Future Fund

Last updated

Future Fund
Company type Government-owned corporation
IndustryInvestments
Founded2006;18 years ago (2006)
Headquarters Melbourne, Victoria, Australia
Key people
 Greg Combet (Chair)
Raphael Arndt (CEO)
AUM $289.4 billion [1] (2024)
Total assets $224.9 billion [1]  (2024)
Owner Australian Government
Number of employees
314 [2] [1]  (2024)
Website www.futurefund.gov.au

The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government'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. [3]

Contents

Purpose

The legislation [4] 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 accumulate until at least 2026/27 before making withdrawals. The Investment Mandate [5] 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.

The Future Fund Board is currently also responsible for six other Australian sovereign wealth funds:

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. [11]

Governance

Inaugural chairman of the Board of Guardians, David Murray, pictured in 2008 David Murray.jpg
Inaugural chairman of the Board of Guardians, David Murray, pictured in 2008

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. The current Board composition is: [12]

Position Name Term commenced Term expires Term served
ChairGreg Combet1 June 2024
GuardianDeborah Ralston15 September 202115 September 20263 years, 85 days
Patricia Cross11 May 202111 May 20263 years, 212 days
Rosemary Vilgan4 February 20244 February 2029309 days
Michael Wachtel3 April 20163 April 20268 years, 250 days
Mary Reemst6 October 2023
Nicola Wakefield Evans1 March 2024

The Board was chaired by David Murray between 2006 and 2012. Amidst some controversy it was announced that David Gonski would succeed Murray as independent non-executive chairman when Murray's term expired on 3 April 2012. [13] [14] [15] [16] At the same time, Steve Harker, an investment banker from Morgan Stanley in Australia, replaced Brian Watson as a Guardian. David Gonski chaired the Board until January 2014 when it was announced that he would leave to chair the ANZ Bank. Costello was appointed the interim chair until the announcement of his permanent chairmanship in February 2014. Greg Combet replaced Costello as chairman in February 2024. [17]

History

On 11 September 2004, the Federal Treasurer, Peter Costello, announced that the Future Fund would be established following the 2004 federal election. [18] The Future Fund Act 2006 received Royal Assent on 23 March 2006. On 5 May 2006, $18 billion, derived from government surpluses as well as income from the sale of a third of Telstra in its ongoing privatisation, was deposited into the fund. [19] On 28 February 2007, the government transferred the Commonwealth's remaining 17% stake in Telstra, valued at A$8.9 billion, into the Fund. [20] These contributions and transfers increased the Fund to over A$50 billion by the end of the 2006-2007 financial year.

In March 2007, the opposition Labor Party announced it would withdraw A$2.7 billion from the Future Fund to finance the National Broadband Network, an initiative to install broadband internet infrastructure across Australia, if it won the 2007 election; this proposal prompted government ministers to proclaim that Labor intended to "raid" the Future Fund for their own means. [21] 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 rate of return on the invested funds, with all profits being returned into the Future Fund allowing further investment.

In May 2007, it was revealed that the Chicago-based Northern Trust Corporation 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. [22] Northern Trust stood to collect A$30 million in annual fees. Controversy arose 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. [23] Northern Trust was linked to the Enron scandal. [22] 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". [24]

In his 2008 Australian federal budget speech, the Treasurer, Wayne Swan announced three new "Nation-Building Funds", also to be managed by the Future Fund Board. [25] 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 up by the previous government; and a $10 billion Health and Hospital Fund. [26] In that budget and the following 2009 federal budget, the Labor Rudd government promised $41 billion to create these new funds. [27]

The fund become a member of the International Forum of Sovereign Wealth Funds and signed up to the Santiago Principles on best practices for managing Sovereign Wealth Funds. [28] As a member it publishes how it adopts and implements the principles within its governance procedures. [29]

In May 2013, a DisabilityCare Australia Fund was established by the DisabilityCare Fund Act 2013. The Fund will fund the National Disability Insurance Scheme and is also to be managed by the Future Fund Board. The Fund is to receive contributions from the increase in the medicare levy by 0.5% to a total of 2% from 1 July 2014.

In the May 2014 federal budget, the Abbott government announced its intention to establish the Medical Research Future Fund [30] 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. [31] The Senate approved the establishment of the Medical Research Future Fund in August 2015, to be managed by the Future Fund, with interest generated going to medical research, beginning with $10 million in 2015, growing to $390m over the following three years. [32]

In 2016 it was announced that the Future Fund, Queensland Investment Corporation and AGL Energy would form the Powering Australian Renewables Fund (PARF) investing in two of Australia's largest solar plants at the time. [33]

In April 2019, the Future Fund announced that it had returned an average of over 10% a year in the last decade. [34] 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. [35]

In November 2024, the Treasurer, Jim Chalmers, and the Finance Minister, Katy Gallagher, announced that the Future Fund will be directed to invest in green energy and housing projects where sustainable. [36]

Investments in nuclear weapons and tobacco industries

In May 2011, the Future Fund was criticised by The Age newspaper for investing $135.4 million in 15 foreign-owned companies involved in the manufacture of nuclear weapons for the United States, Britain, France and India. [37] Information about the investments was obtained through a freedom of information request by the International Campaign to Abolish Nuclear Weapons. [38]

In February 2013, the Future Fund announced it would exclude primary tobacco producers from its investment portfolios. [39]

Funds held under management

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:

Date
(31 Dec)		Total funds
(billions)		Notes
2008Increase2.svg A$59.62 [40]
2009Increase2.svg A$87.23 [41]
2010Increase2.svg A$90.51 [42]
2011Decrease2.svg A$89.39 [43]
2012Increase2.svg A$94.96 [44]
2013Increase2.svg A$107.36 [45]
2014Increase2.svg A$119.47 [46]
2015Increase2.svg A$128.5 [47]
2016Increase2.svg A$139.5 [48]
2017Decrease2.svg A$138.9 [49]
2018Increase2.svg A$147.0 [50]
2019Increase2.svg A$168.0 [51]
2020Increase2.svg A$170.9 [52]
2021Increase2.svgA$203.6 [53]
2022Decrease2.svgA$196.1 [54]
2023Increase2.svgA$211.9 [55]

See also

Related Research Articles

A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.

<span class="mw-page-title-main">Temasek (company)</span> Singaporean state-owned conglomerate

Temasek Holdings (Private) Limited is a Singaporean state-owned multinational investment firm. Incorporated on 25 June 1974, Temasek has a net portfolio of US$288 billion as of 2024, with S$33 billion divested and S$26 billion invested during the year. Headquartered at Orchard Road, Singapore, it has 13 offices in 9 countries around the world, including in Beijing, Brussels, Hanoi, London, Mexico City, Mumbai, New York City, Paris, San Francisco, Shanghai, Shenzhen and Washington D.C.

The Government Pension Fund of Norway is the sovereign wealth fund collective owned by the government of Norway. It consists of two entirely separate sovereign wealth funds: the Government Pension Fund Global and the Government Pension Fund Norway.

<span class="mw-page-title-main">Abu Dhabi Investment Authority</span> Sovereign wealth fund

The Abu Dhabi Investment Authority is a sovereign wealth fund owned by the Emirate of Abu Dhabi in the United Arab Emirates, founded to invest funds on behalf of the Government of Abu Dhabi. It manages the emirate's excess oil reserves and is estimated to manage $993 billion. ADIA is one of the largest sovereign wealth funds in the world.

<span class="mw-page-title-main">GIC (sovereign wealth fund)</span> Singaporean sovereign wealth fund

GIC Private Limited is a Singaporean sovereign wealth fund that manages the country's foreign reserves. Established by the Government of Singapore in 1981 as the Government of Singapore Investment Corporation, from which the acronym "GIC" is derived, its mission is to preserve and enhance the international purchasing power of the reserves, with the aim to achieve good long-term returns above global inflation over the investment time horizon of 20 years.

<span class="mw-page-title-main">Khazanah Nasional</span> Malaysian government sovereign wealth fund

Khazanah Nasional Berhad (lit. 'National Treasure Limited'; doing business as Khazanah Nasional or simply Khazanah) is the sovereign wealth fund of the Government of Malaysia. One of the largest sovereign wealth funds in the world, it was established to invest surplus revenues for Malaysia. Through its investments and activities, the fund seeks to deliver sustainable economic and societal benefit for the nation. This includes achieving long-term risk-adjusted returns across the portfolio, as well as undertaking investments that catalyse new growth areas, strengthen Malaysia’s economic competitiveness, and contribute to priority socioeconomic outcomes.

<span class="mw-page-title-main">Caisse de dépôt et placement du Québec</span> Canadian institutional investment company

The Caisse de dépôt et placement du Québec is an institutional investor that manages several public and parapublic pension plans and insurance programs in the Canadian province of Quebec. It was established in 1965 by an act of the National Assembly, under the government of Jean Lesage, as part of the Quiet Revolution, a period of social and political change in Quebec. It is the second-largest pension fund in Canada, after the Canada Pension Plan Investment Board. It was created to manage the funds of the newly created Quebec Pension Plan, a public pension plan that aimed to provide financial security for Quebecers in retirement. The CDPQ’s mandate was to invest the funds prudently and profitably while also contributing to Quebec’s economic development. As of December 31, 2023, the CDPQ managed assets of C$434 billion, invested in Canada and elsewhere. The CDPQ is headquartered in Quebec City at the Price building and has its main business office in Montreal at the Édifice Jacques-Parizeau.

David Michael Gonski is an Australian public figure and businessman.

<span class="mw-page-title-main">Sovereign wealth fund</span> State-owned investment fund

A sovereign wealth fund (SWF), or sovereign investment fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity funds or hedge funds. Sovereign wealth funds invest globally. Most SWFs are funded by revenues from commodity exports or from foreign exchange reserves held by the central bank.

<span class="mw-page-title-main">Alberta Investment Management Corporation</span> Sovereign wealth fund of Alberta, Canada

Alberta Investment Management Corporation (AIMCo) is a Canadian Crown corporation and institutional investor established to manage several public funds and pensions headquartered in Edmonton, Alberta. AIMCo was established by an act of the Legislative Assembly of Alberta in 2008 under the government of Progressive Conservative Premier Ed Stelmach.

<span class="mw-page-title-main">Libyan Investment Authority</span> Sovereign wealth fund of Libya

The Libyan Investment Authority is a government-managed sovereign wealth fund and holding company headquartered in Tripoli, Libya. It was established on August 28, 2006, by Decree 208 of the General People's Committee of Libya (GPC), after the lifting of economic sanctions that had previously precluded foreign investment in Libya. The LIA oversees and manages investments in various areas including agriculture, real estate, infrastructure, oil and gas and in shares and bonds. It is Africa's largest sovereign wealth fund. The fund is a member of the International Forum of Sovereign Wealth Funds and is therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds. In 2024, the fund has US$70 billion in assets under management.

The Canada Pension Plan Investment Board, operating as CPP Investments, is a Canadian Crown corporation established by way of the 1997 Canada Pension Plan Investment Board Act to oversee and invest the funds contributed to and held by the Canada Pension Plan (CPP).

<span class="mw-page-title-main">Australian government debt</span> Amount owed by the Australian federal government

The Australian government debt is the amount owed by the Australian federal government. The Australian Office of Financial Management, which is part of the Treasury Portfolio, is the agency which manages the government debt and does all the borrowing on behalf of the Australian government. Australian government borrowings are subject to limits and regulation by the Loan Council, unless the borrowing is for defence purposes or is a 'temporary' borrowing. Government debt and borrowings have national macroeconomic implications, and are also used as one of the tools available to the national government in the macroeconomic management of the national economy, enabling the government to create or dampen liquidity in financial markets, with flow on effects on the wider economy.

<span class="mw-page-title-main">National Development Fund of Iran</span> Sovereign wealth fund of Iran

The National Development Fund of Iran is Iran's sovereign wealth fund. It was founded in 2011 to supplement the Oil Stabilization Fund. NDFI is independent of the government's budget. Based on Article 84 of the Fifth Five-year Socio-Economic Development Plan (2010–2015), the National Development Fund was established to transform oil and gas revenues to productive investment for future generation. It is a member of the International Forum of Sovereign Wealth Funds and therefore is signed up to the Santiago Principles on best practice in managing sovereign wealth funds. Withdrawing any money from this fund requires Khamenei's permission.

<span class="mw-page-title-main">Russian Direct Investment Fund</span> Fund established by the Russian government in June 2011

The Russian Direct Investment Fund is Russia's sovereign wealth fund established in 2011 by the Russian government to make investments in companies of high-growth sectors of the Russian economy. Its mandate is to co-invest alongside the world's largest institutional investors, direct investment funds, sovereign wealth funds and leading companies.

<span class="mw-page-title-main">Nigeria Sovereign Investment Authority</span> Sovereign wealth fund of Nigeria

The Nigeria Sovereign Investment Authority is a Nigerian establishment which manages the Nigeria sovereign wealth fund, into which the surplus income produced from Nigeria's excess oil reserves is deposited. This sovereign wealth fund was founded for the purpose of managing and investing these funds on behalf of the government of Nigeria. The fund was established by the Nigeria Sovereign Investment Authority Act 2011, signed in May 2011, and commenced operations in October 2012. It is intended to invest the savings gained on the difference between the budgeted and actual market prices for oil to earn returns that would benefit future generations of Nigerians. The fund was allocated an initial US$1 billion in seed capital, and, an additional $0.60billion has been contributed to date by the current administration. In October 2023, the fund has US$2.3 billion in assets under management.

<span class="mw-page-title-main">Fundo Soberano de Angola</span> Sovereign wealth fund of Angola

The Fundo Soberano de Angola is the sovereign wealth fund of Angola. It is a member of the International Forum of Sovereign Wealth Funds, and therefore has signed up to the Santiago Principles on best practice in managing sovereign wealth funds. The FSDEA is meant to play an important role in promoting Angola’s social and economic development and generating wealth for its people. The fund was rated by the SWFI in February 2015 with a ranking of 8 out of 10.

<span class="mw-page-title-main">Public Investment Fund</span> Sovereign wealth fund of Saudi Arabia

The Public Investment Fund is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$930 billion. It was created in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia. The wealth fund is controlled by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler since 2015.

Investment Corporation of Dubai is the principal investment arm of the Government of Dubai focused on strengthening Dubai’s economy through long-term value and wealth creation and investing in global opportunities. Established in 2006, ICD manages the Government of Dubai Portfolio of commercial companies and investments. In 2022, ICD reported assets worth $320 billion and revenue of $73 billion. The Dubai-based corporation provides strategic oversight, develops and implements investment strategies and corporate governance policies, and operates in multiple sectors, including oil and gas, transportation, banking, and financial services.

References

  1. 1 2 3 Year in Review 2023–24 (PDF). Future Fund Board of Guardians (Report). 2024. pp. 3, 13, 14. Archived (PDF) from the original on 21 November 2024. Retrieved 21 November 2024.
  2. ↑ 2022–23 Annual Report (PDF). Future Fund Board of Guardians (Report). 26 September 2023. p. 83. ISSN   2205-8052. Archived from the original on 21 November 2024. Retrieved 21 November 2024.
  3. ↑ "Australia's sovereign wealth fund". futurefund.gov.au. Future Fund. Archived from the original on 30 August 2018. Retrieved 23 January 2024.
  4. ↑ Future Fund Act 2006 (Cth)
  5. ↑ "Future Fund's New Investment Mandate" (Press release). 21 November 2024. Archived from the original on 21 November 2024. Retrieved 21 November 2024.
  6. ↑ "Future Fund Management Agency, Australian Government". www.futurefund.gov.au. Archived from the original on 30 August 2018. Retrieved 23 January 2024.
  7. ↑ "Future Fund Management Agency, Australian Government". www.finance.gov.au. Archived from the original on 30 August 2018. Retrieved 23 January 2024.
  8. ↑ "Future Fund Management Agency, Australian Government". Department of Agriculture, Fisheries and Forestry . Retrieved 23 January 2024.
  9. ↑ "Future Fund Management Agency, Australian Government". www.futurefund.gov.au. Retrieved 31 August 2023.
  10. ↑ "Disaster Ready Fund". National Emergency Management Agency. Archived from the original on 28 August 2023. Retrieved 28 August 2023.
  11. ↑ "AEU: Fed Govt ends education investment fund".
  12. ↑ "Board of Guardians". Future Fund. 3 April 2016. About us. Archived from the original on 10 June 2024. Retrieved 21 November 2024.
  13. ↑ Evans, Michael (13 March 2012). "Sydney bigwig to head Future Fund". Sydney Morning Herald . Archived from the original on 15 March 2012. Retrieved 16 March 2012.
  14. ↑ Wright, Jessica; Yeates, Clancy (16 March 2012). "Murray wades into Future Fund fight over Costello". Sydney Morning Herald . Retrieved 16 March 2012.
  15. ↑ Packham, Ben; Massola, James (15 March 2012). "Labor refuses to release report showing Future Fund board wanted Costello, not Gonski". The Australian . Archived from the original on 15 March 2012. Retrieved 16 March 2012.
  16. ↑ Griffiths, Emma (16 March 2012). "Minchin backs Gonski over Future Fund 'shemozzle'". ABC News. Australia. Archived from the original on 16 March 2012. Retrieved 16 March 2012.
  17. ↑ Greg Combet announced as new Future Fund boss Australian Financial Review 29 January 2024
  18. ↑ ELECTION 2004 New fund for future super bills [ permanent dead link ], newstext.com.au 11 September 2004.
  19. ↑ "FAQs". Future Fund. 9 May 2011. Archived from the original on 16 March 2012. Retrieved 16 March 2012.
  20. ↑ "$9bn Telstra shares in Future Fund". News.com.au . 28 February 2007.[ dead link ]
  21. ↑ Murphy, Katharine (28 March 2007). "Labor seizes on Lib's Future Fund backing". The Age . Melbourne. Archived from the original on 4 September 2011. Retrieved 18 March 2012.
  22. 1 2 Ryan, Peter (24 May 2007). "Northern Trust defends Enron connection". The World Today, ABC News. Australia. Archived from the original on 4 September 2011. Retrieved 16 March 2012.
  23. ↑ Alberici, Emma (22 May 2007). "Foreign bank to manage $51b Future Fund". ABC News. Australia. Archived from the original on 25 July 2008. Retrieved 16 March 2012.
  24. ↑ "Future Fund unfazed by Enron link". The Age. Australia. AAP. 23 May 2007. Retrieved 16 March 2012.
  25. ↑ Wayne Swan (13 May 2008). Budget Speech 2008‑09 (Speech). Parliament House, Canberra. Archived from the original on 19 March 2012. Retrieved 17 March 2012.
  26. ↑ "Nation-building Funds Act 2008". Federal Register of Legislation. Archived from the original on 21 November 2024. Retrieved 21 November 2024.
  27. ↑ "We won't raid $44bn fund pool, says PM Kevin Rudd". Vogue Financial Solutions. 15 May 2008. Archived from the original on 18 June 2015. Retrieved 18 June 2015.
  28. ↑ International Forum of Sovereign Wealth Funds. "IFSWF Our members". Archived from the original on 27 September 2016. Retrieved 24 September 2016.
  29. ↑ "Building a long-term sustainable sovereign wealth fund under the Santiago Principles". futurefund.gov.au. Archived from the original on 29 October 2016. Retrieved 28 October 2016.
  30. ↑ "Australian Government Budget 2014-15". Archived from the original on 16 March 2015. Retrieved 8 March 2015.
  31. ↑ "Annual Report 2013-14" (PDF). Archived (PDF) from the original on 28 February 2015. Retrieved 8 March 2015.
  32. ↑ Medical Research Future Fund finally gets Senate approval; The Australian; 13 August 2015
  33. ↑ Mehra, Prashant (27 July 2016). "AGL signs up investors for renewables fund". News.com.au. AAP. Archived from the original on 27 July 2016.
  34. ↑ Koehn, Emma (28 April 2019). "Future Fund returns top 10 per cent for the decade". The Sydney Morning Herald. Archived from the original on 21 August 2019. Retrieved 21 August 2019.
  35. ↑ Daquino, Laura (3 September 2019). "Future Fund stay on top of the markets". The Australian. Archived from the original on 20 September 2022. Retrieved 16 September 2022.
  36. ↑ Crowley, Tom (21 November 2024). "Government tells Future Fund to invest in climate and housing but preserve focus on returns". ABC News . Archived from the original on 21 November 2024.
  37. ↑ Oakes, Dan (26 May 2011). "Australia investing in nuclear arms". The Age. Australia. Archived from the original on 5 March 2012. Retrieved 16 March 2012.
  38. ↑ Wright, Tim (May 2011). "Nuclear weapons and Australia's Future Fund" (PDF) (Press release). International Campaign to Abolish Nuclear Weapons. Archived from the original (PDF) on 23 March 2012. Retrieved 16 March 2012.
  39. ↑ "Future Fund excludes tobacco producers". www.futurefund.gov.au. Archived from the original on 28 August 2023. Retrieved 28 August 2023.
  40. ↑ "Portfolio update at 31 December 2008" (PDF). Future Fund. 30 January 2009. Archived (PDF) from the original on 16 March 2012. Retrieved 16 March 2012.
  41. ↑ "Portfolio update at 31 December 2009" (PDF). Future Fund. 29 January 2010. Archived (PDF) from the original on 16 March 2012. Retrieved 16 March 2012.
  42. ↑ "Portfolio update at 31 December 2010" (PDF). Future Fund. 28 January 2011. Archived (PDF) from the original on 16 March 2012. Retrieved 16 March 2012.
  43. ↑ "Portfolio update at 31 December 2011" (PDF). Future Fund. 30 January 2012. Archived (PDF) from the original on 16 March 2012. Retrieved 16 March 2012.
  44. ↑ "Portfolio update at 31 December 2012" (PDF). Future Fund. 5 February 2013. Archived (PDF) from the original on 10 April 2013. Retrieved 17 March 2013.
  45. ↑ "Portfolio update at 31 December 2013" (PDF). Future Fund. 3 February 2014. Archived (PDF) from the original on 23 February 2014. Retrieved 3 March 2014.
  46. ↑ "Portfolio update at 31 December 2014" (PDF). Future Fund. 5 February 2015. Archived (PDF) from the original on 27 February 2015. Retrieved 7 March 2015.
  47. ↑ "2014/15 Future Fund Annual Report" (PDF). Future Fund. 30 June 2016. Archived (PDF) from the original on 14 November 2016. Retrieved 14 November 2016.
  48. ↑ "2017/18 Future Fund Annual Report" (PDF). Future Fund - Australia's Sovereign Wealth Fund. 29 August 2018. Archived (PDF) from the original on 20 December 2019. Retrieved 1 September 2018.
  49. ↑ "Portfolio update at 31 December 2017" (PDF). Future Fund. 1 February 2018. Archived (PDF) from the original on 1 June 2019. Retrieved 1 June 2019.
  50. ↑ "Portfolio update at 31 December 2018" (PDF). Future Fund. 11 February 2019. Archived (PDF) from the original on 1 June 2019. Retrieved 1 June 2019.
  51. ↑ "Portfolio update at 31 December 2019" (PDF). Future Fund. 11 February 2019. Archived (PDF) from the original on 7 November 2022. Retrieved 26 April 2019.
  52. ↑ "Portfolio update at 31 December 2020". Archived from the original on 12 March 2021. Retrieved 27 May 2021.
  53. ↑ "Portfolio Update to 31 December 2021" . Retrieved 31 August 2023.
  54. ↑ "Portfolio update to 31 December 2022". Future Fund. 2 January 2023. Archived from the original on 31 August 2023. Retrieved 31 August 2023.
  55. ↑ "Portfolio update to 31 December 2023". Future Fund. 23 January 2024. Retrieved 23 January 2024.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.