Australian Government Future Fund
| Government-owned corporation | |
| Industry | Investments |
| Founded | 2006 |
| Headquarters | Melbourne, Victoria, Australia |
|
Key people
|
Peter Costello (chairman) David Neal (managing director) Gordon McKellar (COO) Paul Mann (CFO) |
| Revenue |
 A$15.6b (FY 2015)
|
|
A$15.61b (FY 2015)
|
|
| Total assets |
A$118.44b (FY 2015)
|
| Total equity |
A$117.15b (FY 2015)
|
|
Number of employees
|
129 (2016) |
| Website | www |
The Australian Government Future Fund is an independently managed sovereign wealth fund into which the Australian Government deposits funds to meet the government's future liabilities for the payment of superannuation to retired civil servants of the Australian Public Service. Its investment decisions are made at arm's length from the executive. At 30 June 2016, it was valued at A$122.8 billion.
The stated aim of the fund is to hold A$140 billion by 2020; which would fund A$7 billion in superannuation payments each year from the federal budget. Withdrawals from the fund to pay superannuation benefits can only take place once the superannuation liability has been fully offset or 1 July 2020, whichever is the earlier.
The purpose of the Australian Government Future Fund is to fully fund the future superannuation payments of public servants, which currently come from the federal budget.
The Future Fund Board is currently also responsible for five other Nation-Building Funds:
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:
The Board was chaired by David Murray AO 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. 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 Australia and New Zealand Banking Group. Costello was appointed the interim chair until the announcement of his permanent chairmanship in February 2014.
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Wikipedia