Australia’s Future Fund Has Benchmark Return Modified
In a document titled, Future Fund Investment Mandate Direction 2017, the Australian government’s mandate for its Future Fund has changed. The benchmark return was modified to an average over the long-term consumer price index (CPI) to +4% per annum to 5% per annum. This means the sovereign fund’s target mandate was lowered; the Future Fund will now have to earn CPI +4.5% per year, down from a goal of +5% per year.
The Future Fund Investment Mandate Direction 2014 was revoked in full. The revised Future Fund Investment Mandate will take effect from July 1, 2017.
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