Australia is the only country that is also a continent. There is no other country in the developed world that comes close in terms of so many natural resources and riches—and very few that can point to the social infrastructure, community and social services we have built over decades.
Now, amid a storm of discussion around diversity and inclusion, is the time to stand fast in what makes us unique and hold tight to our strong social fabric that’s so critical to this country’s future success. To do otherwise is to risk all we’ve worked so hard to achieve and to slow progress towards a vision of Australia where we extend opportunity to all, and all can thrive.
We are the Lucky Country in many ways. This reference originates from the 1964 book The Lucky Country by Donald Horne, where he uses the term somewhat ironically. While many have since adopted the phrase as a celebration of Australia’s prosperity and lifestyle, Horne’s original context was more critical, alleging complacency and lack of ambition in certain areas.
More than ever, this cannot be a time for complacency.
In a world increasingly driven by fear and self-preservation, and one reverting to a focus on individual preservation and division, this is a time to recognise there is immense potential to solve global challenges by standing together as a connected and inclusive society, where everyone has a critical role in our collective success.
Australia is home to some of the world’s oldest cultures, the largest critical mineral deposits on earth and an estimated 10 per cent of the world’s biodiversity.
We have a Medicare system that provides universal healthcare coverage, and an understanding of the community role in protecting all citizens, especially those who are vulnerable.
And we introduced a compulsory superannuation system that sees us now with $4.1 trillion in superannuation capital, the fourth largest pension system in the world.
It may not all be perfect, but this is the natural wealth and incredible social history from which we can celebrate and build, and provides the platform to amplify our voice on the things that matter.
As an investor, we know diversity and inclusion matter. Research clearly shows gender balance in leadership is not only fairer but also smart business, leading to improved decision-making, corporate governance and financial performance – and this creates long-term value for shareholders like HESTA, and ultimately for our members.
We believe so strongly about the value of gender diversity at Board and Executive level in companies that we advocate for gender targets. We launched 40:40 Vision to encourage ASX300 companies to set medium and long-term gender targets for their executive leadership teams, with a pledge to achieve gender balance by 2030.
We consider diversity in how we vote at company AGMs and, in the most recent AGM season, voted against the election or re-election of chairs and directors at more than 40 companies who had less than 30 per cent of female directors on their boards or had all-male executive teams. In 2025, it’s hard to believe 20 of the largest 300 companies on the ASX still have no women on their executive teams.
HESTA will continue this journey for change with passion and commitment. Not only in terms of our investments in Australia, but in our global engagement as well. It matters for our members – around 80% of whom are women – and it matters for our community.
As a country that stands unique, this is the time to stand fast and call even louder for the long-term cultural change required globally to remove barriers to the full and equal participation of all in the workforce.
A country that strives to fully realise its potential through diversity should celebrate diversity. But it requires a focus on how inclusion drives better outcomes for everyone. We should never forget that not only is it the right thing to do, but it will have profound, positive impacts for individuals, companies and the economy.