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Future Fund

The Future Fund is Australia's sovereign wealth fund, established in May 2006 by the Howard government with an initial seeding of A$60.5 billion from budget surpluses and proceeds from the sale of Telstra shares, tasked with investing to underwrite the nation's long-term unfunded superannuation liabilities for public sector employees.^[1]^[2] Independently governed by a Board of Guardians chaired initially by David Murray, the fund operates without further government cash injections, focusing on delivering superior long-term, risk-adjusted returns to preserve and grow capital for future generations.^[3]^[4] Its portfolio, diversified across equities, fixed income, property, infrastructure, and private equity, has grown to approximately A$250 billion, demonstrating resilience through market cycles with historical annualized returns exceeding its policy benchmark.^[5]^[6] The fund's achievements include consistent outperformance, such as a 12.2% return in calendar year 2024 against a 6.4% target, contributing A$26 billion in additional value amid volatile global conditions.^[7] This success underscores its mandate for intergenerational equity, shielding Australian taxpayers from escalating pension costs projected to burden future budgets. However, it has faced controversies over ethical investment choices, including holdings in tobacco, nuclear weapons-related firms, and recently disclosed substantial profits from defense contractors, drawing criticism from activist groups despite the fund's apolitical, returns-focused ethos.^[6] More pointedly, recent government directives under the Albanese administration to redirect investments toward social housing and domestic manufacturing—such as the "Future Made in Australia" initiative—have sparked opposition from the fund's leadership and former chairs like Murray, who argue such politicization undermines its independence and long-term integrity.^[8]^[9] These tensions highlight ongoing debates over balancing fiscal prudence with policy-driven interventions in sovereign wealth management.

Establishment and Objectives

Legislative Creation

The Future Fund was legislated into existence by the Future Fund Act 2006 (Cth), which received royal assent on 23 March 2006 and took effect from 3 April 2006, during the administration of Prime Minister John Howard's Liberal-National Coalition government.^[1]^[10] This enactment represented a fiscally conservative strategy to quarantine excess fiscal resources amid Australia's early-2000s commodity-driven budget surpluses, directing them toward long-term investment rather than immediate spending, taxation relief, or debt reduction.^[11] The Act authorized an initial seeding of A$60.5 billion transferred from the Commonwealth's consolidated revenue into the Fund, comprising accumulated surpluses from prior fiscal years without recourse to new borrowing or tax increases.^[11]^[12] This capital injection, effective from May 2006, was explicitly framed as a mechanism to pre-fund escalating public sector superannuation obligations, projected to reach their zenith in the mid-2020s before tapering due to maturing defined-benefit schemes and demographic transitions.^[13] Under section 14 of the Act, the Fund's core statutory purpose is to derive financial returns sufficient to offset unfunded Commonwealth superannuation liabilities, thereby bolstering the national balance sheet's intergenerational equity without imposing contemporaneous fiscal burdens.^[2]^[14] The legislation prohibited drawdowns until liabilities demonstrably exceeded assets, enforcing a disciplined, forward-looking approach insulated from electoral cycles.^[15]

Core Purpose and Funding Mechanism

The Future Fund was established under the Future Fund Act 2006 to address the Australian Government's unfunded superannuation liabilities for public sector employees, accrued primarily up to 30 June 2005, thereby strengthening the Commonwealth's long-term financial position and promoting intergenerational equity by reducing the burden on future taxpayers.^[1]^[2] These liabilities, estimated at approximately A$99.6 billion as of 30 June 2007 in contemporaneous budget projections, were projected to grow substantially due to demographic pressures and accrual accounting, necessitating a dedicated investment vehicle to generate returns sufficient to cover future payouts without relying on ongoing fiscal appropriations.^[16] Funding for the Future Fund derives exclusively from existing government surpluses and non-debt sources, explicitly avoiding new taxes, borrowing, or deficit financing to ensure fiscal prudence. The initial seeding in 2006 totaled A$60.5 billion, comprising accumulated budget surpluses from the early 2000s commodities boom and proceeds from the final privatization of Telstra shares, marking a deliberate strategy to intergenerationally transfer windfall gains rather than spend them contemporaneously.^[15]^[7] Subsequent contributions have been limited to additional surplus allocations when available, supplemented by internal inflows from investment dividends, interest, and realized gains, with the statutory framework prohibiting withdrawals until liabilities mature—initially targeted post-2020 for annual superannuation shortfalls.^[15]^[16] The Fund's mechanism emphasizes a perpetual horizon, prioritizing capital preservation alongside real returns exceeding inflation and liability growth rates (typically benchmarked against long-term bonds plus a risk premium) to maintain sustainability without intergenerational transfers. This approach embeds causal realism in fiscal policy, insulating the Fund from short-term political pressures while ensuring its assets compound to fully offset liabilities, projected to exceed A$200 billion in present value terms by the mid-2010s due to actuarial updates.^[17]^[15]

Governance Structure

Board Composition and Responsibilities

The Future Fund Board of Guardians consists of a Chair and six other members, forming an independent body corporate tasked with safeguarding the long-term interests of multiple Australian sovereign wealth funds, including the Future Fund.^[18] Members, including the Chair, are appointed by the responsible Ministers—the Treasurer and the Minister for Finance—via written instrument under the Future Fund Act 2006, with terms typically lasting up to five years and eligibility requiring substantial expertise in investment management, financial markets, or related fields to ensure decisions prioritize professional acumen over political considerations.^[19] ^[20] As of October 2025, the Chair is The Hon Greg Combet AO, appointed on 1 June 2024 for a five-year term, bringing experience from prior roles in government, unions, and superannuation governance.^[21] The Board's primary responsibilities encompass formulating and overseeing investment policies aligned with statutory objectives and government-issued mandates, which outline broad risk tolerances and return targets without dictating specific asset allocations.^[22] It appoints, supervises, and may dismiss the Chief Investment Officer and staff of the supporting Future Fund Management Agency, while delegating day-to-day execution to external managers selected through rigorous processes emphasizing fiduciary duty and performance track records.^[23] The Board conducts quarterly reviews of portfolio performance against benchmarks, ensures compliance with ethical investment guidelines, and prepares annual reports submitted to Parliament via the responsible Ministers, promoting transparency while insulating operations from short-term fiscal pressures.^[24] Remuneration for Board members is determined by the responsible Ministers in line with the Future Fund Act 2006, comprising fixed fees approved by the Remuneration Tribunal to align incentives with sustained oversight rather than direct performance bonuses, though members' expertise is vetted to support value-accretive decisions.^[25] The responsible Ministers' influence is confined to appointing members, issuing high-level mandates (renewed periodically, such as every five years), and receiving reports, explicitly prohibiting interference in individual investment choices to maintain the Board's autonomy as enshrined in legislation.^[26] This structure underscores a governance model designed for impartial, evidence-based stewardship, with the Board's collective accountability ensuring diversified expertise mitigates risks from any single member's perspective.^[23]

Independence and Accountability Mechanisms

The Future Fund Act 2006 establishes the statutory independence of the Future Fund Board of Guardians by prohibiting the Australian Government from directing or influencing specific investment decisions, ensuring that such activities occur at arm's length from short-term political considerations.^[22] This framework vests the Board with sole responsibility for investment strategies aimed at maximizing long-term returns above the benchmark of consumer price index plus 4 to 5 percent per annum, while adhering to broad parameters outlined in the government's Investment Mandate without interference in asset selection.^[27] The Board's ethical investment guidelines are developed internally but benchmarked against global standards, such as the Santiago Principles, to maintain operational autonomy while promoting transparency in governance.^[28] Accountability is enforced through mandatory annual reporting to Parliament, which includes detailed disclosures of the Fund's net investment returns, total assets under management, and high-level portfolio holdings to facilitate public oversight without compromising commercial sensitivity.^[29] Independent audits are conducted by the Australian National Audit Office, verifying compliance with statutory obligations and financial reporting accuracy, as required under the Act's governance provisions.^[30] These mechanisms collectively safeguard fiscal discipline by linking any periodic updates to the Investment Mandate—such as the November 2024 revision—to justifications centered on preserving return objectives amid economic shifts, rather than ad hoc policy directives.^[31] The Board's composition, comprising independent experts appointed for fixed terms, further reinforces this independence, with removal only possible for cause under strict legislative criteria, minimizing risks of politicization.^[21] Performance is evaluated against the mandated benchmark, with public accountability reports emphasizing causal links between strategy and outcomes, though critiques have noted potential tensions when mandate adjustments introduce non-financial considerations without explicit return trade-off analyses.^[32] This structure aligns with principles of causal realism in fiscal management, prioritizing empirical return generation over transient governmental priorities.

Historical Evolution

Inception and Early Growth (2006–2010)

The Australian Future Fund was established under the Future Fund Act 2006, with investment activities commencing on 1 July 2006 following the appointment of its inaugural Board of Guardians chaired by David Murray.^[5] The fund received an initial capital contribution of A$60.5 billion, derived primarily from the privatization proceeds of Telstra Corporation and accumulated budget surpluses, marking it as Australia's largest sovereign wealth fund at inception.^[33] This seeding positioned the fund to address long-term unfunded public sector superannuation liabilities through prudent asset growth. In its early operational phase, the Future Fund adopted a conservative investment approach, focusing on liquid, diversified assets such as Australian and global equities alongside fixed income securities to establish a resilient foundation amid volatile markets.^[16] By 30 June 2007, the portfolio included a significant Telstra shareholding supplemented by A$1.85 billion in Australian equities, with gradual diversification into international markets to mitigate domestic risks.^[34] This strategy emphasized risk-adjusted returns over the long term, aligning with the fund's mandate to achieve CPI plus 4.5–5.5% annually without drawdowns until liabilities matured. The 2008 global financial crisis tested the fund's nascent framework, yet it demonstrated relative stability with a fiscal year 2008–09 return of -4.2% excluding Telstra holdings, where the telecom stake provided a buffer against steeper equity declines.^[35] Broader benchmarks, including global equity indices, suffered losses exceeding 20% in the period, underscoring the diversification's effectiveness in limiting drawdowns.^[35] No additional government contributions were made post-inception, with growth driven solely by investment performance. By the end of 2010, the fund's assets had expanded to A$71.8 billion, reflecting compounded returns from its initial diversified allocations despite the intervening crisis.^[36] This period solidified operational foundations, including internal governance and external manager selections, setting the stage for broader asset class explorations in subsequent years.

Expansion and Maturation (2011–Present)

Following the Global Financial Crisis, the Future Fund expanded its investment scope, increasingly allocating capital to alternative assets such as private equity, infrastructure, and real assets to enhance long-term returns and diversification amid recovering global markets.^[37]^[38] This strategic shift supported steady asset accumulation, with the fund's value surpassing A$100 billion by 2012 through compounded returns and prudent risk management.^[39] By 2020, the portfolio had grown to exceed A$200 billion, reflecting resilience in volatile equity and credit environments.^[40] The onset of the COVID-19 pandemic in 2020 introduced significant market volatility, resulting in a -0.9% return for the 2019–20 fiscal year due to sharp declines in equities and other risk assets.^[41] The fund navigated this period by maintaining elevated cash holdings at approximately 13.7% of the portfolio and leveraging overlay strategies and hedge funds to mitigate downside risks.^[42] Subsequent rebounds were robust, with a 22.2% return in the 2020–21 fiscal year driving assets to A$196.8 billion, underscoring the effectiveness of its diversified approach in capitalizing on post-crisis recovery.^[40] In response to evolving geopolitical and economic conditions, including uncertainties from U.S. policy shifts, the Future Fund adapted its operational model in 2025 by securing government approval to internalize management of select local real assets, such as domestic infrastructure and property investments.^[43]^[44] This move, targeting holdings valued at A$16.44 billion in Australian infrastructure as of May 2025, aimed to reduce external manager fees and improve execution flexibility without intermediaries.^[44] By the end of the 2024–25 fiscal year, these efforts contributed to a 12.2% return—more than double the mandated benchmark—elevating total assets to A$252.3 billion and adding A$27.4 billion in value.^[38]^[45]

Investment Approach

Portfolio Composition and Asset Classes

The Future Fund employs a diversified investment strategy across major asset classes to achieve long-term risk-adjusted returns, drawing on principles of portfolio theory that demonstrate broad allocations reduce volatility and enhance efficiency compared to concentrated or restricted holdings. As of 30 June 2025, the portfolio's asset allocation reflected this approach, with Australian equities comprising 10.8% ($27.2 billion), complemented by substantial exposures to global equities (developed and emerging markets), fixed income securities for stability, alternatives such as private equity and credit for illiquidity premiums, and real assets including property and infrastructure for inflation hedging and yield.^[46]^[37] Equities form the largest component, targeted at approximately 50% of the portfolio, balancing domestic listings for home bias benefits with international diversification to access global growth drivers; this split mitigates risks from any single market while empirical analyses of historical data affirm that such equity-heavy, geographically spread allocations outperform undiversified benchmarks on a Sharpe ratio basis over multi-decade horizons. Fixed income allocations, around 20-25%, primarily involve government and corporate bonds to provide ballast during equity downturns, whereas alternatives (15-20%) encompass unlisted private equity and credit strategies aimed at alpha generation through direct control and operational involvement, avoiding over-reliance on public markets prone to sentiment swings.^[47]^[48] Real assets, allocated 10-15%, include infrastructure and property to capture non-correlated returns from tangible assets; the Fund emphasizes unlisted and direct investments in these areas for superior risk premia, as evidenced by lower correlation to equities and higher yields in private formats. In 2025, legislative changes permitted direct Australian property acquisitions, expanding opportunities for domestic real asset internalization without external managers, thereby enhancing flexibility and cost efficiency amid global uncertainties. Sector exposures within equities and alternatives avoid concentration, incorporating energy for commodity cycles, technology for innovation-driven growth, and defense for geopolitical stability premiums, ensuring no single theme dominates and aligning with data showing ideologically narrow exclusions—such as from fossil fuels or armaments—underperform diversified peers by forgoing uncorrelated return streams.^[43]^[49]^[44]^[50]

Risk Management and Benchmarking

The Future Fund employs a total portfolio approach to risk management, emphasizing factor-based diversification over rigid asset class allocations to control volatility while pursuing mandated returns. This strategy integrates scenario stress-testing, including short-term crash simulations, to assess potential drawdowns under adverse conditions such as market disruptions or liquidity squeezes.^[51] The Fund maintains a low tolerance for liquidity risk, supported by dedicated buffers of cash and liquid assets to ensure resilience in stressed scenarios without forced asset sales.^[51] Hedging is executed primarily through derivatives, including foreign exchange overlays and interest rate swaps, to mitigate currency and rate volatilities inherent in its global exposures, while avoiding speculative positions.^[39] Active risk monitoring extends to a modular framework that decomposes portfolio risks into granular components, enabling targeted adjustments via alternatives and overlays rather than broad reallocations.^[52] Benchmarking occurs against absolute return mandates tailored to long-term real return objectives of approximately inflation plus 4–5%, with periodic updates reflecting updated economic forecasts—such as the 6.9% nominal target applied in assessments through 2024.^[53] Active management seeks modest outperformance of 0.5–1% above these benchmarks through skill-based decisions, unconstrained by traditional reference portfolios like a 70/30 growth-defensive split, prioritizing empirical risk premia over peer-relative metrics.^[54] Annual risk reviews incorporate evolving threats, including geopolitical tensions; for instance, the 2024–25 assessment highlighted elevated global fragmentation risks, prompting enhanced scrutiny of supply chain and FX exposures amid events like U.S. policy shifts and regional conflicts.^[46] These evaluations favor data-driven hedging adjustments over discretionary interventions, ensuring alignment with causal drivers of volatility such as inflation persistence and trade barriers.^[55]

Performance and Economic Contributions

Historical Returns and Value Accumulation

The Future Fund was established in May 2006 with an initial endowment of A$60.5 billion transferred from the Australian government, primarily from budget surpluses and asset sales. By 30 June 2025, the fund's value had grown to A$252.3 billion, representing an increase of over A$190 billion attributable solely to investment returns, as the principal has not been drawn down for any purpose.^[46]^[56] This accumulation reflects consistent compounding over nearly two decades, with no additional capital injections beyond the initial seeding.^[38] In the financial year ended 30 June 2025 (FY2025), the fund delivered a 12.2% annual return, outperforming its benchmark target, which is calibrated to exceed the consumer price index plus 4 to 5 percentage points over the long term (approximately 6–7% in recent periods).^[56]^[15] This result marked the sixth-highest annual return since inception and contributed A$27.4 billion in net value addition for the year.^[38] Over the preceding 10 years to 30 June 2025, the fund achieved an annualized return of 8.0%, surpassing the corresponding benchmark of 6.9%.^[38]^[53] This track record demonstrates capital preservation and growth through market cycles, including the Global Financial Crisis (with subsequent recovery) and the COVID-19 downturn, where the fund's diversified portfolio and risk management enabled sustained positive compounding without principal erosion.^[57]^[38]

Fiscal Benefits to Australia

The Future Fund, valued at A$252.3 billion as of 30 June 2025, offsets approximately 83% of the Australian Government's projected A$303.3 billion in public sector superannuation liabilities for the same period, surpassing its target asset level designed to cover these unfunded obligations.^[5]^[58] This accumulation enables drawdowns to discharge liabilities—initially permitted from 1 July 2020 but deferred to 2032–33—reducing the direct fiscal pressure on annual budgets by substituting investment earnings for taxpayer-funded appropriations.^[1] Empirical modeling of these liabilities, as outlined in long-term cost reports, demonstrates that the Fund's growth causally lowers net present value burdens, with its assets exceeding estimates needed to fully provision for defined benefit pensions accruing from legacy schemes like the Public Sector Superannuation Scheme.^[59] By reinvesting earnings—excluded from the underlying cash balance since 2012–13—the Fund tightens fiscal policy and contributes to lower net debt projections, as its financial assets are factored into Commonwealth net debt calculations, historically reducing reported figures by offsetting gross liabilities.^[16] This mechanism supports macroeconomic stability, providing a buffer against downturns by preserving budget flexibility; for example, during periods of elevated spending needs, the Fund's independent returns mitigate the risk of increased borrowing or deferred liability funding, avoiding procyclical fiscal deterioration.^[1] The Fund's role advances intergenerational equity by pre-funding obligations that would otherwise require transfers from future taxpayers, aligning current surpluses with long-term liabilities to prevent burden-shifting across generations.^[60] Its consistent outperformance, such as a 12.2% return in the year to June 2025 against a mandated CPI + 4–5% benchmark, underscores operational efficiency, earning international acclaim as a model sovereign wealth fund and enhancing Australia's sovereign credit profile through demonstrated fiscal prudence.^[61]^[17]

Controversies and Debates

Ethical Investment Concerns

The Future Fund's investments in defense and weapons manufacturers have drawn scrutiny for ethical implications, particularly amid ongoing global conflicts. In September 2025, disclosures revealed that the fund's holdings in eight such companies appreciated by $76 million between October 2023 and June 2025, coinciding with heightened demand due to wars in Ukraine and the Middle East.^[6] ^[62] These returns stemmed from conventional arms producers, distinct from the fund's policy exclusions of nuclear, chemical, and biological weapons, reflecting a prioritization of geopolitical risk-adjusted opportunities over blanket prohibitions.^[62] Historically, holdings in sectors like tobacco prior to divestment also generated significant returns before ethical screens were applied; the fund excluded primary tobacco production following public and governmental pressure, as with a 2011 directive, but such assets represented a minor portfolio fraction unlikely to materially impact overall diversification if retained.^[63] In 2024, the fund divested from several China-linked firms identified as high-risk due to military ties and human rights issues, citing operational and geopolitical risks rather than environmental, social, or governance (ESG) criteria.^[64] ^[65] This action underscores resistance to expansive ethical overlays, preserving portfolio breadth to fulfill the statutory mandate of maximizing returns without undue constraints.^[62] Critics, including environmental and peace advocacy groups, argue these investments pose moral hazards by indirectly supporting conflict escalation, drawing parallels to past tobacco divestments and calling for broader exclusions akin to fossil fuels.^[66] Proponents counter that fiduciary obligations to Australian taxpayers demand empirical focus on long-term value creation, noting that ESG-tilted strategies often underperform benchmarks; studies indicate high-ESG portfolios exhibit modest return shortfalls and heightened vulnerability to sector exclusions, with investors anticipating market underperformance from such screens.^[67] ^[68] ^[69] The fund's approach integrates material ESG risks without ideological divestments, aiming to balance ethical considerations against verifiable financial imperatives.^[62]

Political Influences on Mandates

The Albanese Labor government amended the Future Fund's investment mandate on November 21, 2024, directing the board to prioritize, where appropriate and consistent with maximizing returns, investments supporting residential housing supply, the energy transition to net zero emissions, and critical infrastructure.^[31] ^[70] This policy shift targets approximately $12 billion in deployable assets from the fund's $230 billion portfolio, aiming to address housing shortages, facilitate renewable energy adoption, and bolster economic infrastructure amid Australia's net zero commitments.^[71] ^[72] The Future Fund board resisted earlier proposals to allocate capital to the government's "Future Made in Australia" policy, which includes subsidies for domestic manufacturing in sectors like solar panels, arguing such directed investments would destroy long-term shareholder value by favoring politically driven industrial strategies over market-driven opportunities.^[73] This opposition underscores tensions between the fund's statutory objective of return maximization—established under the 2006 Howard-era legislation to fund public sector superannuation liabilities—and subsequent governments' efforts to embed national priorities that may dilute financial performance.^[74] Critics, including fund founder Peter Costello, have warned that iterative mandate changes risk transforming the Future Fund into a vehicle for short-term political spending, akin to a "slush fund," thereby eroding the independence that preserved high returns during its formative years free from such directives.^[74] Future Fund Chair Greg Combet rebutted some mandate critiques as "factually incorrect," asserting the board's capacity to integrate priorities without compromising risk-adjusted returns, yet he implicitly echoed historical precedents where politicization—such as 2011-2012 debates over the fund's tobacco holdings (then valued at $150-228 million) and nuclear-related investments—threatened operational autonomy and invited partisan divestment pressures.^[75] ^[76] ^[77] Conservative viewpoints, rooted in the Howard government's original design emphasizing fiscal buffers and global diversification, contend these interventions prioritize Labor's domestic agendas—housing affordability and green industrialization—over evidence-based long-term wealth accumulation, potentially raiding the intergenerational "nest egg" for electoral gains.^[78] ^[66] Labor advocates counter that such alignments with national imperatives, including energy security and infrastructure resilience, represent pragmatic evolution rather than interference, provided the board retains discretion to avoid value-eroding commitments.^[79] This divide highlights ongoing risks to the fund's independence, where causal pressures from fiscal policy could systematically favor politically expedient sectors at the expense of diversified, empirical return strategies.^[66]

References

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We invest globally across public and private markets to build highly diversified investment portfolios. While each fund has an individual investment mandate ...<|separator|>
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[50]
[PDF] Table 1: List of direct holdings in defence companies - Future Fund
Table 1: List of direct holdings in defence companies. Long Asset Description. Total Market Value (Base). LOCKHEED MARTIN CORP COM. $71,347,692.98.Missing: diversification energy<|control11|><|separator|>
[51]
[PDF] STATEMENT OF INVESTMENT POLICIES - Future Fund
Aug 3, 2025 · The Board now manages the investments of the Future. Fund (“Future Fund”), the Medical Research Future Fund (“MRFF”), the DisabilityCare.
[52]
Building a modular approach to risk: The Future Fund as a case study
Alternative strategies can be incredibly useful as a flexible tool to solve risk and return problems, but they are largely under utilised by asset owners.
[53]
FY24 Performance | Future Fund - Year in Review 2023-24
Risk levels were reduced to moderately below neutral, reflecting the elevated risk environment resulting from the COVID-19 pandemic and policy response. The ...
[54]
Australia's Future Fund's total portfolio approach minimizes constraints
Oct 2, 2022 · Future Fund, a pioneer of the total portfolio approach, eschews the reference portfolios and asset class targets other practitioners employ.Missing: benchmarking | Show results with:benchmarking
[55]
Get ready for a riskier world - Future Fund
Jun 15, 2024 · The return of geopolitical risk has big implications for investors. Its causes and effects are complex and multi-faceted and as events can take ...Missing: annual | Show results with:annual
[56]
[PDF] Portfolio update to 30 June 2025 - Future Fund
Sep 9, 2025 · The Fund is valued at $17.7bn as at 30 June 2025, delivering a return of 5.1% over the last 12 months against a benchmark target of 4.7%.Missing: 2011-2025 | Show results with:2011-2025
[57]
[PDF] Portfolio update to 31 December 2024 - Future Fund
Sep 11, 2025 · “An investment return of 12.2% for 2024 exceeded the mandate target of 6.4% and added. $26bn to the value of the fund, strengthening Australia's ...
[58]
[PDF] Appendix B: Assets and Liabilities - Budget Paper No. 1
Dec 31, 2024 · However, the Future Fund was established in 2006 to help finance the Government's unfunded superannuation liabilities. For civilian ...
[59]
[PDF] PSS and CSS Long Term Cost Report 2023 - Department of Finance
Oct 1, 2024 · allowance has been made for the Future Fund in this report. ... This amount is transferred to the. CRF and offsets the total amount of benefit ...
[60]
A Better Future With a Future Fund
This paper will set out the positive case for the Future Fund, arguing why Australia is better off having a Future Fund.
[61]
Future Fund posts 12.2% annual return | Asia Asset Management
Sep 10, 2025 · Australia's Future Fund doubles targeted mandate to post 12.2% annual return. The gain added A$27.4 billion to the fund's assets, bringing ...Missing: 2008-09 | Show results with:2008-09
[62]
Responsible Investment - Future Fund
We integrate the consideration of ESG and climate risks and opportunities across the investment lifecycle. This includes incorporating systemic ESG issues into: ...
[63]
Dissenting Report - Parliament of Australia
For tobacco and nuclear weapons in particular, they represent such a small fraction of the Future Funds' total value, that it is highly unlikely that divestment ...
[64]
Future Fund sells stakes in Chinese firms linked to military, rights ...
May 30, 2024 · Australia's $223 billion sovereign wealth fund has divested its stakes in a slew of Chinese companies identified by an opposition audit as ...
[65]
Future Fund sells out of tainted Chinese Firms
May 31, 2024 · Australia's $223 billion sovereign wealth fund has divested its stakes in a slew of Chinese companies identified by an opposition audit as high risk.Missing: divestment | Show results with:divestment
[66]
The Future Fund's investments have always been politicised. Why ...
Nov 23, 2024 · The federal government has been accused of politicising the Future Fund by changing its mandate, but its investments have always been ...Missing: history | Show results with:history
[67]
[PDF] ESG Investing: Practices, Progress and Challenges | OECD
This does not mean that all ESG portfolios underperformed the traditional market: however, many high-scoring ESG portfolios did underperform, and a number of ...
[68]
No reliable evidence that ESG investing produces above-average ...
Jul 3, 2024 · But again, the empirical evidence ... ESG investment strategies are more likely to underperform than overperform conventional investment ...Missing: data | Show results with:data
[69]
[PDF] Four Facts about ESG Beliefs and Investor Portfolios - NYU Stern
Dec 21, 2024 · First, investors generally expected ESG investments to underperform the market. Between mid-2021 and late-2023, the average expected 10-year ...
[70]
Future Fund's New Investment Mandate
Nov 21, 2024 · About the Future Fund In 2006 it was seeded with $60.5bn from Federal Budget surpluses and the Government's remaining shares in Telstra. ...Missing: sources | Show results with:sources
[71]
Australia's Future Fund to invest in housing, infrastructure and ...
Nov 20, 2024 · Australia's $230bn sovereign wealth fund will be retooled to help build houses, improve infrastructure and combat global heating under a new investment mandate.
[72]
Australia's $230 billion Future Fund encouraged to invest in housing ...
Nov 20, 2024 · Australia's $230 billion Future Fund encouraged to invest in housing, energy transition, infrastructure. Published: November 20, 2024 6:30am EST.
[73]
Future Fund opposed investing in Future Made in Australia - LinkedIn
Jan 2, 2025 · The $230 billion Future Fund opposed investing in the Albanese government's Future Made in Australia schemes, such as domestic solar panel ...
[74]
Costello warns politicising Future Fund will lose money - AFR
Nov 21, 2024 · Peter Costello has warned the $230 billion Future Fund he founded risks becoming a political slush fund and that Labor could next raid ...
[75]
Future Fund chair slams 'factually incorrect' criticism of new mandate
Nov 27, 2024 · The chair of the Future Fund has slammed critics of the sovereign wealth fund's new mandate as “factually incorrect”.Missing: tobacco nuclear
[76]
Future fund urged to quit tobacco stake - The Sydney Morning Herald
Oct 18, 2011 · The Future Fund is mocking the Government's anti-smoking laws by continuing to hold a $150 million stake in tobacco companies, the Greens say.<|separator|>
[77]
Future Fund's tobacco investment soars 50%
May 28, 2012 · THE Future Fund's stake in the tobacco industry has swelled by $78 million, an increase of more than 50 per cent, sparking criticism of the fund ...
[78]
Future Fund changes show disdain for taxpayers - AFR
Nov 21, 2024 · The original purpose of the fund – as stated by the Howard government but strangely omitted in the legislation – was to create a financial ...
[79]
The fierce reaction to Australia's new Future Fund mandate is a ...
Nov 22, 2024 · The stated purpose of the fund – to cover government liabilities for future public sector pensions – reflected the panic about public debt ...