Australian Unity appoints deputy chair

Australian Unity has appointed a new deputy chair following a board member departure, as the ASX-listed firm continues to navigate the changing needs of an ageing population and retirement market.

Gordon Ballantyne has taken up the role following the retirement of Melinda Cilento, who stepped down as a director and deputy chair at the conclusion of the organisation's annual general meeting on October 28.

Ballantyne was previously the chief executive of Healthscope between 2017 and 2019.

Cilento is currently the chief executive of Committee for Economic Development of Australia (CEDA).

The board change comes as Australian Unity turns its attention to the financial and lifestyle challenges facing older Australians, with new research highlighting how uncertainty around health, policy settings and market conditions is influencing retirement decisions.

Its Trust in Ageing study, based on a survey of more than 2000 Baby Boomers who own property and are involved in household financial decisions, found that while 75% described themselves as financially comfortable or free, just 14% said they were actively enjoying their wealth or using it to improve their lifestyle.

The research also found 65% had gifted at least $10,000 to their children, often to help with a first home purchase. However, more than half of those who had provided financial support said they could give more but were holding back because of uncertainty about their own future.

Australian Unity wealth and capital markets chief executive Balaji Gopal said concerns about future health costs, longevity, policy changes and market volatility were making older Australians reluctant to draw on their assets.

"This can lead to a fixation on savings targets rather than seeing wealth as an enabler of wellbeing - for us and the people we care about," he said.

Gopal said the industry needed to provide solutions that better reflected the costs of ageing and helped people make informed decisions about spending, gifting and future care.

The findings also pointed to an advice opportunity, with financial advisers ranked as the most trusted source after a spouse when planning for later life.

The appointment follows Australian Unity's decision earlier this month to name Anne McCormack as chief executive and group executive of its home health division. McCormack, who will take up the position in January 2027, joins from Victorian aged care provider mecwacare, where she served as chief executive for three years.