Knowledge (XXG)

Future Fund

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894: 879: 864: 849: 834: 819: 804: 789: 774: 759: 744: 729: 714: 699: 684: 669: 180: 156: 132: 108: 306: 509:; this proposal prompted government ministers to proclaim that Labor intended to "raid" the Future Fund for their own means. Labor later indicated that the use of any funds from the Future Fund towards a national high speed broadband network will have to comply and meet all requirements of any commercial investment. This included producing a commercial 239:'s long-term financial position by making provision for unfunded superannuation liabilities for politicians and other public servants that will become payable during a period when an ageing population is likely to place significant pressure on the Commonwealth's finances. As of 31 December 2023, the fund has $ 272.3 billion in 525:
when it was realised that the Fund will be managed by a foreign bank with no base in Australia. National secretary of the Finance Sector Union Paul Schroder estimated that around 100 jobs will be lost when the US company starts managing the Fund from Singapore using staff from India. Northern Trust was linked to the
281:(ATSILS Fund) – A fund to enhance the Commonwealth's ability to make payments to the Indigenous Land Corporation. Established in February 2019 with a capital contribution of A$ 2 billion transferred from the Aboriginal and Torres Strait Islander Land Account. Valued A$ 2.1 billion at 31 December 2023. 590:
and the Asset Recycling Fund and to discontinue the Building Australia Fund, Education Investment Fund and Health and Hospitals Fund. These changes are subject to the passage of legislation. The Senate approved the establishment of the Medical Research Future Fund in August 2015, to be managed by the
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Investment of the Future Fund is the responsibility of the Future Fund Board of Guardians with the support of the Future Fund Management Agency. The Future Fund is overseen by an independent Board of Guardians selected on the basis of their expertise in investment management and corporate governance.
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announced three new "Nation-Building Funds", also to be managed by the Future Fund Board. These included a $ 20 billion Building Australia Fund to invest in roads, rail, ports and broadband; an $ 11 billion Education Investment Fund, which absorbed the $ 6 billion Higher Education Endowment Fund set
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In April 2019, the Future Fund announced that it had returned an average of over 10% a year in the last decade. In September 2019, the Future Fund reported it had $ 162.6 billion in assets at the prior June 30, from seed capital of $ 60.5 billion in 2008, with no contributions made over the period.
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had won a competitive tender process to manage the Fund. Rick Waddell, President and Chief Operating Officer of Northern Trust, indicated that Australian companies did not have the expertise to manage the Future Fund. Northern Trust stood to collect A$ 30 million in annual fees. Controversy arose
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The legislation establishing the Future Fund describes its main object as being 'to strengthen the Commonwealth's long-term financial position'. While legislation permits withdrawals from the fund from 1 July 2020, the government indicated in 2017 it intends to allow the fund to continue to
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accumulate until at least 2026/27 before making withdrawals. The Investment Mandate for the Future Fund is to target a benchmark return of at least the Consumer Price Index + 4 to 5 per cent per annum over the long term, while taking an acceptable but not excessive level of risk.
529:. General Manager of the Future Fund Management Agency, Paul Costello, told a Senate estimates committee hearing that "We were not concerned that this represented a risk to us in terms of the arrangements that we were seeking to put in place with Northern Trust". 624:
newspaper for investing A$ 135.4 million in 15 foreign-owned companies involved in the manufacture of nuclear weapons for the United States, Britain, France and India. Information about the investments was obtained through a freedom of information request by the
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The Education Investment Fund, a fund to provide capital investment in higher education and vocational education and training valued at A$ 3.9 billion in 2018, was ended by 2019 legislation, which redirected the money to natural disaster relief.
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The total funds held under management, as of 31 December each year, inclusive of funds held in the Building Australia Fund, the Health and Hospitals Fund, the former Education Investment Fund and the DisabilityCare Australia Fund, are:
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Disaster Ready Fund - A fund to provide up to one billion dollars over the next five years, from 2023-24 for natural disaster resilience and risk reduction across Australia. Valued at A$ 4.7 billion at 31 December
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The A$ 10 billion Fund was established on 1 November 2023 to create a secure, ongoing pipeline of funding for social and affordable rental housing, fulfilling the commitment the Government made to the Australian
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would succeed Murray as independent non-executive chairman when Murray's term expired on 3 April 2012. At the same time, Steve Harker, an investment banker from
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on best practices for managing Sovereign Wealth Funds. As a member it publishes how it adopts and implements the principles within its governance procedures.
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Future Fund, with interest generated going to medical research, beginning with $ 10 million in 2015, growing to $ 390m over the following three years.
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in its ongoing privatisation, was deposited into the fund. On 28 February 2007, the government transferred the Commonwealth's remaining 17% stake in
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Future Drought Fund - A fund to provide secure, continuous funding for drought resilience initiatives. Valued A$ 4.7 billion at 31 December 2023.
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on 23 March 2006. On 5 May 2006, A$ 18 billion, derived from government surpluses as well as income from the sale of a third of
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In February 2013, the Future Fund announced it would exclude primary tobacco producers from its investment portfolios.
1626: 1516: 1293: 928: 1264: 521: 502: 288: 272:– A fund to disperse interest generated to medical research. At 31 December 2023, it was valued at A$ 22.3 billion. 259: 571:
and is also to be managed by the Future Fund Board. The Fund is to receive contributions from the increase in the
452:. Costello was appointed the interim chair until the announcement of his permanent chairmanship in February 2014. 913: 998: 541:
up by the previous government; and a $ 10 billion Health and Hospital Fund. In that budget and the following
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on the invested funds, with all profits being returned into the Future Fund allowing further investment.
1213: 1185: 490:, valued at A$ 8.9 billion, into the Fund. These contributions and transfers increased the Fund to over 236: 232: 1345: 1153: 1481: 255:
The Future Fund Board is currently also responsible for six other Australian sovereign wealth funds:
557: 81: 474: 17: 1425: 2178: 583: 491: 1398: 505:, an initiative to install broadband internet infrastructure across Australia, if it won the 448:
chaired the Board until January 2014 when it was announced that he would leave to chair the
172: 1241: 1237:"Labor refuses to release report showing Future Fund board wanted Costello, not Gonski" 510: 441: 1563:"Building a long-term sustainable sovereign wealth fund under the Santiago Principles" 2195: 572: 526: 984: 468:, Peter Costello, announced that the Future Fund would be established following the 479: 445: 437: 1730:(Press release). International Campaign to Abolish Nuclear Weapons. Archived from 1731: 1350: 453: 186: 162: 138: 114: 93: 501:
announced it would withdraw A$ 2.7 billion from the Future Fund to finance the
1477: 599: 537: 124: 77: 1114: 305: 606:(PARF) investing in two of Australia's largest solar plants at the time. 449: 335: 332: 329: 1371: 620: 517: 487: 483: 1323: 436:
between 2006 and 2012. Amidst some controversy it was announced that
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In May 2013, a DisabilityCare Australia Fund was established by the
1987:. Future Fund - Australia's Sovereign Wealth Fund. 29 August 2018. 304: 148: 2163: 1089: 1062: 1037: 1012: 959: 212: 1539: 279:
Aboriginal and Torres Strait Islander Land and Sea Future Fund
941:, superannuation trustee for Australian Government employees 320: 1605:
Medical Research Future Fund finally gets Senate approval
985:"Federal Register of Legislation - Australian Government" 326: 323: 266:. At 31 December 2023, it was valued at A$ 16.9 billion. 960:"Future Fund - Sovereign Wealth Fund, Australia - SWFI" 494:
50 billion by the end of the 2006-2007 financial year.
1090:"Future Fund Management Agency, Australian Government" 1063:"Future Fund Management Agency, Australian Government" 1038:"Future Fund Management Agency, Australian Government" 1013:"Future Fund Management Agency, Australian Government" 614:
Investments in nuclear weapons and tobacco industries
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Commonwealth Government-owned companies of Australia
1646:"Future Fund returns top 10 per cent for the decade" 1517:"We won't raid $ 44bn fund pool, says PM Kevin Rudd" 1265:"Minchin backs Gonski over Future Fund 'shemozzle'" 1209:"Murray wades into Future Fund fight over Costello" 444:in Australia, replaced Brian Watson as a Guardian. 207: 194: 170: 146: 122: 102: 87: 73: 55: 47: 37: 549:promised A$ 41 billion to create these new funds. 1207:Wright, Jessica; Yeates, Clancy (16 March 2012). 1068:Department of Agriculture, Fisheries and Forestry 627:International Campaign to Abolish Nuclear Weapons 456:replaced Costello as chairman in February 2024. 1534:International Forum of Sovereign Wealth Funds. 618:In May 2011, the Future Fund was criticised by 594:In 2016 it was announced that the Future Fund, 1235:Packham, Ben; Massola, James (15 March 2012). 1160:. Future Fund Board of Guardians. 3 April 2016 1140:"AEU: Fed Govt ends education investment fund" 309:Inaugural chairman of the Board of Guardians, 1725:"Nuclear weapons and Australia's Future Fund" 1392: 1390: 1307:ELECTION 2004 New fund for future super bills 1290:Greg Combet announced as new Future Fund boss 554:International Forum of Sovereign Wealth Funds 8: 1619:"AGL signs up investors for renewables fund" 32: 1367:"Labor seizes on Lib's Future Fund backing" 934:List of countries by sovereign wealth funds 919:Australian Industry Development Corporation 575:by 0.5% to a total of 2% from 1 July 2014. 1426:"Foreign bank to manage $ 51b Future Fund" 262:– A fund to contribute to the cost of the 31: 1399:"Northern Trust defends Enron connection" 586:announced its intention to establish the 2177:. Future Fund Board of Guardians. 2011. 1757:"Future Fund excludes tobacco producers" 1672:"Future Fund stay on top of the markets" 999:"Future Fund | Investment mandates" 645: 951: 2135:"Portfolio update to 31 December 2023" 2109:"Portfolio update to 31 December 2022" 2088:"Portfolio Update to 31 December 2021" 2074:"Portfolio update at 31 December 2020" 2049:"Portfolio update at 31 December 2019" 2024:"Portfolio update at 31 December 2018" 1999:"Portfolio update at 31 December 2017" 1932:"Portfolio update at 31 December 2014" 1907:"Portfolio update at 31 December 2013" 1882:"Portfolio update at 31 December 2012" 1857:"Portfolio update at 31 December 2011" 1832:"Portfolio update at 31 December 2010" 1807:"Portfolio update at 31 December 2009" 1782:"Portfolio update at 31 December 2008" 565:DisabilityCare Australia Fund Act 2013 516:In May 2007, it was revealed that the 235:established in 2006 to strengthen the 1698:"Australia investing in nuclear arms" 1346:"$ 9bn Telstra shares in Future Fund" 939:Australian Reward Investment Alliance 7: 1583:Australian Government Budget 2014-15 1486:(Speech). Parliament House, Canberra 1119:National Emergency Management Agency 569:National Disability Insurance Scheme 264:National Disability Insurance Scheme 1982:"2017/18 Future Fund Annual Report" 1957:"2014/15 Future Fund Annual Report" 1670:Daquino, Laura (3 September 2019). 1452:"Future Fund unfazed by Enron link" 1365:Murphy, Katharine (28 March 2007). 1181:"Sydney bigwig to head Future Fund" 604:Powering Australian Renewables Fund 318:The current Board composition is: 25: 2222:Superannuation funds in Australia 1263:Griffiths, Emma (16 March 2012). 596:Queensland Investment Corporation 18:Australian Government Future Fund 2227:2006 establishments in Australia 2217:Government finances in Australia 1617:Mehra, Prashant (27 July 2016). 1607:; The Australian; 13 August 2015 1179:Evans, Michael (13 March 2012). 893: 892: 878: 877: 863: 862: 848: 847: 833: 832: 818: 817: 803: 802: 788: 787: 773: 772: 758: 757: 743: 742: 728: 727: 713: 712: 698: 697: 683: 682: 668: 667: 552:The fund become a member of the 179: 178: 155: 154: 131: 130: 107: 106: 27:Australian sovereign wealth fund 2054:. Future Fund. 11 February 2019 2029:. Future Fund. 11 February 2019 2004:. Future Fund. 1 February 2018 1937:. Future Fund. 5 February 2015 1912:. Future Fund. 3 February 2014 1887:. Future Fund. 5 February 2013 1862:. Future Fund. 30 January 2012 1837:. Future Fund. 28 January 2011 1812:. Future Fund. 29 January 2010 1787:. Future Fund. 30 January 2009 1505:Nation-building Funds Act 2008 1424:Alberici, Emma (22 May 2007). 534:2008 Australian federal budget 497:In March 2007, the opposition 1: 1644:Koehn, Emma (28 April 2019). 1458:. Australia. AAP. 23 May 2007 426:10 years, 226 days 289:Housing Australia Future Fund 260:DisabilityCare Australia Fund 588:Medical Research Future Fund 422: 419: 412:8 years, 167 days 408: 405: 394: 391: 384:3 years, 129 days 380: 377: 366: 363: 349: 346: 270:Medical Research Future Fund 231:is an independently managed 42:Government-owned corporation 1962:. Future Fund. 30 June 2016 1397:Ryan, Peter (24 May 2007). 1294:Australian Financial Review 929:Superannuation in Australia 831: 816: 801: 786: 771: 756: 741: 726: 711: 696: 681: 666: 636:Funds held under management 425: 411: 397: 383: 369: 352: 61:; 18 years ago 2243: 1696:Oakes, Dan (26 May 2011). 522:Northern Trust Corporation 503:National Broadband Network 464:On 11 September 2004, the 370:3 years, 2 days 1650:The Sydney Morning Herald 1521:Vogue Financial Solutions 1403:The World Today, ABC News 1326:. Future Fund. 9 May 2011 914:Australian federal budget 567:. The Fund will fund the 432:The Board was chaired by 357: 1723:Wright, Tim (May 2011). 1154:"Board Member Profiles" 924:Generational accounting 580:May 2014 federal budget 536:speech, the Treasurer, 241:assets under management 2212:Sovereign wealth funds 314: 1761:www.futurefund.gov.au 1594:Annual Report 2013-14 1483:Budget Speech 2008‑09 1214:Sydney Morning Herald 1186:Sydney Morning Herald 1115:"Disaster Ready Fund" 1094:www.futurefund.gov.au 1017:www.futurefund.gov.au 556:and signed up to the 470:2004 federal election 308: 237:Australian Government 233:sovereign wealth fund 2207:Public pension funds 1542:on 27 September 2016 964:www.swfinstitute.org 475:Future Fund Act 2006 2164:Future Fund website 1561:futurefund.gov.au. 1536:"IFSWF Our members" 1354:. 28 February 2007. 558:Santiago Principles 543:2009 federal budget 196:Number of employees 98:Raphael Arndt (CEO) 82:Victoria, Australia 34: 1313:11 September 2004. 1042:www.finance.gov.au 315: 313:, pictured in 2008 2184:978-0-646-56322-0 2141:. 23 January 2024 903: 902: 584:Abbott government 466:Federal Treasurer 430: 429: 367:15 September 2026 364:15 September 2021 225: 224: 203: 190: 166: 142: 118: 16:(Redirected from 2234: 2188: 2176: 2151: 2150: 2148: 2146: 2131: 2125: 2124: 2122: 2120: 2115:. 2 January 2023 2105: 2099: 2098: 2096: 2094: 2084: 2078: 2077: 2070: 2064: 2063: 2061: 2059: 2053: 2045: 2039: 2038: 2036: 2034: 2028: 2020: 2014: 2013: 2011: 2009: 2003: 1995: 1989: 1988: 1986: 1978: 1972: 1971: 1969: 1967: 1961: 1953: 1947: 1946: 1944: 1942: 1936: 1928: 1922: 1921: 1919: 1917: 1911: 1903: 1897: 1896: 1894: 1892: 1886: 1878: 1872: 1871: 1869: 1867: 1861: 1853: 1847: 1846: 1844: 1842: 1836: 1828: 1822: 1821: 1819: 1817: 1811: 1803: 1797: 1796: 1794: 1792: 1786: 1778: 1772: 1771: 1769: 1767: 1753: 1747: 1746: 1744: 1742: 1737:on 23 March 2012 1736: 1729: 1720: 1714: 1713: 1711: 1709: 1693: 1687: 1686: 1684: 1682: 1667: 1661: 1660: 1658: 1656: 1641: 1635: 1634: 1633:on 27 July 2016. 1629:. 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Index

Australian Government Future Fund
Government-owned corporation
Melbourne
Victoria, Australia
Greg Combet
FY
Net income
FY
Total assets
FY
Total equity
FY
www.futurefund.gov.au
sovereign wealth fund
Australian Government
assets under management
DisabilityCare Australia Fund
National Disability Insurance Scheme
Medical Research Future Fund
Aboriginal and Torres Strait Islander Land and Sea Future Fund
Housing Australia Future Fund

David Murray
David Murray
David Gonski
Morgan Stanley
David Gonski
ANZ Bank
Greg Combet
Federal Treasurer

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