|Australia||US$ 95 Billion||Origin: Non-Commodity|
Transparency Rating: 10
View Sovereign Fund Transaction Data
Firm Investment Style: Mixed
Entity Structure: Fund
Population Est.: 23.02 million – 2013
Wealth Per Capita Est.: $4,127
Future Fund Board of Guardians
[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
The Australian Government Future Fund is an independently managed investment fund into which the Australian Government deposits its budget surplus.
Background on Australia’s Future Fund
In 2004, Australian Federal Treasurer Peter Costello was keen on offsetting Australia’s debt position by creating a sovereign wealth vehicle. By 2006, Costello helped create the Future Fund.
The Future Fund was established by the Future Fund Act 2006. In the beginning, the Future Fund received seed capital of AUD$ 18 billion in May 2006. The government of Australia transferred the remaining 17% stake in Telstra to the Future Fund on February 28, 2007. The purpose of the sovereign fund is to meet the government’s future liabilities for the payment of superannuation to retired public employees.
Withdrawals from the Future Fund to pay superannuation benefits may only occur once the superannuation liability is fully offset or from July 1, 2020, whichever is the earlier.
Sovereign Wealth Enterprises