24, following targeted campaigns in the bricklaying, carpentry, and electrical services sectors.
We created 74,396 quarterly returns for registered employers, an increase from 72,329 the previous year, and collected a significant increase in long service leave charges across the construction industry from $271.7M in FY24 to $307.4M in FY25.
We also partnered with the Victorian Government’s Fair Jobs Code Unit to assess the compliance of applicants seeking certification as government construction suppliers.
In enforcing compliance, 380 prosecutions were filed with the Magistrates Court against employers who failed to provide required return information under the Construction Industry Long Service Leave Act 1997, achieving an 83% conviction rate for all cases heard in FY25.
Our team resolved 3,695 missing service requests from workers, with 82% of cases closed within 90 days, a major improvement on the 67% achieved in FY24.
Legal Outcomes and Partnerships
FY25 also saw two landmark legal victories in the Supreme Court of Victoria; EnergyAustralia Yallourn Pty Ltd v CoINVEST Limited [2025] VSC 100 and Detector Inspector (Vic) Pty Ltd v CoINVEST Limited [2025] VSC 135.
The decisions upheld LeavePlus’ interpretation of the Construction Industry Long Service Leave Act 1997 and reinforced the broad definition of construction work, confirming that workers in allied sectors such as energy and property maintenance are covered by the scheme. Both employers have sought leave to appeal, with hearings yet to be scheduled.
We strengthened our debt recovery efforts through a new partnership with National Mercantile and established an in-house civil recovery team to pursue unpaid long service leave charges once external collection efforts are exhausted.
FY26 Outlook
Looking ahead, priorities for FY26 include launching employer education webinars, targeted registration campaigns for new employers, and re-launching the LeavePlus Enforcement Policy to clearly set out when enforcement action may be taken by LeavePlus.
We also plan to publish a register of convicted employers to promote transparency, educate the industry, and deter future non-compliance.
Through these initiatives, the Legal and Compliance team will continue to protect workers’ entitlements, promote fairness, and strengthen industry accountability.
PEOPLE & CULTURE
PEOPLE & CULTURE
A Refreshed Team
This year marked a period of growth and renewal for our People and Culture team. We welcomed several new team members, including our Chief People Officer, who brought fresh leadership and ideas to strengthen our people strategy and culture. Significant work was undertaken to improve internal systems and processes, creating greater efficiency and a stronger foundation to support our workforce. A key milestone was embedding ELMO, our new Human Resources Information System, which is helping streamline operations, improve record management, and enhance the overall employee experience.
Learning and Development
Learning and development continued to be a major focus throughout the year. We supported new employees and frontline teams through structured onboarding and ongoing professional development. This included company-wide programs such as Respect at Work and collaboration training, designed to build awareness, teamwork, and connection across our growing organisation.
We also launched Start Strong, a new probation program that helps new employees feel supported and guided during their first few months at LeavePlus. To make learning simpler and more accessible, all mandatory compliance training was transitioned into ELMO, creating a single, easy-to-navigate platform for professional growth.
Performance and Reward
This year saw the development of the LeavePlus Performance and Reward Model, which includes new Job Evaluation and Capability Frameworks.
These frameworks give employees a clear understanding of the skills and behaviours expected in their roles, how performance is recognised, and how career growth can be achieved.
This work is part of a long-term approach to building transparency, fairness, and alignment across the organisation. Implementation will continue into FY26 as we embed consistent and supportive performance practices.
Supporting Transformation
The People team played a central role in supporting our business transformation. Working closely with leaders and teams, we focused on workforce planning, clarifying program roles, and developing the capabilities needed for success.
We introduced tailored learning pathways and creative communication initiatives, and we are building out our leadership development offering to continue strengthening capability across the organisation. These efforts strengthened collaboration, improved engagement, and built readiness for the new ways of working that will define the future of LeavePlus.
Attracting and Retaining Talent
Attracting and retaining great people remained a key priority. We launched LaunchPad, a new monthly group recruitment program designed to attract, assess, and onboard talent for our member-facing teams. Recruitment processes were further improved with stronger safety and security checks, faster onboarding, and an enhanced candidate experience. A new assessment provider is also helping us track recruitment and retention trends, supporting a more data-driven approach to workforce planning.
FY26 Outlook
Looking ahead, our focus will be on improving the employee journey from onboarding through to career progression, strengthening our employer brand, and embedding the culture and capability needed for a high-performing workforce ready to meet the challenges and opportunities of FY26.
PRODUCT & EXPERIENCE
PRODUCT & EXPERIENCE
FY25 marked the creation of the Product & Experience team, bringing Marketing, Product, and Member Services together under one strategic mandate. Led by the newly established Chief Product and Experience Officer, the team is focused on building a member-first culture and ensuring every initiative improves the experience and outcomes for workers and employers.
FY25 Highlights
This year, we embedded a research-driven approach to product design, using member feedback to guide enhancements and build greater trust and satisfaction.
We delivered key service foundations, including digital ID verification for faster and more secure identity checks, and streamlined the employer returns form. We also launched a new online claims experience to make applying for long service leave benefits simpler and more intuitive. Additional improvements, such as the ability to upload payslips and new features to support worker subcontractors, are planned for release in 2026.
Member satisfaction remained strong, consistently above our 85% target and peaking at 89.7% in June. Service levels improved too, with faster call response times during peak periods and a Grade of Service high of 86.9% in May. Operational performance was equally strong: over 85% of claims were processed within 20 business days in most months, reaching 99% in December.
FY26 Outlook
Building on this progress, we’re focused on making your experience with LeavePlus simpler and more intuitive. We’re refreshing our website to make it easier to navigate, clearer to understand, and more accessible—so you can quickly find what you need and manage your entitlements with confidence. We’re also improving the way we communicate, with clearer messages and more helpful online content, so you can get answers and take action without needing to pick up the phone.
We’re streamlining digital services to make registering, claiming, and managing your long service leave faster and easier. At the same time, we’re working with employers to ensure every eligible worker is registered and their rights are protected. These changes are all about giving you more control, reducing complexity, and making LeavePlus a modern, member-focused service.
TECHNOLOGY & INNOVATION
TECHNOLOGY & INNOVATION
Empowering Members. Enabling a Modern Digital Regulator.
In FY25, the Technology and Innovation team played a critical role in building stronger digital foundations for LeavePlus. These efforts not only enhanced how the organisation operates but also improved the experience for employers contributing to the scheme and workers accessing their Long Service Leave benefits. The year was defined by strengthening security, upgrading systems, leveraging data, and preparing for a digital future.
FY25 Highlights
Keeping Member Information Safe
Protecting the privacy and security of our members remained a top priority. The team introduced new security tools, controls and practices that improved the monitoring and protection of member accounts and sensitive information. These enhancements help reduce the risk of data loss, increase resilience against cyber threats and give employers and workers greater confidence that their information is safe.
Upgrading Our Technology
A major focus this year was modernising the platforms and systems that support LeavePlus’ day-to-day operations. These upgrades are making it easier for employers to submit contributions and for workers to access their entitlements. They also helped our staff work more efficiently by reducing manual tasks, improving system performance and creating a more reliable digital environment.
Smarter Use of Data
New data and analytics capabilities were established to provide deeper insights into scheme participation and emerging industry trends. By better understanding member behaviour and employer compliance patterns, LeavePlus can tailor services, improve regulatory oversight and support better strategic decision-making.
Building a Digital Future
FY25 marked the beginning of LeavePlus’ journey toward becoming a truly modern digital regulator. The team introduced more agile ways of working, shifted towards member-centric digital service design, and encouraged greater transparency and collaboration across teams. This work lays the foundation for future transformation and innovation.
FY26 Outlook
Looking ahead, FY26 will be a year of continued digital investment and expansion. With strong foundations now in place, Technology and Innovation will focus on:
• Expanding Secure Digital Services – Providing more secure, reliable and convenient online options for employers and workers, ensuring every digital interaction is trusted and protected.
• Making Member Experiences Easier – Simplifying and automating digital journeys so that processes, such as contributions and claims, are faster, more intuitive and user-friendly.
• Using Data to Improve Regulation – Enhancing data tools to enable proactive compliance insights, helping LeavePlus identify risks earlier, act with greater accuracy and uphold scheme integrity.
• Working Smarter Together – Embedding modern collaboration tools and delivery models to support continuous improvement, faster outcomes and better service to members.
FINANCE, INVESTMENTS AND ENTERPRISE PROJECT MANAGEMENT OFFICE
FINANCE, INVESTMENTS AND ENTERPRISE PROJECT MANAGEMENT OFFICE
New Investment Consultant Appointment
In FY25, LeavePlus completed a comprehensive review of its investment consultant, reflecting our commitment to strong governance and long-term sustainability. Following a thorough Request for Proposal process led by Deloitte, and extensive evaluation by Management and the Investment Committee, LeavePlus appointed JANA Investment Advisers as its new investment consultant, effective October 2024.
This appointment marks a significant milestone for the Fund. JANA brings deep expertise in liability-driven investment strategies, strong ESG capabilities, and a proven track record advising some of Australia’s largest institutional investors. The transition from our long-standing consultant was underpinned by a rigorous due diligence process.
Partnering with JANA will help ensure members’ entitlements are backed by a resilient, well-managed investment portfolio that continues to grow securely for the future.
During the year, the LeavePlus Board, with the support of our new investment consultant JANA, reviewed and updated the Fund’s investment beliefs. These beliefs form the foundation of our investment strategy, guiding how we make decisions, manage risk, and deliver long-term outcomes for members.
The review confirmed that our current beliefs remain appropriate and aligned with our long-term objectives, while introducing some important refinements. In particular, a new belief on Risk Premium was added to ensure we only take risks where we have a strong conviction of being rewarded, and our belief on Diversification was sharpened to better reflect its role in improving risk-adjusted outcomes.
Updating our investment beliefs is a vital part of strong governance. It ensures the Fund remains clear on the principles that underpin how we invest members’ money and positions us to adapt confidently in an evolving investment landscape.
In FY25, LeavePlus undertook a comprehensive review of the Fund’s investment strategy with the support of our investment consultant, JANA. This review was an important step in ensuring our portfolio continues to balance long-term growth with prudent risk management, while remaining aligned with the Fund’s liabilities and objectives.
The outcome was an updated Strategic Asset Allocation (SAA), which increases exposure to equities and multi-credit investments, while reducing reliance on property and infrastructure. These changes modestly improve expected returns and strengthen the Fund’s ability to meet future member obligations, without altering our overall asset allocation of 80% growth and 20% defensive.
The revised strategy will be implemented progressively throughout FY2026, reinforcing LeavePlus’ commitment to safeguarding member entitlements, maintaining financial stability, and delivering sustainable investment outcomes over time.
During the year, LeavePlus appointed Mesirow as the Fund’s new currency overlay manager, responsible for managing foreign currency exposure.
This change enhances our ability to navigate currency fluctuations and ensures members’ money is managed with greater effectiveness. With Mesirow’s specialist expertise and global capabilities, the Fund is well placed to deliver stronger, more stable investment outcomes over the long term.
During the year, LeavePlus successfully established an Enterprise Project Management Office (ePMO) to strengthen our business capability and ensure the delivery of complex change and transformation initiatives.
The ePMO provides the frameworks, tools, and expertise needed to drive effective project execution, manage organisational change, share knowledge, and deliver valuable insights. By building this capability, LeavePlus is better equipped to manage our business transformation, improve decision-making, and support sustainable growth.
The ePMO is positioned as a key enabler across the organisation. It ensures that projects are aligned with strategy, risks are managed proactively, and benefits are realised for members and stakeholders. Through its role as Architects of Project Execution, Champions of Change, Guardians of Knowledge, and Miners of Insights, the ePMO helps turn vision into action, guides people through change, fosters continuous learning, and provides analysis to inform strategic choices.
This achievement represents an important investment in organisational excellence, building capability not only to deliver our current transformation program but also to strengthen LeavePlus’ capacity to respond to future opportunities and challenges.
During the year, LeavePlus completed a comprehensive review of our external audit arrangements to ensure we continue to meet the highest standards of financial governance and transparency. Following a competitive tender process, the Board and Members endorsed the appointment of
PwC as the Fund’s new external auditor, commencing with the audit for the year ending 30 June 2025. PwC was selected for its strong technical expertise, deep experience with entitlement schemes and asset management, and reputation as a Tier 1 audit firm.
This appointment reinforces LeavePlus’ commitment to strong governance, independent assurance, and accountability to members and stakeholders. PwC will audit the annual financial statements and directors’ remuneration disclosures, providing independent assurance that LeavePlus continues to operate with integrity and transparency.
As part of our focus on building stronger business capability, LeavePlus successfully implemented a new payroll system, ELMO, at the start of the year. This modern platform replaces legacy systems and streamlines payroll processing, providing greater accuracy, improved compliance, and a better experience for employees.
The Elmo system also improves reporting and integration with our wider HR and finance systems, ensuring that payroll data can be managed more efficiently and securely. By reducing manual processes and enhancing automation, the new system frees up staff time to focus on higher-value activities that support members and the business.
This achievement demonstrates LeavePlus’ commitment to investing in technology that strengthens our operations, supports our people, and underpins the delivery of long service leave benefits to the Victorian construction industry.
financial Report
Click the links below to download the Financial Report or the full Annual Report.