{ "entity_id": "B-002382", "folder": "Future-Fund-Board-of-Guardians", "name": "Future Fund Board of Guardians", "type": "Statutory Body", "jurisdiction": "Commonwealth", "portfolio": "Finance", "website": "http://www.futurefund.gov.au/", "data_status": "rich", "completeness": { "has_strategy_brief": true, "has_strategy_structured": true, "has_vision": false, "has_kpi_targets": true, "has_kpi_results": true, "has_strategy_overview": true, "has_legislation_text": true, "has_legislation_structured": false, "has_global_initiatives_text": false, "has_ideas": true, "has_artifacts": true, "n_ideas": 12, "n_legislation": 0, "n_artifacts": 10, "n_kpi_targets": 3, "n_kpi_results": 6, "n_outcomes": 2, "verified_own_data": true }, "strategy_profile": { "status": "published", "confidence": "high", "summary": "Investing for the benefit of future generations of Australians. Every dollar that we make is a dollar that adds to Australia’s wealth and contributes to its future. [CP p. 13]", "official_site_url": "http://www.futurefund.gov.au/", "source_documents": [ { "type": "annual_report", "title": "2021-22 Future Fund Annual Report", "url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "period": "2021-22", "confidence": "high" }, { "type": "annual_report", "title": "2020-21 Future Fund Annual Report", "url": "https://content.futurefund.gov.au/2020-21%20Future%20Fund%20Annual%20Report.pdf", "period": "2020-21", "confidence": "high" }, { "type": "annual_report", "title": "2019-20 Future Fund Annual Report", "url": "https://content.futurefund.gov.au/2019-20%20Future%20Fund%20Annual%20Report.pdf", "period": "2019-20", "confidence": "high" }, { "type": "annual_report", "title": "2018-19 Future Fund Annual Report", "url": "https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf", "period": "2018-19", "confidence": "high" }, { "type": "annual_report", "title": "2017-18 Future Fund Annual Report", "url": "https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf", "period": "2017-18", "confidence": "high" } ], "purpose": { "text": "Investing for the benefit of future generations of Australians. Every dollar that we make is a dollar that adds to Australia’s wealth and contributes to its future. [CP p. 13]", "source_url": "", "source_page": 13, "source_deep_url": "" }, "vision": null, "strategic_priorities": [ { "title": "Refresh the investment model", "description": "Refresh the investment model", "source_url": "", "source_page": 18, "source_deep_url": "" }, { "title": "Mature the organisation", "description": "Mature the organisation", "source_url": "", "source_page": 20, "source_deep_url": "" }, { "title": "Preserve our legacy", "description": "Preserve our legacy", "source_url": "", "source_page": 20, "source_deep_url": "" }, { "title": "Expand our voice", "description": "Expand our voice", "source_url": "", "source_page": 21, "source_deep_url": "" } ], "values": [ { "name": "One team, One purpose", "description": "", "source_url": "", "source_page": null }, { "name": "Investment performance is our focus", "description": "", "source_url": "", "source_page": null }, { "name": "Collaborate", "description": "", "source_url": "", "source_page": null }, { "name": "Facilitate", "description": "", "source_url": "", "source_page": null }, { "name": "Innovate", "description": "", "source_url": "", "source_page": null }, { "name": "Deliberate", "description": "", "source_url": "", "source_page": null }, { "name": "Inclusion", "description": "", "source_url": "", "source_page": null } ], "outcomes": [ { "name": "Outcome 1: Long-term financial stability", "description": "The Future Fund contributes to the long-term financial stability of the Commonwealth by delivering strong long-term risk-adjusted returns on its original capital. [CP p. 13]", "activities": [ "Investing in a diversified portfolio of assets", "Managing risk to achieve targeted returns" ], "source_url": "", "source_page": 13, "source_deep_url": "" }, { "name": "Outcome 2: Economic resilience", "description": "The Future Fund enhances the economic resilience of Australia by providing secure funding for initiatives that support drought resilience, emergency responses, and disability care. [CP p. 13]", "activities": [ "Investing in funds that support drought resilience", "Providing funding for emergency responses and disability care" ], "source_url": "", "source_page": 13, "source_deep_url": "" } ], "performance_measures": [ { "code": "CCE01", "measure": "Return on investment", "target": "At least the CPI + 4.0% to 5.0% per annum", "latest_result": "", "status": "", "target_source_url": "", "target_source_page": 18, "result_source_url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "result_source_page": null }, { "code": "ERF01", "measure": "Emergency response fund performance", "target": "At least the CPI + 2.0% to 3.0% per annum", "latest_result": "-0.1%", "status": "Partially achieved", "target_source_url": "", "target_source_page": 21, "result_source_url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "result_source_page": 11 }, { "code": "DCAF01", "measure": "DisabilityCare Australia Fund performance", "target": "Australian three-month bank bill swap rate + 0.3% per annum", "latest_result": "-0.4%", "status": "Not achieved", "target_source_url": "", "target_source_page": 21, "result_source_url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "result_source_page": 11 }, { "code": "FF01", "measure": "Future Fund performance", "target": "", "latest_result": "-1.2%", "status": "Partially achieved", "target_source_url": "", "target_source_page": null, "result_source_url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "result_source_page": 11 }, { "code": "MRFF01", "measure": "Medical Research Future Fund performance", "target": "", "latest_result": "0.1%", "status": "Substantially achieved", "target_source_url": "", "target_source_page": null, "result_source_url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "result_source_page": 11 }, { "code": "ATSILS01", "measure": "Aboriginal and Torres Strait Islander Land and Sea Future Fund performance", "target": "", "latest_result": "-0.2%", "status": "Not achieved", "target_source_url": "", "target_source_page": null, "result_source_url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "result_source_page": 11 }, { "code": "DDF01", "measure": "Future Drought Fund performance", "target": "", "latest_result": "-0.2%", "status": "Not achieved", "target_source_url": "", "target_source_page": null, "result_source_url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "result_source_page": 11 } ], "document_alignment_terms": { "must_support": [ "Investing for the benefit of future generations of Australians. Every dollar that we make is a dollar that adds to Australia’s wealth and contributes to its future. [CP p. 13]", "Refresh the investment model", "Mature the organisation", "Preserve our legacy", "Expand our voice" ], "watch_terms": [ "Return on investment", "Emergency response fund performance", "DisabilityCare Australia Fund performance", "Future Fund performance", "Medical Research Future Fund performance", "Aboriginal and Torres Strait Islander Land and Sea Future Fund performance", "Future Drought Fund performance" ], "avoid_claiming_without_evidence": [] }, "review_note": "" }, "strategy_brief_md": "# Future Fund Board of Guardians — Strategy Brief\n\n**Reporting period**: 2024-25\n**Corporate plan in force**: 2025-26\n**Annual Report**: [2024-25](https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf)\n\n## Our purpose / purposes\n\n> Investing for the benefit of future generations of Australians. Every dollar that we make is a dollar that adds to Australia’s wealth and contributes to its future. [CP p. 13] [CP p.13]\n\n## How we deliver\n\n> We focus on what matters; everything we do is focused on achieving our purpose and we don’t get side-tracked by distractions. We always do the right thing by our country, our organisation, and our team. We work together to achieve the best outcome, every time, and ultimately achieve our purpose. [CP p. 16] [CP p.16]\n\n## Government priorities for this department\n\n- Refresh the investment model [CP p.18]\n- Mature the organisation [CP p.20]\n- Preserve our legacy [CP p.20]\n- Expand our voice [CP p.21]\n\n## Outcomes\n\n### Outcome 1: Long-term financial stability\nThe Future Fund contributes to the long-term financial stability of the Commonwealth by delivering strong long-term risk-adjusted returns on its original capital. [CP p. 13] [CP p.13]\n\n**Key activities:**\n- Investing in a diversified portfolio of assets\n- Managing risk to achieve targeted returns\n\n### Outcome 2: Economic resilience\nThe Future Fund enhances the economic resilience of Australia by providing secure funding for initiatives that support drought resilience, emergency responses, and disability care. [CP p. 13] [CP p.13]\n\n**Key activities:**\n- Investing in funds that support drought resilience\n- Providing funding for emergency responses and disability care\n\n## Values and principles\n\n_The Future Fund Way_\n\n- One team, One purpose\n- Investment performance is our focus\n- Collaborate\n- Facilitate\n- Innovate\n- Deliberate\n- Inclusion\n\n## What they will measure themselves on this year (targets from 2025-26 corporate plan)\n\n| Code | Measure | Target | Source |\n|---|---|---|---|\n| CCE01 | Return on investment | At least the CPI + 4.0% to 5.0% per annum | CP p.18 |\n| ERF01 | Emergency response fund performance | At least the CPI + 2.0% to 3.0% per annum | CP p.21 |\n| DCAF01 | DisabilityCare Australia Fund performance | Australian three-month bank bill swap rate + 0.3% per annum | CP p.21 |\n\n## How they performed last year (results from 2024-25 annual report)\n\n| Code | Measure | Result | Status | Source |\n|---|---|---|---|---|\n| FF01 | Future Fund performance | -1.2% | Partially achieved | [AR p.11](https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11)(https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11) |\n| MRFF01 | Medical Research Future Fund performance | 0.1% | Substantially achieved | [AR p.11](https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11)(https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11) |\n| ATSILS01 | Aboriginal and Torres Strait Islander Land and Sea Future Fund performance | -0.2% | Not achieved | [AR p.11](https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11)(https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11) |\n| DDF01 | Future Drought Fund performance | -0.2% | Not achieved | [AR p.11](https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11)(https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11) |\n| ERF01 | Emergency Response Fund performance | -0.1% | Partially achieved | [AR p.11](https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11)(https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11) |\n| DCAF01 | DisabilityCare Australia Fund performance | -0.4% | Not achieved | [AR p.11](https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11)(https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf#page=11) |", "strategy_overview_evidence_md": null, "internal_strategy_evidence_md": "# Future Fund Board of Guardians - Strategy, Performance, and Operating Profile\n\n**Generated at**: 2026-05-09T22:17:17.122823+00:00\n**Entity ID**: B-002382\n**Entity type**: Statutory Body\n**Jurisdiction**: Commonwealth\n**Portfolio**: Finance\n**Website**: http://www.futurefund.gov.au/\n\n> Draft generated from scraped source material. Treat this as an evidence pack for editorial review, not a final judgement.\n\n## Source Coverage\n\n| Source type | Count |\n|---|---:|\n| annual-reports | 5 |\n| other-pdfs | 5 |\n| pages | 10 |\n\n## Executive Readout\n\n### Purpose\n\n- This clarity of mission\nWe believe that: enhances our focus on our investment objectives\nˆ Strong governance is essential to our success. and unites us in our quest to achieve them.\nˆ Our ‘One team, One purpose’ culture leads to better\nPartnering with investment managers\ndecisions and investment outcomes.\nˆ A total portfolio approach will improve our long-term We partner with external investment managers around the\nperformance. world who execute investment strategies on our behalf.\nˆ Inefficiencies in markets create opportunities These managers have a detailed understanding of our\nfor us to add value through active management. investment strategy, and our internal investment team\nˆ Risk is multi-faceted and robust risk management works closely with them to seek out the best investment\nenhances our ability to achieve our mandates. opportunities around the globe.\n Source: `annual-reports/2020-21.pdf (https://content.futurefund.gov.au/2020-21%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 102]\n100/\nFinancial Statements\nNotes to and forming part of the financial statements\nfor the financial year ended 30 June 2018\nNote Description Page\n1 Objectives of the Future Fund and the responsibilities of the Agency and the Board 101\n2 Summary of significant accounting policies 102\n3 Dividends, distributions and net gains/(losses) 111\n4 Expenses 112\n5 Remuneration of Auditors 113\n6 Income tax expense 113\n7 Investments 114\n8 Receivables 125\n9 Non-financial assets 125\n10 Payables 126\n11 Provisions 127\n12 Contributions by Government 127\n13 Unconsolidated subsidiaries and interests in unconsolidated structured entities 128\n14 Cash flow reconciliation 129\n15 Contingent liabilities and assets 130\n16 Related party transactions 130\n17 Financial instruments and financial risk management 132\n18 Events occurring after reporting date 157\n19 Special accounts 157\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 37]\nperformance\nFund\nfuture\ngenerations\nof\nAustralians\n2018-2019\nInvestment\nFuture\nInvesting\nfor\nthe\nbenefit\nof\nAnnual\nReport\n35\nIn balancing the risk and return aspects of the Fund’s\nInterpreting the Investment\nInvestment Mandate, our primary objectives are to:\n03\nMandate\n\\ maximise the value of the Fund over the long term,\nThe Future Fund’s initial Investment Mandate was issued which we define as rolling 10-year periods\nto the Board by the responsible Ministers in May 2006.\n\\ minimise the risk of significant capital losses along\nUntil 30 June 2017 the Fund’s Investment Mandate the way, with a particular focus on expected downside\nwas to achieve an average annual return of at least the outcomes over rolling three-year periods.\n Source: `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 111]\nstatements\nfuture\ngenerations\nof\nAustralians\n2018-2019\nFinancial\nInvesting\nfor\nthe\nbenefit\nof\nAnnual\nReport\n109\nNotes to and forming part of the financial statements\n06\nfor the financial year ended 30 June 2019\nNote Description Page\n1 Objectives of the Future Fund and the responsibilities of the Agency and the Board 110\n2 Summary of significant accounting policies 111\n3 Dividends, distributions and net gains/(losses) 119\n4 Expenses 120\n5 Remuneration of Auditors 120\n6 Income tax expense 121\n7 Investments 121\n8 Receivables 131\n9 Payables 131\n10 Provisions 131\n11 Contributions by Government 132\n12 Unconsolidated subsidiaries and interests in unconsolidated structured entities 132\n13 Cash flow reconciliation 134\n14 Contingent liabilities and assets 134\n15 Related party transactions 135\n16 Financial instruments and financial risk management 136\n Source: `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)`\n\n### Role and Functions\n\n- This has\nOur new offices in Melbourne opened on 1 February 2021.\nbeen challenged by the COVID-19 pandemic and the risks\n(both to physical and mental health) that this has created Located in the Collins Arch building at 447 Collins Street,\nfor our people. the Agency’s offices have been designed to provide all the\nfunctionality and utility needed for our people to perform\nWe recognise that the physical and mental health,\nat their best both now and well into the future.\nand safety is a shared responsibility of all employees,\ncontractors, visitors, members and other persons involved The need for new Melbourne offices was identified\nwith the organisation. by management in 2017, given ongoing growth in our\ninvestment portfolio responsibilities which has led to\nOur focus on reducing risks to health and safety and on\nan increase in resourcing needs required to continue\n Source: `annual-reports/2020-21.pdf (https://content.futurefund.gov.au/2020-21%20Future%20Fund%20Annual%20Report.pdf)`\n- One of the primary metrics we use to understand\nand manage the broad market risk exposure of\nIn managing the Fund’s risk and return\nthe Medical Research Future Fund is Equivalent\nrequirements and our role in declaring maximum\nEquity Exposure.\nannual distribution amounts, we try to:\nEEE estimates the ‘look-through’ sensitivity\n— Ensure a high probability of achieving\nof the portfolio to price movements in global\nthe minimum benchmark return over\nequity markets.\nrolling 10-year periods\n— Control the risk of losses, with a particular Our expected EEE range for the Medical Research\nfocus on expected downside outcomes Future Fund is 27 to 35.\nover rolling three-year periods, so as to help\nAt 30 June 2022, the EEE stood at 30,\npreserve the nominal value of contributions\nwhich is below the middle of the range.\nover the long term\n— Determine a combined level of investment\n Source: `annual-reports/2021-22.pdf (https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf)`\n- In managing the Fund’s risk and return\nrequirements and our role in declaring maximum EEE estimates the ‘look-through’ sensitivity\nannual distribution amounts, we try to: of the portfolio to price movements in global\n— Ensure a high probability of achieving equity markets.\nthe minimum benchmark return over rolling\nOur expected EEE range for the Medical Research\n10-year periods\nFuture Fund is 27 to 34.\n— Control the risk of losses, with a particular\nAt 30 June 2024, the EEE stood at 32, which\nfocus on expected downside outcomes\nis close to the middle of the range.\nover rolling three-year periods, so as to help\npreserve the nominal value of contributions\nover the long term\n— Determine a combined level of investment\nrisk and an approach to distributions\nthat facilitates relative predictability\nin distributions.\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)`\n- Elizabeth McPherson’s maximum at risk performance related pay percentage changed on 08/03/18 from 55% to 45% as part of an\noverall remuneration package adjustment between fixed and variable remuneration due to increased role responsibilities.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 15]\nPortfolio activity in 2024–25 | Continued\nWe have prioritised work reviewing active opportunities — As discussed in the 2023–24 Year In Review, enhanced As mentioned previously, our increase in structural risk\nin emerging market equities as part of a broader shift portfolio liquidity and flexibility occurred through the creation occurred primarily through an uplift in listed equities,\nfrom passive management. of our Treasury Management function.\n Source: `other-pdfs/2024-25-20Future-20Fund-20Year-20in-20Review.pdf (https://content.futurefund.gov.au/2024-25%20Future%20Fund%20Year%20in%20Review.pdf)`\n- Performance related pay for investment\nThe mix of variable pay based on personal\nperformance is assessed against the Future Fund’s\nperformance and variable pay based on investment\nabsolute return against its mandated target return\nperformance depends on the individual’s role, with\nover three years.\ninvestment performance a higher component of\nFor the 2017-18 year investment performance\nvariable pay for investment staff.\nwas assessed against the CPI + 4% target for that\nAll staff have some exposure to investment\nyear and the CPI + 4.5% target for the preceding\nperformance in their variable pay arrangements,\ntwo years.\nwhich serves to help focus all employees on the\nPreviously, investment performance was assessed\npursuit of the mandated investment objectives.\nagainst both the absolute return and performance\nrelative to a policy portfolio implied by the Board’s\nasset allocation.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n\n### Strategic Priorities\n\n- [Page 79]\n77/\nOUR PEOPLE\n05\nWe made good progress against our\nstrategic priority of investing in\nour people and culture, recognising that\nthe capability of our staff is at the heart\nof our success.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 13]\n02 Annual In 2024–25\nhighlights\nWe onboarded We made over We conducted\n10 $90bn 39\nnew investment managers in changes to the portfolio assessments of\npotential investments\nWe introduced Investment returns increased Our people contributed\nthe value of the Future Fund by their insights at\n1\n$27.4bn 66\nnew Responsible\nInvestment Belief industry events\nWe built out our We made significant We welcomed\nSydney office to over investments into\n14\n40 3\ninterns for a\nstaff national priority areas including winter program\nin CDC and Transgrid\nWe facilitated We conducted Our people provided\ngovernance oversight on\n14 43\n7\ninternal secondments professional development\nacross the organisation and learning programs through investee company boards\nthe Future Fund Academy as Non-Executive Directors\nacross the country\n Source: `other-pdfs/2024-25-20Future-20Fund-20Year-20in-20Review.pdf (https://content.futurefund.gov.au/2024-25%20Future%20Fund%20Year%20in%20Review.pdf)`\n- [Page 3]\nTable of contents\nReport from the Chair 06\nReport from the Chief Executive Officer 08\n1 Annual performance 10\nInvestment environment in 2024–25 11\nTotal funds under management 14\nInvestment performance 15\nFuture Fund 15\nMedical Research Future Fund 18\nAboriginal and Torres Strait Islander Land and Sea Future Fund 19\nFuture Drought Fund 20\nDisaster Ready Fund 21\nHousing Australia Future Fund 22\nDisabilityCare Australia Fund 23\n2 Annual highlights 24\nIn 2024–25 25\nPortfolio activity in 2024–25 26\nNew mandate and national priorities 30\nFirst year reflections from our Chair 31\nResponsible investment at the Future Fund 32\nAcknowledgement of Country\nIncreasing our Investments in Australian data centres 34 The Future Fund acknowledges the\nTraditional Custodians of the lands and\nPowering the energy transition with Transgrid 35\nwaters on which we live and work.\n Source: `other-pdfs/2024-25-20Future-20Fund-20Year-20in-20Review.pdf (https://content.futurefund.gov.au/2024-25%20Future%20Fund%20Year%20in%20Review.pdf)`\n- [Page 5]\n2017-18 at a glance Future Fund\nbalance at 30 June 2018\n$145.8 billion\nReturn 2017-18 10 year return\n9.3% 8.7% pa\nEarnings for 2017-18 Value added since inception\n$12.4bn $85.3bn\nOther fund performance in 2017-18\nMedical Research Future Fund DisabilityCare Australia Fund\nReturn Benchmark target Return Benchmark target\n4.7% 3.0% 2.1% 2.1%\nEducation Investment Fund Building Australia Fund\nReturn Benchmark target Return Benchmark target\n2.1% 2.1% 2.1% 2.1%\nCash flow history at 30 June 2018\nFuture Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$60.5 + $85.3 - $0 = $145.8\nMedical Research Future Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$6.7 + $0.6 - $0.1 = $7.2\nDisabilityCare Australia Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$14.3 + $0.5 - $0.1 = $14.7\nEducation Investment Fund\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 7]\n5/\nBalancing risk and return in today’s Governance\nenvironment\nThe Future Fund’s revised Investment Mandate\nSince inception the Board has been successful in of CPI + 4% to 5% per annum took effect from\nachieving its objective to deliver strong long-term 1 July 2017 and reflects the Government’s view\nreturns while avoiding excessive risk. of the lower return investment environment\noperating into the future.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- While legislation permits drawdowns from the\nFuture Fund from 1 July 2020, the Government Payments from the DisabilityCare Australia Fund are\nannounced in the 2017-18 budget that it will refrain managed in accordance with the DisabilityCare\nfrom making withdrawals until 2026-27.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 14]\n12/\nOrganisation overview\nStrategic activities\nThe number of To deliver our business strategy, we are currently focused on,\nand making good progress in, three priority areas:\nfunds we manage,\n1.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [pages 15,16,17,18]\ne\nis why we\ngenerations of Australians\nexist\nOur strategic\nimperatives\nThe best A well-managed Efficient, The trust and\ndefine what portfolios to Agency with a effective and respect of\nwe must do achieve our talented, fit-for-purpose Government,\nto succeed Investment motivated and processes and Parliament and\nMandates engaged team technology the investment\ncommunity\nHow we will\nachieve our\npurpose is by\nFocus on what Do the right thing Work together\nupholding our\nmatters\nvalues\nOur strategic\npillars are the\nstrength\nOne team, one Nimble and flexible Leveraging the best\nbehind our\npurpose in the world\npurpose\nOur current\nstrategic Materially upgrade Drive greater Invest in our people\nfocus is to… our investment data efficiency and and culture\nand analytics productivity\nAnnual Report 2017-18\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- 80/60\nFuture Fund\nConsumer Price Index +4%\n90/60 01/60 11/60 21/60 31/60 41/60 51/60 61/60 71/60 81/60\nFinancial Year\n% nruter\nevitalumuC\nMandate:\nConsumer price index plus\n4% to 5% per annum over the\nlong term with an acceptable but\nnot excessive level of risk.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 35]\n33/\nInvestment performance Future Fund\nA new Investment Mandate came into effect from There is a natural tension between these two\n1 July 2017, which reduced the long-term benchmark objectives, and our investment policy framework\nreturn target to CPI + 4% to 5% per annum, has been designed to guide resolution of issues\nreflecting the changed investment environment. like this by formalising our approach to investment\nThe return objective must continue to be pursued risk management in portfolio construction.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n\n## KPIs, Targets, and Where They Are At\n\n- Risk levels were raised further as the European crisis Performance\nsubsided and the President of the European Central At 30 June 2021 the Future Fund achieved its\nBank committed to ‘do whatever it takes’ to underwrite highest ever annual return of 22.2% and a 10-year return\nthe integrity of the euro. of 10.1% per annum, exceeding its target of 6.1% per annum.\n Source: `annual-reports/2020-21.pdf (https://content.futurefund.gov.au/2020-21%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 52]\n52\ntropeR\nlaunnA\n22–1202\ndnuF\nerutuF\n52\ntropeR\nlaunnA\n22–1202\ndnuF\nerutuF\nCurrency Performance\nWe explicitly manage the size and composition At 30 June 2022, the Future Fund achieved\nof the foreign currency exposures in the portfolio, an annual return of -1.2% and a 10-year\nrather than allowing them to be shaped by our return of 9.7% per annum, exceeding\nunderlying investments. its target of 6.6% per annum.\n Source: `annual-reports/2021-22.pdf (https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 59]\nCurrency Performance\nWe explicitly manage the size and composition At 30 June 2024, the Future Fund achieved\nof the foreign currency exposures in the portfolio, an annual return of 9.1% and a 10-year return\nrather than allowing them to be shaped by our of 8.3% per annum, exceeding its target of 6.9%\nunderlying investments. per annum.\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 63]\nPerformance\nAt 30 June 2025, the Future Fund achieved an Capturing risk in a single number is problematic,\nannual return of 12.2% per annum and a 10-year but the following table shows the level of realised\nreturn of 8.0% per annum, exceeding its target volatility in the portfolio.\n Source: `other-pdfs/FFMA-202024-25-20Annual-20Report.pdf (https://content.futurefund.gov.au/FFMA%202024-25%20Annual%20Report.pdf)`\n- Future Fund positive absolute return (adjusted achieved a strong 10-year return of 8.3% per\nfor any contributions by or distributions to the annum against a target of 6.9% per annum,\nCommonwealth) over the five-year performance period.\nand almost $165 billion has been added\n2.\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)`\n- As a result of the Board’s careful long-term positioning, The Future Drought Fund and Emergency Response Fund\nthe Future Fund has generated a 10-year return of have also performed well, delivering returns of 14.0%\n10.1% per annum against a target of 6.1% per annum.\n Source: `annual-reports/2020-21.pdf (https://content.futurefund.gov.au/2020-21%20Future%20Fund%20Annual%20Report.pdf)`\n- Over the longer term, the Future Fund has achieved\na 10-year return of 8.8% per annum against a target of 6.9%\nWe are yet to see the full impact of higher interest rates work\nThe Future Fund’s journey so far has been book-ended by two The solid long-term performance across all six of the mandates per annum and over $145 billion has been added to the Fund\ntheir way through developed economies, and we continue to\nsignificant global events that rocked financial markets – the managed by the Future Fund Board of Guardians, and the since its inception.\n Source: `other-pdfs/2022-23-20Future-20Fund-20Year-20in-20Review.pdf (https://content.futurefund.gov.au/2022-23%20Future%20Fund%20Year%20in%20Review.pdf)`\n- This target was substantially achieved, with an The Investment Committee’s overarching purpose\nactual reduction of $7.0 million (GST exclusive) is to collectively construct and manage our\nin relevant supplier expenditure in 2024–25. portfolios to achieve our investment mandates.\n Source: `other-pdfs/FFMA-202024-25-20Annual-20Report.pdf (https://content.futurefund.gov.au/FFMA%202024-25%20Annual%20Report.pdf)`\n- [Page 5]\n2017-18 at a glance Future Fund\nbalance at 30 June 2018\n$145.8 billion\nReturn 2017-18 10 year return\n9.3% 8.7% pa\nEarnings for 2017-18 Value added since inception\n$12.4bn $85.3bn\nOther fund performance in 2017-18\nMedical Research Future Fund DisabilityCare Australia Fund\nReturn Benchmark target Return Benchmark target\n4.7% 3.0% 2.1% 2.1%\nEducation Investment Fund Building Australia Fund\nReturn Benchmark target Return Benchmark target\n2.1% 2.1% 2.1% 2.1%\nCash flow history at 30 June 2018\nFuture Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$60.5 + $85.3 - $0 = $145.8\nMedical Research Future Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$6.7 + $0.6 - $0.1 = $7.2\nDisabilityCare Australia Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$14.3 + $0.5 - $0.1 = $14.7\nEducation Investment Fund\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 35]\n33/\nInvestment performance Future Fund\nA new Investment Mandate came into effect from There is a natural tension between these two\n1 July 2017, which reduced the long-term benchmark objectives, and our investment policy framework\nreturn target to CPI + 4% to 5% per annum, has been designed to guide resolution of issues\nreflecting the changed investment environment. like this by formalising our approach to investment\nThe return objective must continue to be pursued risk management in portfolio construction.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 48]\n46/\nInvestment performance Future Fund\nTotal Investments by geography at 30 June 2018\nAustralia United States of America Europe (ex UK) United Kingdom\n22% 37% 10% 6%\nJapan Developed (other) Emerging\n8% 4% 13%\nCurrency Performance\nAs discussed on page 22, we explicitly manage the At 30 June 2018 the Future Fund delivered a 10-year\nsize and composition of the foreign currency return of 8.7% pa, beating its target of 6.6% pa.\nexposures in the portfolio rather than allowing them\nThe Fund stood at $145.8 billion at 30 June 2018\nto be shaped by our underlying investments.\nwith investment returns adding $85 billion to the\nAt 30 June 2018, we held an exposure to foreign seed capital from the Australian Government.\ndeveloped market currencies equivalent to 25%\nThe Fund returned 9.3% in 2017-18.\nof the total Future Fund.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- Future Fund returns, benchmarks and levels of risk\nPeriod to 30 June 2018 Return Target return (% pa) Volatility Sharpe ratio\n(% pa) (CPI + target return) (%)\nInception (May 2006) 7.9 6.8 4.1 1.0\nTen years 8.7 6.6 4.3 1.3\nSeven years 9.9 6.3 3.6 2.1\nFive years 10.4 6.3 3.6 2.3\nThree years 7.6 6.0 3.6 1.6\n2017-18 financial year 9.3 6.1 3.1 2.5\nNote: The Investment Mandate sets a benchmark target return of at least CPI + 4.5% to 5.5% pa to 30 June 2017\nand CPI + 4% to 5% pa thereafter.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- Annual Report 2017-18\n51/60 51/90\nMedical Research Future Fund\nTarget return\n51/21 61/30 61/60 61/90 61/21 71/30 71/60 71/90 71/21 81/30 81/60\nFinancial Year\n%\nnruter\nevitalumuC\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 60]\n58/\nInvestment performance DisabilityCare Australia Fund\nDisabilityCare Australia Fund\nEarnings Return Earnings Return\nfor 2017-2018 for 2017-2018 since inception since inception\n$0.2 billion 2.1% $0.5 billion 2.4% pa\nCash flow history in AUD$ at 30 June 2018\nContributions Earnings Withdrawals Balance\n$14.3 billion + $0.5 billion – $0.1 billion = $14.7 billion\nCumulative returns at 30 June 2018\n10\n9\n8\n7\n6\n5\n4\n3\n2\n1\n0\nMandate: Interpreting the\nInvestment Mandate\nAustralian bank bill swap rate\nThe DisabilityCare Australia Fund’s Investment\nplus 0.3% per annum calculated\nMandate was issued to the Board by the\non a rolling 12-month basis while responsible Ministers in July 2014 and is available\nat Appendix B and on our website.\nminimising the probability of\nIn summary, the Mandate:\ncapital loss.\n• benchmarks returns against the Australian three-\nmonth bank bill swap rate +0.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n\n## Key Metrics\n\n| Values found | Evidence | Source |\n|---|---|---|\n| $60.5 billion, 60.5 billion | Established in 2006, we are the Commonwealth Future Fund\nGovernment’s largest financial asset, helping strengthen\nThe Future Fund was established in 2006 to strengthen\nAustralia’s balance sheet and long-term financial position.\nthe long-term financial position of the Commonwealth\nWe are responsible for investing the assets of six special of Australia, with contributions of $60.5 billion from a\npurpose public asset funds: the Future Fund, the Medi | `annual-reports/2020-21.pdf (https://content.futurefund.gov.au/2020-21%20Future%20Fund%20Annual%20Report.pdf)` |\n| $0.3 billion, $0.6 billion, $6.7 billion, $0.1 billion, $7.2 billion | [Page 51]\n49/\nInvestment performance Medical Research Future Fund\nMedical Research Future Fund\nEarnings Return Earnings Return\nfor 2017-2018 for 2017-2018 since inception since inception\n$0.3 billion 4.7% $0.6 billion 4.2% pa\nCash flow history in AUD$ at 30 June 2018\nContributions Earnings Withdrawals Balance\n$6.7 billion + $0.6 billion – $0.1 billion = $7.2 billion\nAsset allocation at 30 June 2018 Cumulative returns at 30 June 2018\n13\nAustralian | `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)` |\n| $0.1 billion, $1.6 billion, $6.5 billion, $4.2 billion, $3.9 billion | [Page 65]\n63/\nInvestment performance Nation-building Funds\nEarnings Return Earnings Return\nfor 2017-2018 for 2017-2018 since inception since inception\n$0.1 billion 2.1% $1.6 billion 3.6% pa\nCash flow history in AUD$ at 30 June 2018\nContributions Earnings Withdrawals Balance\n$6.5 billion + $1.6 billion – $4.2 billion = $3.9 billion\nCumulative returns at 30 June 2018\n45\n40\n35\n30\n25\n20\n15\n10\n5\n0\nAnnual Report 2017-18\n80/60 90/60\nEducation Investment | `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)` |\n| $102.1 , 16.8 billion, 102.1 billion, 2019\nbillion | Earnings for $ 16.8 billion Return 11.5%\n2018-2019 2018-2019\nEarnings since $ 102.1 billion Return since 8.2% pa\ninception inception\nCash flow\nContributions Earnings Withdrawals Balance\nhistory\n$ 60.5 + $102.1 – $ 0.0 = $ 162.6\nat 30 June 2019\nbillion billion billion billion\nAsset allocation\nat 30 June 2019\nCumulative\n170\nreturns 160\n150\nat 30 June 2019 140\n130\n120\n110\n100\n90\n80\n70\n60\n50\n40\n30\n20\n10\n0\n-10\n%\nnruteR\nevitalumuC\n7002\nnuJ\n8002\nnuJ\n900 | `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)` |\n| $0 , $0.3 , 5 billion, 1.1 billion, 2019\nbillion | Earnings for $0 .5 billion Return 5.2%\n2018-2019 2018-2019\nEarnings since $ 1.1 billion Return since 4.5% pa\ninception inception\nCash flow\nContributions Earnings Withdrawals Balance\nhistory $ 9.0 + $ 1.1 – $0.3 = $ 9.8\nat 30 June 2019\nbillion billion billion billion\nAsset allocation Investments by geography\nat 30 June 2019 at 30 June 2019\nAustralian equities 3%\nDeveloped market equities 8% Australia 37%\nEmerging market equities 5% United States o | `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)` |\n| $0.3 , 2019\nbillion | [pages 53,54,55]\nutions Earnings Withdrawals Balance\nhistory $ 9.0 + $ 1.1 – $0.3 = $ 9.8\nat 30 June 2019\nbillion billion billion billion\nAsset allocation Investments by geography\nat 30 June 2019 at 30 June 2019\nAustralian equities 3%\nDeveloped market equities 8% Australia 37%\nEmerging market equities 5% United States of America 29%\nPrivate equity 5% Europe (ex UK) 6%\nProperty 5% United Kingdom 5%\nInfrastructure 3% Japan 6%\nDebt securities 24% De | `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)` |\n| $39.8 billion, 39.8 billion | 05\nAs highlighted previously, in addition to fixed pay,\nAt 30 June 2019, over three years the Future Fund earned\nongoing staff have the opportunity to earn a variable pay\n$39.8 billion, returning 9.8% per annum.\ncomponent known as Performance Related Pay (PRP),\nwhich is based on both individual performance and fund The payments detailed in the table below include pro rata\nperformance. performance pay for staff who were not employed for the\nfull 1 | `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)` |\n| $13.2 million, $12 million, 13.2 million, 12 million | Consequently, aggregate variable pay paid to staff has fallen\nVariable pay tied to personal performance from $13.2 million in 2018-19 to $12 million in 2019-20. | `annual-reports/2019-20.pdf (https://content.futurefund.gov.au/2019-20%20Future%20Fund%20Annual%20Report.pdf)` |\n| $12.0 million, $17 million, 12.0 million, 17 million | This\nexceptional return sees 100% of the available investment\nAll staff have some exposure to investment performance in\nperformance component paid for this financial year.\ntheir variable pay arrangements, which serves to help focus\nand align all employees on the singular pursuit of the Board’s Consequently, aggregate variable pay paid to staff has risen\nmandated investment objectives. from $12.0 million in 2019-20 to $17 million in 2020-21. | `annual-reports/2020-21.pdf (https://content.futurefund.gov.au/2020-21%20Future%20Fund%20Annual%20Report.pdf)` |\n| $60.5 billion, 60.5 billion | The Future Fund was established in 2006\nto strengthen the long-term financial position The Fund’s Investment Mandate is to achieve\nof the Commonwealth of Australia, with at least the Reserve Bank of Australia cash\ncontributions of $60.5 billion from a combination rate target + 1.5% to 2.0% per annum, net of\nof budget surpluses, proceeds from the sale investment fees, over a rolling 10-year term.\nof the Government’s holding of Telstra, and\nAt 30 J | `annual-reports/2021-22.pdf (https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf)` |\n| $2.0 billion, 2.0 billion | Future Fund from 1 July 2020 the Government\nThe ATSILS Fund was established with a\nannounced in the 2017–18 budget that\ncapital contribution of $2.0 billion, transferred\nit will refrain from making withdrawals\nfrom the Aboriginal and Torres Strait Islander\nuntil at least 2026–27. | `annual-reports/2021-22.pdf (https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf)` |\n| $31.8 billion, 31.8 billion | [pages 88,89,90]\n% per annum was below the target benchmark\ninvestment performance depends on the return of 7.2% per annum, a further $31.8 billion\nindividual’s role, with investment performance was added to the value of the Future Fund over\na higher component of variable pay for the three-year period.\ninvestment staff. | `annual-reports/2021-22.pdf (https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf)` |\n| $17 million, $11.9 million, 17 million, 11.9 million | Consequently, aggregate variable pay paid\nRemuneration mix for Agency\nto staff has decreased from $17 million\nkey management personnel\nin 2020–21 to $11.9 million in 2021–22. | `annual-reports/2021-22.pdf (https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf)` |\n| $60bn, $500m, $11bn, $14bn | [Page 13]\nIn FY23\nOur people spoke at over 26\n02 Annual highlights\n65\nof our people were promoted\nindustry events across the organisation\n78 We ran\n63\nnew permanent staff joined\nthe Future Fund courses through the\nFuture Fund Academy\nWe onboarded We made over\n2 $60bn\nnew investment managers in changes to the portfolio\nWe conducted We funded over\n33 $500m\nassessments of in new venture capital and\npotential investments growth investments\nWe investe | `other-pdfs/2022-23-20Future-20Fund-20Year-20in-20Review.pdf (https://content.futurefund.gov.au/2022-23%20Future%20Fund%20Year%20in%20Review.pdf)` |\n| $18.3 million, $14.9 million, 18.3 million, 14.9 million | [Page 102]\nIndividual performance component Total variable pay outcomes\nThe individual performance component of our While growth in our workforce resulting in the\nvariable pay structure is designed to recognise number of staff eligible for variable pay rose\nand reward achievements of goals set for each from 239 in 2022–23 to 254 in 2023–24,\nemployee, as well as the extent to which they given the fund performance component for\nmeet the Agency’s va | `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)` |\n| $50bn, $12bn, $18.8bn, $1bn | [Page 12]\nIN FY24\nANNUAL\n2\nHIGHLIGHTS\nWe made over We invested The Future Fund EEE stood\nat an average of\n$50bn $12bn\n61\nin changes to the portfolio in Australian assets\nWe participated in We promoted Our people spoke at over\n232 32 60\nAustralian shareholder meetings of our people into roles across industry events\nthe organisation\nWe added 42 The Future Fund Academy conducted\n$18.8bn 39\nnew permanent staff joined the\nFuture Fund\nto the Future Fun | `other-pdfs/2023-24-20Future-20Fund-20Year-20in-20Review.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Year%20in%20Review.pdf)` |\n| $15.3 billion, 15.3 billion | The DisabilityCare Australia Fund delivered\nFinally, also on behalf of the Board, I thank the\nan annual return of -0.4% and is now valued\nstaff of the Future Fund Management Agency\nat $15.3 billion.\nfor their hard work and dedication through\nAt 30 June 2022, the Board of Guardians the year. | `annual-reports/2021-22.pdf (https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf)` |\n| $27.4 billion, 27.4 billion | Our people high-quality of our work continues to support us in generating\nAlmost all of these changes paid off this year, leading\nThat approach involves: observing and thinking deeply to a strong annual result of 12.2%, adding $27.4 billion This year we welcomed 81 new staff members and funds that create positive and lasting impacts for all Australians.\nabout the world, financial markets and changing systems to the Fund for the year. promoted or | `other-pdfs/2024-25-20Future-20Fund-20Year-20in-20Review.pdf (https://content.futurefund.gov.au/2024-25%20Future%20Fund%20Year%20in%20Review.pdf)` |\n| $165 billion, 165 billion | Future Fund positive absolute return (adjusted achieved a strong 10-year return of 8.3% per\nfor any contributions by or distributions to the annum against a target of 6.9% per annum,\nCommonwealth) over the five-year performance period.\nand almost $165 billion has been added\n2. | `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)` |\n| $145 billion, 145 billion | Over the longer term, the Future Fund has achieved\na 10-year return of 8.8% per annum against a target of 6.9%\nWe are yet to see the full impact of higher interest rates work\nThe Future Fund’s journey so far has been book-ended by two The solid long-term performance across all six of the mandates per annum and over $145 billion has been added to the Fund\ntheir way through developed economies, and we continue to\nsignificant global events that rock | `other-pdfs/2022-23-20Future-20Fund-20Year-20in-20Review.pdf (https://content.futurefund.gov.au/2022-23%20Future%20Fund%20Year%20in%20Review.pdf)` |\n\n## Key Achievements\n\n- [Page 102]\nIndividual performance component Total variable pay outcomes\nThe individual performance component of our While growth in our workforce resulting in the\nvariable pay structure is designed to recognise number of staff eligible for variable pay rose\nand reward achievements of goals set for each from 239 in 2022–23 to 254 in 2023–24,\nemployee, as well as the extent to which they given the fund performance component for\nmeet the Agency’s values. the 2023–24 year was zero the aggregate\ntotal variable pay paid to staff has decreased\nThe Agency successfully delivered against\nfrom $18.3 million in 2022–23 to $14.9 million\nthe full-year business plan and continued\nin 2023–24.\nrepositioning the portfolio for this new higher\ninflation, lower returns world.\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 12]\nIN FY24\nANNUAL\n2\nHIGHLIGHTS\nWe made over We invested The Future Fund EEE stood\nat an average of\n$50bn $12bn\n61\nin changes to the portfolio in Australian assets\nWe participated in We promoted Our people spoke at over\n232 32 60\nAustralian shareholder meetings of our people into roles across industry events\nthe organisation\nWe added 42 The Future Fund Academy conducted\n$18.8bn 39\nnew permanent staff joined the\nFuture Fund\nto the Future Fund development programs\nWe funded over We exceeded the Future Fund’s We completed\n10-year return mandate by\n$1bn 22\n1.4%\nin new venture capital strategic business initiatives across\nand growth investments per annum the organisation\n22 Future Fund 2023–24 Year in Review Future Fund 2023–24 Year in Review 23\n Source: `other-pdfs/2023-24-20Future-20Fund-20Year-20in-20Review.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Year%20in%20Review.pdf)`\n- Some of the major activities under each of these focus areas for the year are:\nFocus area Activity\nInvest our way — Developed the organisation’s responsible investment activities, including finalising\nand publishing the Responsible Investment Policy (formerly the ESG policy),\ngrowing the Responsible Investment Team and embedding a new Responsible\nInvestment Belief\n— Embedded three national priorities into our investment decision-making\nprocesses and expanded reporting capabilities around them\n— Established an Energy Transition Team\n— Enhanced our investment decision-making processes by implementing\nthe Good Decisions Program\n— Implemented the new Investment Thought Leadership Program\nInnovate and evolve — Evolved our risk practices and information security capabilities to ensure\ncontinued sound risk management by introducing new portfolio risk\nand enterprise risk management models\n Source: `other-pdfs/FFMA-202024-25-20Annual-20Report.pdf (https://content.futurefund.gov.au/FFMA%202024-25%20Annual%20Report.pdf)`\n- [Page 48]\n46/\nInvestment performance Future Fund\nTotal Investments by geography at 30 June 2018\nAustralia United States of America Europe (ex UK) United Kingdom\n22% 37% 10% 6%\nJapan Developed (other) Emerging\n8% 4% 13%\nCurrency Performance\nAs discussed on page 22, we explicitly manage the At 30 June 2018 the Future Fund delivered a 10-year\nsize and composition of the foreign currency return of 8.7% pa, beating its target of 6.6% pa.\nexposures in the portfolio rather than allowing them\nThe Fund stood at $145.8 billion at 30 June 2018\nto be shaped by our underlying investments.\nwith investment returns adding $85 billion to the\nAt 30 June 2018, we held an exposure to foreign seed capital from the Australian Government.\ndeveloped market currencies equivalent to 25%\nThe Fund returned 9.3% in 2017-18.\nof the total Future Fund.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- Since\ninception, the Fund has delivered a return of 4.5% per\nIn pursuit of that objective, 2018-19 was a\nannum, exceeding its target return of 3.0% per annum.\ngood year with the Fund delivering a return of\n11.5% or $16 billion.\n Source: `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 50]\n48\nCurrency Performance\nAs discussed on page 25 we explicitly manage the size At 30 June 2019 the Future Fund delivered a 10-year\nand composition of the foreign currency exposures in the return of 10.4% per annum, exceeding its target of\nportfolio rather than allowing them to be shaped by our 6.5% per annum.\nunderlying investments.\n Source: `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)`\n- Asset allocation at 30 June 2020\nPerformance Asset class $m % of Fund\nAt 30 June 2020 the Future Fund delivered a 10-year return Australian equities 11,012 6.8\nof 9.2% per annum, exceeding its target of 6.1% per annum.\n Source: `annual-reports/2019-20.pdf (https://content.futurefund.gov.au/2019-20%20Future%20Fund%20Annual%20Report.pdf)`\n- Building Australia Fund\n2017-18 2018-19 2019-20\nPerformance\n(1 July to\n31 August 2019)\nFrom 1 July 2019 to 31 August 2019, the Building Australia\nFund delivered a return of 0.3%, meeting its benchmark Direct costs $3.8 million $3.7 million $0.5 million\ntarget of 0.3%.\n Source: `annual-reports/2019-20.pdf (https://content.futurefund.gov.au/2019-20%20Future%20Fund%20Annual%20Report.pdf)`\n- Direct cost ratio 0.098% 0.095% 0.077%\nFrom 1 July 2019 to 11 December 2019, the Education\nInvestment Fund delivered a return of 0.6%, meeting its\nEducation Investment Fund\nbenchmark target of 0.6%.\n Source: `annual-reports/2019-20.pdf (https://content.futurefund.gov.au/2019-20%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 13]\nIn FY23\nOur people spoke at over 26\n02 Annual highlights\n65\nof our people were promoted\nindustry events across the organisation\n78 We ran\n63\nnew permanent staff joined\nthe Future Fund courses through the\nFuture Fund Academy\nWe onboarded We made over\n2 $60bn\nnew investment managers in changes to the portfolio\nWe conducted We funded over\n33 $500m\nassessments of in new venture capital and\npotential investments growth investments\nWe invested We invested in over\n$11bn 70\nin Australian assets countries around the world\nWe exceeded the Future Fund’s We added\n10-year return mandate by $14bn\n1.9%\nto the total portfolio\nper annum\n25\n02\nAnnual\nhighlights\n24\nweiveR\nni\nraeY\n32–2202\ndnuF\nerutuF\n Source: `other-pdfs/2022-23-20Future-20Fund-20Year-20in-20Review.pdf (https://content.futurefund.gov.au/2022-23%20Future%20Fund%20Year%20in%20Review.pdf)`\n- [pages 36,37,38]\nhird-party service The cyber security strategy is implemented\nproviders to confidentially, and where appropriate, via the technology security program of work,\nanonymously report suspected fraud which is reviewed and updated quarterly, with\nand corruption. progress regularly reported to our internal risk\ngovernance committees.\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)`\n- The Fund was established with a capital\nThe risk exposure of the HAFF increased through\ncontribution of $10 billion in November 2023.\nthe year as the Board's investment strategy\nFollowing its establishment, the HAFF was was implemented.\nin an initial transition phase while the Board\nOur expected EEE range for the HAFF is 36 to 45.\ndeveloped a long-term investment strategy,\nwhich has been achieved through a co-mingled At 30 June 2024, the HAFF held a risk\narrangement with the MRFF. exposure at an EEE of 28.\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)`\n\n## Key Issues, Risks, and Recommendations\n\n- [Page 35]\n33/\nInvestment performance Future Fund\nA new Investment Mandate came into effect from There is a natural tension between these two\n1 July 2017, which reduced the long-term benchmark objectives, and our investment policy framework\nreturn target to CPI + 4% to 5% per annum, has been designed to guide resolution of issues\nreflecting the changed investment environment. like this by formalising our approach to investment\nThe return objective must continue to be pursued risk management in portfolio construction.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 74]\n72/\nGovernance and accountability\nBoard and Board Committee attendance 2017-18\nMember Future Fund Board Audit & Risk Committee Remuneration &\nof Guardians Nominations Committee\nMeetings Attended Meetings Attended Meetings Attended\nheld and held and held and\neligible eligible eligible\nto attend as to attend as to attend as\na member a member a member\nHon Peter Costello AC 9 9 0 5 3 3\nMs Erin Flaherty 9 9 5 5 0 1\nMs Carolyn Kay 9 9 5 5 3 3\nMr John Poynton AO 9 9 5 5 0 1\nMr Rob Priestley1, 2 5 5 1 1 1 1\nMr Michael Wachtel 9 9 5 5 3 3\nDr Jane Wilson 9 8 5 4 0 1\nNotes:\nThe Conflicts Committee and the Transaction Committee are ad-hoc Committees.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 78]\n76\nBoard and Board Committee attendance 2018-19\nFuture Fund Board Remuneration\nMember Audit & Risk Committee\nof Guardians & Nominations Committee\nMeetings held and Meetings held and Meetings held and\neligible to attend eligible to attend eligible to attend\nas a member Attended as a member Attended as a member Attended\nHon Peter\n9 9 0 5 5 5\nCostello AC\nMs Erin\n9 8 5 5 0 0\nFlaherty\nMr John\n5 5 1 2 3 3\nFraser1\nMs Carolyn\n9 9 5 5 5 5\nKay\nMr John\n9 9 5 5 0 3\nPoynton AO\nMr Michael\n9 9 5 5 5 5\nWachtel\nDr Jane\n9 9 5 5 0 1\nWilson\nNotes:\nThe Conflicts Committee and the Transaction Committee are ad-hoc Committees.\n Source: `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)`\n- The Audit & Risk Committee charter is available at www.futurefund.gov.au/about-us/access-to-\ninformation/parliamentary-and-statutory-reporting\nBoard and Board Committee attendance 2019-20\nFuture Fund Board Audit & Risk Committee Remuneration & Transaction Committee\nof Guardians Nominations Committee\nMeetings held and Meetings held and Meetings held and Meetings held and\neligible to attend eligible to attend eligible to attend eligible to attend\nMember as a member Attended as a member Attended as a member Attended as a member Attended\nHon Peter Costello AC 10 10 0 5 5 5 1 1\nMs Erin Flaherty 10 10 5 5 0 3 0 0\nMr John Fraser 10 10 5 5 5 5 1 1\nMs Carolyn Kay 10 10 5 5 5 5 1 1\nMr John Poynton AO 10 9 5 4 0 3 0 0\nMr Michael Wachtel 10 10 5 5 5 5 0 0\nDr Jane Wilson 10 9 5 3 0 3 0 0\nNotes:\nThe Conflicts Committee and the Transaction Committee are ad-hoc Committees and meet on an as needs basis.\n Source: `annual-reports/2019-20.pdf (https://content.futurefund.gov.au/2019-20%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 64]\n64\nBoard and Board Committee attendance 2020-21\nFuture Fund Board of Guardians Audit and Risk Committee Remuneration and Nominations\nCommittee\nMeetings held and Meetings held and Meetings held and\neligible to attend as a eligible to attend as a eligible to attend as a\nMember member Attended member Attended member Attended\nHon Peter Costello AC 8 8 0 5 3 3\nMrs Patricia Cross 1 1 0 0 0 0\nMs Erin Flaherty 7 7 5 4 0 1\nMr John Fraser 8 8 5 5 3 3\nMs Carolyn Kay 8 8 5 5 3 2\nMr John Poynton AO 8 8 5 5 0 3\nMr Michael Wachtel 8 8 5 5 3 3\nDr Jane Wilson 7 7 5 4 0 1\nNotes:\nThe Conflicts Committee and the Transaction Committee are ad-hoc committees and meet on an as-needed basis.\n Source: `annual-reports/2020-21.pdf (https://content.futurefund.gov.au/2020-21%20Future%20Fund%20Annual%20Report.pdf)`\n- This has\nOur new offices in Melbourne opened on 1 February 2021.\nbeen challenged by the COVID-19 pandemic and the risks\n(both to physical and mental health) that this has created Located in the Collins Arch building at 447 Collins Street,\nfor our people. the Agency’s offices have been designed to provide all the\nfunctionality and utility needed for our people to perform\nWe recognise that the physical and mental health,\nat their best both now and well into the future.\nand safety is a shared responsibility of all employees,\ncontractors, visitors, members and other persons involved The need for new Melbourne offices was identified\nwith the organisation. by management in 2017, given ongoing growth in our\ninvestment portfolio responsibilities which has led to\nOur focus on reducing risks to health and safety and on\nan increase in resourcing needs required to continue\n Source: `annual-reports/2020-21.pdf (https://content.futurefund.gov.au/2020-21%20Future%20Fund%20Annual%20Report.pdf)`\n- Board and Board Committee attendance 2021–22\nFuture Fund Board Audit and Risk Remuneration and\nof Guardians Committee Nominations Committee\nMember Meetings held Attended Meetings held Attended Meetings held Attended\nand eligible to and eligible to and eligible to\nattend as attend as a attend as a\na member member member\nHon Peter Costello AC 9 9 0 5 6 6\nMrs Patricia Cross 9 8 5 5 0 6\nMr John Fraser 9 9 5 5 6 6\nMs Carolyn Kay 9 9 5 5 6 6\nMr John Poynton AO 9 9 5 5 0 5\nDr Deborah Ralston 7 7 3 3 0 5\nMr Michael Wachtel 9 9 5 5 6 6\nNote(s):\nThe Conflicts Committee and the Transaction Committee are ad-hoc committees and meet on an as-needed basis.\n Source: `annual-reports/2021-22.pdf (https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf)`\n- [pages 28,29,30]\nard and Board Committee attendance 2021–22\nFuture Fund Board Audit and Risk Remuneration and\nof Guardians Committee Nominations Committee\nMember Meetings held Attended Meetings held Attended Meetings held Attended\nand eligible to and eligible to and eligible to\nattend as attend as a attend as a\na member member member\nHon Peter Costello AC 9 9 0 5 6 6\nMrs Patricia Cross 9 8 5 5 0 6\nMr John Fraser 9 9 5 5 6 6\nMs Carolyn Kay 9 9 5 5 6 6\nMr John Poynton AO 9 9 5 5 0 5\nDr Deborah Ralston 7 7 3 3 0 5\nMr Michael Wachtel 9 9 5 5 6 6\nNote(s):\nThe Conflicts Committee and the Transaction Committee are ad-hoc committees and meet on an as-needed basis.\n Source: `annual-reports/2021-22.pdf (https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf)`\n- Ms Mary Reemst5\nThe Audit and Risk Committee Charter is Dr Deborah Ralston\navailable at www.futurefund.gov.au/en/ Ms Rosemary Vilgan\nAbout-us/access-to-information/\nMs Nicola Wakefield Evans AM\naudit-and-risk-committee-charter\nRemuneration and Nominations Committee The Hon Greg Combet AO (Chair from 1 June 2024)\nFocuses on remuneration and appointment The Hon Peter Costello AC2 (Chair from 1 July 2023 to 3 February 2024)\nmatters for staff and appointments to boards Ms Mary Reemst5\nof investee companies.\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 27]\nBoard and Board Committee attendance 2023–24\nMember Future Fund Board Audit and Risk Remuneration and\nof Guardians Committee Nominations Committee\nMeetings held Attended Meetings held Attended Meetings held Attended\nand eligible to and eligible to and eligible to\nattend as attend as a attend as a\na member member member\nThe Hon Greg Combet AO 0 0 0 0 0 0\nThe Hon Peter Costello AC 5 5 0 3 2 2\nMrs Patricia Cross AM 8 8 5 5 2 4\nMr John Fraser 4 3 3 3 1 1\nMr John Poynton AO 5 5 4 4 0 2\nDr Deborah Ralston 8 8 5 5 0 4\nMs Mary Reemst 5 5 1 2 3 3\nMs Rosemary Vilgan 3 3 0 1 0 2\nMr Michael Wachtel 8 8 5 5 4 4\nMs Wakefield Evans AM 2 2 0 0 0 2\nNote(s):\nThe Conflicts Committee and the Transaction Committee are ad-hoc committees and meet on an as-needed basis.\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 30]\nBoard and Board committee meeting attendance 2024–25\nMember Future Fund Board Audit and People, Remuneration\nof Guardians Risk Committee and Culture Committee\nMeetings held Attended Meetings held Attended Meetings held Attended\nand eligible to and eligible to and eligible to\nattend as a attend as a attend as a\nmember member member\nThe Hon Greg Combet AO 10 9 0 5 5 5\nMrs Patricia Cross AM 10 10 5 5 5 5\nMr James Craig 2 2 0 0 0 1\nDr Deborah Ralston 10 10 5 5 0 5\nMs Mary Reemst 10 10 5 5 5 5\nMs Rosemary Vilgan 10 10 5 5 0 5\nMr Michael Wachtel 7 7 5 5 4 4\nMs Nicola Wakefield Evans AM 10 10 5 5 0 5\nNo meetings were held for the Transactions Committee or the Conflicts Committee, noting that both\nof these committees were dissolved by the Board from 28 May 2025.\n Source: `other-pdfs/FFMA-202024-25-20Annual-20Report.pdf (https://content.futurefund.gov.au/FFMA%202024-25%20Annual%20Report.pdf)`\n- [Page 83]\naccountability\nfuture\ngenerations\nof\nAustralians\n2018-2019\nGovernance\nand\nInvesting\nfor\nthe\nbenefit\nof\nAnnual\nReport\n81\nThe Board’s Audit & Risk Committee has been\nExternal audit\nestablished to provide assurance to the Board that the\n04\nrisks as detailed in the organisation’s Risk Register The Australian National Audit Office undertakes the\nare appropriately identified and managed and to external audit of the organisation, engaging a professional\nprovide assurance and assistance to the Board on the accounting firm to assist in this process.\norganisation’s risk, control and compliance frameworks.\n Source: `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)`\n- Board Members receive\ninvestment returns will see only 29.2% of the no additional fees for membership of the Audit\navailable investment performance component and Risk Committee or other Board committees.\npaid out this year, a reduction from 100%\nThe official travel entitlement for Board Members\napplied in the 2020–21 year when the Future Fund\nwas set at Tier 1.\n Source: `annual-reports/2021-22.pdf (https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf)`\n- Appointed to the Board on 7 November 2017 and Remuneration & Nominations, Audit & Risk and Transaction Committees with effect\nfrom 5 February 2018.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n\n## Corporate Values and Operating Culture\n\n- [pages 15,16,17,18]\ne\nis why we\ngenerations of Australians\nexist\nOur strategic\nimperatives\nThe best A well-managed Efficient, The trust and\ndefine what portfolios to Agency with a effective and respect of\nwe must do achieve our talented, fit-for-purpose Government,\nto succeed Investment motivated and processes and Parliament and\nMandates engaged team technology the investment\ncommunity\nHow we will\nachieve our\npurpose is by\nFocus on what Do the right thing Work together\nupholding our\nmatters\nvalues\nOur strategic\npillars are the\nstrength\nOne team, one Nimble and flexible Leveraging the best\nbehind our\npurpose in the world\npurpose\nOur current\nstrategic Materially upgrade Drive greater Invest in our people\nfocus is to… our investment data efficiency and and culture\nand analytics productivity\nAnnual Report 2017-18\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 13]\n02 Annual In 2024–25\nhighlights\nWe onboarded We made over We conducted\n10 $90bn 39\nnew investment managers in changes to the portfolio assessments of\npotential investments\nWe introduced Investment returns increased Our people contributed\nthe value of the Future Fund by their insights at\n1\n$27.4bn 66\nnew Responsible\nInvestment Belief industry events\nWe built out our We made significant We welcomed\nSydney office to over investments into\n14\n40 3\ninterns for a\nstaff national priority areas including winter program\nin CDC and Transgrid\nWe facilitated We conducted Our people provided\ngovernance oversight on\n14 43\n7\ninternal secondments professional development\nacross the organisation and learning programs through investee company boards\nthe Future Fund Academy as Non-Executive Directors\nacross the country\n Source: `other-pdfs/2024-25-20Future-20Fund-20Year-20in-20Review.pdf (https://content.futurefund.gov.au/2024-25%20Future%20Fund%20Year%20in%20Review.pdf)`\n- [Page 17]\noverview\nfuture\ngenerations\nof\nAustralians\n2018-2019\nOrganisation\nInvesting\nfor\nthe\nbenefit\nof\nAnnual\nReport\n15\nOur business strategy\n01\nOur purpose\nis why we \\ Investing for the benefit of future\nexist generations of Australians\nOur strategic The best A well- Efficient, The trust and\nimperatives portfolios to managed effective and respect of\ndefine what \\ achieve our Agency with fit-for-purpose Government,\nwe must do to Investment a talented, processes and Parliament and\nsucceed Mandates motivated and technology the investment\nengaged team community\nHow we will\nachieve our\npurpose is by \\ Focus on Do the Work\nwhat matters right thing together\nupholding our\nvalues\nOur strategic\npillars are\nthe strength \\ One team, Nimble and Leveraging the\nbehind our one purpose flexible best in the world\npurpose\nOur current\nstrategic \\ Materially upgrade Drive greater Invest in our\n Source: `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 83]\naccountability\nfuture\ngenerations\nof\nAustralians\n2018-2019\nGovernance\nand\nInvesting\nfor\nthe\nbenefit\nof\nAnnual\nReport\n81\nThe Board’s Audit & Risk Committee has been\nExternal audit\nestablished to provide assurance to the Board that the\n04\nrisks as detailed in the organisation’s Risk Register The Australian National Audit Office undertakes the\nare appropriately identified and managed and to external audit of the organisation, engaging a professional\nprovide assurance and assistance to the Board on the accounting firm to assist in this process.\norganisation’s risk, control and compliance frameworks.\n Source: `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 15]\n13/\nOrganisation overview\nOur business strategy\nOur purpose\nInvesting for the benefit of future\nis why we\ngenerations of Australians\nexist\nOur strategic\nimperatives\nThe best A well-managed Efficient, The trust and\ndefine what portfolios to Agency with a effective and respect of\nwe must do achieve our talented, fit-for-purpose Government,\nto succeed Investment motivated and processes and Parliament and\nMandates engaged team technology the investment\ncommunity\nHow we will\nachieve our\npurpose is by\nFocus on what Do the right thing Work together\nupholding our\nmatters\nvalues\nOur strategic\npillars are the\nstrength\nOne team, one Nimble and flexible Leveraging the best\nbehind our\npurpose in the world\npurpose\nOur current\nstrategic Materially upgrade Drive greater Invest in our people\nfocus is to… our investment data efficiency and and culture\nand analytics productivity\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [Page 92]\n90/\nFinancial Statements\nAuditor-General for Australia\nINDEPENDENT AUDITOR’S REPORT\nTo the Minister for Finance and the Public Service\nOpinion\nIn my opinion, the financial statements of the Future Fund Management Agency and Board of Guardians\nfor the year ended 30 June 2018:\n(a) comply with Australian Accounting Standards and the Public Governance, Performance and\nAccountability (Financial Reporting) Rule 2015; and\n(b) present fairly the financial position of the Future Fund Management Agency and Board of\nGuardians as at 30 June 2018 and its financial performance and cash flows for the year then ended.\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- Key audit matter How the audit addressed the matter\nValuation of collective investment vehicles To assess the controls over the valuation of all\nheld at fair value through profit or loss collective investment vehicles I:\nRefer to Note 17G Fair Value Hierarchy  inspected the custodian’s independent\n(Collective Investment Vehicles) auditor’s assurance report in respect of the\nrelevant controls over the valuation of\nAs at 30 June 2018, collective investment\ninvestments at the custodian;\nvehicles (as defined in note 17G) totalled\nGPO Box 707 CANBERRA ACT 2601\n19 National Circuit BARTON ACT\nPhone (02) 6203 7300 Fax (02) 6203 7777\n Source: `annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)`\n- [pages 18,19,20,21]\nof future\nexist generations of Australians\nOur strategic The best A well- Efficient, The trust and\nimperatives portfolios to managed effective and respect of\ndefine what \\ achieve our Agency with fit-for-purpose Government,\nwe must do to Investment a talented, processes and Parliament and\nsucceed Mandates motivated and technology the investment\nengaged team community\nHow we will\nachieve our\npurpose is by \\ Focus on Do the Work\nwhat matters right thing together\nupholding our\nvalues\nOur strategic\npillars are\nthe strength \\ One team, Nimble and Leveraging the\nbehind our one purpose flexible best in the world\npurpose\nOur current\nstrategic \\ Materially upgrade Drive greater Invest in our\nfocus is to… our investment data efficiency and people and\nand analytics productivity culture\n Source: `annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)`\n\n## Global Ideas and Case Study Inputs\n\n_No global-intelligence source text found yet. Run `CLAUDE/global-ideas-scraper.py ` to populate case-study sources._\n\n## Source Artifacts Used\n\n- `annual-reports/2017-18.pdf` - annual-reports - https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf\n- `annual-reports/2018-19.pdf` - annual-reports - https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf\n- `annual-reports/2019-20.pdf` - annual-reports - https://content.futurefund.gov.au/2019-20%20Future%20Fund%20Annual%20Report.pdf\n- `annual-reports/2020-21.pdf` - annual-reports - https://content.futurefund.gov.au/2020-21%20Future%20Fund%20Annual%20Report.pdf\n- `annual-reports/2021-22.pdf` - annual-reports - https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf\n- `pages/about.html` - pages - http://www.futurefund.gov.au/en/About-us\n- `pages/annual-reports-index.html` - pages - http://www.futurefund.gov.au/about-us/annual-reports\n- `pages/contact.html` - pages - http://www.futurefund.gov.au/en/contact-us\n- `pages/homepage.html` - pages - http://www.futurefund.gov.au/\n- `pages/leadership.html` - pages - http://www.futurefund.gov.au/en/About-us/who-we-are/Senior-Leadership-Team\n- `pages/media-releases-index.html` - pages - http://www.futurefund.gov.au/en/news-room/060624---EastLink-media-release\n- `pages/media-releases-index__00.html` - pages - http://www.futurefund.gov.au/en/news-room/060624---EastLink-media-release\n- `pages/media-releases-index__01.html` - pages - http://www.futurefund.gov.au/-/media/F159BCE6F5E14456A3E4D1AF0F90F592.ashx\n- `pages/news-latest.html` - pages - http://www.futurefund.gov.au/en/news-room\n- `pages/publications-index.html` - pages - http://www.futurefund.gov.au/en/About-us/Publications\n- `other-pdfs/2022-23-20Future-20Fund-20Year-20in-20Review.pdf` - other-pdfs - https://content.futurefund.gov.au/2022-23%20Future%20Fund%20Year%20in%20Review.pdf\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf` - other-pdfs - https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf\n- `other-pdfs/2023-24-20Future-20Fund-20Year-20in-20Review.pdf` - other-pdfs - https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Year%20in%20Review.pdf\n- `other-pdfs/2024-25-20Future-20Fund-20Year-20in-20Review.pdf` - other-pdfs - https://content.futurefund.gov.au/2024-25%20Future%20Fund%20Year%20in%20Review.pdf\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pdf` - other-pdfs - https://content.futurefund.gov.au/FFMA%202024-25%20Annual%20Report.pdf\n\n## Gaps To Fix\n\n- No corporate plan text source found.\n- No global comparison/case-study sources found.", "legislation_md": "# Future Fund Board of Guardians - Acts and Legislation Discovery\n\n**Generated at**: 2026-05-09T21:08:22.596585+00:00\n**Entity ID**: B-002382\n**Jurisdiction**: Commonwealth\n**Portfolio**: Finance\n\n> This is an evidence-based discovery list from scraped department material. A mention does not always mean the department administers the legislation; high-confidence and official register links should be reviewed.\n\n## Summary\n\n- Source files scanned: 20\n- Unique legislation references found: 71\n\n| Type | Count |\n|---|---:|\n| Act | 66 |\n| Determination | 4 |\n| Regulation | 1 |\n\n## Legislation References\n\n### Future Fund Act 2006\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 186\n**Register search**: https://www.legislation.gov.au/search?query=Future+Fund+Act+2006\n\n**Sources**:\n- `annual-reports/2017-18.pages.jsonl`\n- `annual-reports/2018-19.pages.jsonl`\n- `annual-reports/2019-20.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n- `annual-reports/2021-22.pages.jsonl`\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- d of Guardians (Board) and the Future Fund Management\nAgency (Agency) for the 2017-18 financial year.\nThe report has been prepared in accordance with section 46\nof the Public Governance, Performance and Accountability Act\n2013 (PGPA Act) and section 81 of the Future Fund Act 2006,\nand includes the required disclosures in relation to the Future\nFund, the Medical Research Future Fund, the DisabilityCare\nAustralia Fund, and the Nation-building Funds.\nThe report includes the Board and Agency’s audited financial\nstatements as required by s\n Source: `annual-reports/2017-18.pages.jsonl`\n- ummary of direct costs and direct cost ratio\n2015-16 2016-17 2017-18\nDirect costs $350.1 million $383.1 million $319.2 million\nDirect cost ratio 0.295% 0.301% 0.231%\nSummary of look through costs\n2015-16 2016-17 2017-18\n0.90% 1.31% 1.34%\nDisclosures under the Future Fund Act 2006\nUnder its statutory arrangements the Board also reports costs in accordance with section 81 of the\nFuture Fund Act 2006.\nPurpose Amount debited Amount debited Amount debited\n2015-16 2016-17 2017-18\nContracts with investment managers $251,506,695 $254,382,038\n Source: `annual-reports/2017-18.pages.jsonl`\n- illion\nDirect cost ratio 0.295% 0.301% 0.231%\nSummary of look through costs\n2015-16 2016-17 2017-18\n0.90% 1.31% 1.34%\nDisclosures under the Future Fund Act 2006\nUnder its statutory arrangements the Board also reports costs in accordance with section 81 of the\nFuture Fund Act 2006.\nPurpose Amount debited Amount debited Amount debited\n2015-16 2016-17 2017-18\nContracts with investment managers $251,506,695 $254,382,038 $291,006,497\nBoard remuneration and allowances $894,571 $908,032 $852,505\nAgency remuneration and allowances $34,988,290\n Source: `annual-reports/2017-18.pages.jsonl`\n- Agency remuneration and allowances $34,988,290 $38,842,944 $43,663,298\nConsultants and advisers to the Board and Agency $24,475,120 $16,064,403 $14,339,000\nAgency operations $20,126,715 $23,646,429 $23,564,832\nNote: all costs reported under section 81 of the Future Fund Act 2006 are reported on a cash basis, whereas the direct costs in the\nabove table include accruals.\n\n[page 51]\n49/\nInvestment performance Medical Research Future Fund\nMedical Research Future Fund\nEarnings Return Earnings Return\nfor 2017-2018 for 2017-2018 since incep\n Source: `annual-reports/2017-18.pages.jsonl`\n- ember\nto 30 June 2016)\nDirect costs $3.3 million $10.1 million $11.8 million\nDirect cost ratio 0.160% 0.231% 0.168%\nSummary of look through costs\n2015-16 2016-17 2017-18\n(22 September\nto 30 June 2016)\n0.03% 0.56% 0.61%\nCost disclosures under section 81 of the Future Fund Act 2006\nUnder its statutory arrangements the Board also reports costs in accordance with section 81 of the\nFuture Fund Act 2006.\nPurpose Amount debited Amount debited Amount debited\n2015-16 2016-17 2017-18\nContracts with investment managers $1,408,635 $7,532,456 $9,3\n Source: `annual-reports/2017-18.pages.jsonl`\n\n### Public Governance, Performance and Accountability Act 2013\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 44\n**Register search**: https://www.legislation.gov.au/search?query=Public+Governance%2C+Performance+and+Accountability+Act+2013\n\n**Sources**:\n- `pages/annual-reports-index.html`\n- `pages/publications-index.html`\n- `annual-reports/2017-18.pages.jsonl`\n- `annual-reports/2018-19.pages.jsonl`\n- `annual-reports/2019-20.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n- `annual-reports/2021-22.pages.jsonl`\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- the Future Fund\nREAD MORE\nAgency Emissions Reduction Plan\nEmissions Reduction Plan\nClick here to read the Emission reduction plan from the Future Fund\nREAD MORE\nCorporate Plan\nWe have published a 2025-26 Corporate Plan, in line with our requirements under the\nPublic Governance, Performance and Accountability Act 2013.\nYou can also download a copy of our 2024-25 Corporate Plan and our 2023-24 Corporate Plan.\n2025-26 Corporate Plan\nClick here to read the 2025-26 Future Fund Corporate Plan\nREAD MORE\n2024-25 Corporate Plan\nClick here to read the 2024-25 Future Fund Corporate\n Source: `pages/annual-reports-index.html`\n- the Future Fund\nREAD MORE\nAgency Emissions Reduction Plan\nEmissions Reduction Plan\nClick here to read the Emission reduction plan from the Future Fund\nREAD MORE\nCorporate Plan\nWe have published a 2025-26 Corporate Plan, in line with our requirements under the\nPublic Governance, Performance and Accountability Act 2013.\nYou can also download a copy of our 2024-25 Corporate Plan and our 2023-24 Corporate Plan.\n2025-26 Corporate Plan\nClick here to read the 2025-26 Future Fund Corporate Plan\nREAD MORE\n2024-25 Corporate Plan\nClick here to read the 2024-25 Future Fund Corporate\n Source: `pages/publications-index.html`\n- ptember 2018\nDear Minister\nI am pleased to present the Annual Report of the Future Fund\nBoard of Guardians (Board) and the Future Fund Management\nAgency (Agency) for the 2017-18 financial year.\nThe report has been prepared in accordance with section 46\nof the Public Governance, Performance and Accountability Act\n2013 (PGPA Act) and section 81 of the Future Fund Act 2006,\nand includes the required disclosures in relation to the Future\nFund, the Medical Research Future Fund, the DisabilityCare\nAustralia Fund, and the Nation-building Funds.\nThe report includes the Board and\n Source: `annual-reports/2017-18.pages.jsonl`\n- ing to report in this regard.\nAccountable Authority’s Responsibility for the Financial Statements\nAs the Accountable Authority of the Future Fund Management Agency and Board of Guardians the\nChair of the Future Fund Board of Guardians is responsible under the Public Governance, Performance\nand Accountability Act 2013 for the preparation and fair presentation of annual financial statements that\ncomply with Australian Accounting Standards and the rules made under that Act. The Chair of the\nFuture Fund Board of Guardians is also responsible for such internal control as the C\n Source: `annual-reports/2017-18.pages.jsonl`\n- Financial Officer\nof the Future Fund Management Agency\nIn our opinion, the attached financial statements of the Future Fund Management Agency and the Board of\nGuardians (together the ‘Fund’) for the year ended 30 June 2018 comply with subsection 42(2) of the Public\nGovernance, Performance and Accountability Act 2013 (PGPA Act), and are based on properly maintained\nfinancial records as per subsection 41(2) of the PGPA Act.\nIn our opinion, at the date of this statement, there are reasonable grounds to believe that the Fund will be\nable to pay its debts as and when they fal\n Source: `annual-reports/2017-18.pages.jsonl`\n\n### Public Service Act 1999\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 29\n**Register search**: https://www.legislation.gov.au/search?query=Public+Service+Act+1999\n\n**Sources**:\n- `annual-reports/2017-18.pages.jsonl`\n- `annual-reports/2018-19.pages.jsonl`\n- `annual-reports/2019-20.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n- `annual-reports/2021-22.pages.jsonl`\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- al\nChief Executive Officer\nAgency\nMr Neal took up his position as Chief Executive\nThe Board is supported by the Future Fund Officer on 4 August 2014 having previously served\nManagement Agency. Employed under the as Chief Investment Officer. Mr Neal joined the\nPublic Service Act 1999, the Agency comprises Future Fund as Chief Investment Officer in 2007\nprofessionals from a range of sectors including from Watson Wyatt Australia (now Willis Towers\nfinance, investment, legal and corporate services, Watson) where he was Head of Investment\nwho\n Source: `annual-reports/2017-18.pages.jsonl`\n- funded superannuation liabilities that will become payable during a period when an ageing population is\nlikely to place significant pressure on the Commonwealth’s finances.\nFuture Fund Management Agency\nThe Agency is a statutory agency for the purposes of the Public Service Act 1999 (the Public Service Act)\nand is prescribed for the purposes of the Public Governance, Performance and Accountability Act 2013 (the\nPGPA Act). The Agency is responsible for implementing the investment decisions made by the Board.\nThe Agency is responsible for\n Source: `annual-reports/2017-18.pages.jsonl`\n- e satisfied the person has substantial experience or\nexpertise and professional credibility and significant standing in\ninvesting in financial assets, managing investments in financial\nassets or corporate governance.\nStaff of the Agency are employed under the Public Service Act\n1999 and are bound by the Australian Public Service Values and\nCode of Conduct. Details of these obligations are included in\ninternal policies and training activities.\nwww.futurefund.gov.au/About-us/Legislation-and-governance\nwww.apsc.gov.au/values/conductguidelin\n Source: `annual-reports/2017-18.pages.jsonl`\n- S tatistics on employees who identify as\nIndigenous.\n17AG(4)(c) Information on any enterprise agreements, Mandatory p83\nindividual flexibility arrangements, Australian\nworkplace agreements, common law contracts\nand determinations under subsection 24(1) of the\nPublic Service Act 1999.\n17AG(4)(c)(i) Information on the number of SES and non-SES Mandatory p83\nemployees covered by agreements etc identified\nin paragraph 17AG(4)(c).\n\n[page 193]\n191/\nReferences and index\nPGPA Rule Part of Description Requirement Location in\nReference Report Annu\n Source: `annual-reports/2017-18.pages.jsonl`\n- 5, 73, 91, 105, 121-124, 142, 169\nPrivate markets\n4, 9, 15, 16, 18, 19, 20, 28\nProperty\n18, 24, 32, 40, 43, 49, 54, 57, 91, 99, 105, 121, 122, 123,\n124, 167, 170\nPublic Governance, Performance and Accountability\nAct 2013\n2, 66, 92, 94, 101, 103, 165, 183, 194\nPublic Service Act 1999\n73, 101, 184\n\n[page 201]\n199/\nReferences and index\nT\nTax(es)\n23, 30, 74, 78, 95, 96, 97, 100, 106, 109, 110, 113, 129, 160,\n194\nTaxation\n106, 109, 110, 113, 131, 148, 194, 196\nThorburn, Craig\n20\nTimberland\n18, 41, 42, 74, 80, 91, 171\nTreasurer\n68, 130, 165\nV\n Source: `annual-reports/2017-18.pages.jsonl`\n\n### Medical Research Future Fund Act 2015\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 28\n**Register search**: https://www.legislation.gov.au/search?query=Medical+Research+Future+Fund+Act+2015\n\n**Sources**:\n- `annual-reports/2017-18.pages.jsonl`\n- `annual-reports/2018-19.pages.jsonl`\n- `annual-reports/2019-20.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n- `annual-reports/2021-22.pages.jsonl`\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- ture Fund was established in 2006 to Payments from the Medical Research Future Fund\nstrengthen the Australian Government’s long-term for particular projects and initiatives are determined\nfinancial position. by the Australian Government in accordance with\nthe Medical Research Future Fund Act 2015.\nThe Fund received contributions from a\ncombination of budget surpluses, proceeds from\nDisabilityCare Australia Fund\nthe sale of the Government’s holding of Telstra and\nthe transfer of remaining Telstra shares. The DisabilityCare Australia Fund was establishe\n Source: `annual-reports/2017-18.pages.jsonl`\n- e.\nThe Board is also responsible for the investment of the assets of the Nation-building Funds, DisabilityCare\nAustralia Fund and Medical Research Future Fund as set out in the Nation-building Funds Act 2008, the\nDisabilityCare Australia Fund Act 2013 and the Medical Research Future Fund Act 2015. The assets and\nfinancial results of these funds do not form part of these financial statements.\nFuture Fund Investment Mandate Direction 2017\nIn line with subsection 18(1) of the Act, the Government issued the Board with a revised Investment Mandate\nfor the\n Source: `annual-reports/2017-18.pages.jsonl`\n- and MRFF).\nUnder the Nation-building Funds Act 2008, the role of the Agency was extended to include supporting the\nBoard in the investment of the assets of the BAF and EIF (each a ‘fund’) and subsequently by the\nDisabilityCare Australia Fund Act 2013 and the Medical Research Future Fund Act 2015 to support the\nBoard in the investment of the assets of the DCAF and MRFF. The Agency charges a monthly fee to each\nfund to reimburse the Agency for shared costs paid by the Agency, as agreed with the Department of\nFinance. During year the Agency charged the\n Source: `annual-reports/2017-18.pages.jsonl`\n- 74, 75 74, 84-86\nInvestment manager(s) McKellar, Gordon\n21-28, 36, 43, 47, 48, 56, 57, 61, 65, 75, 91, 95, 97, 101, 74, 84-86\n128, 135, 136, 150, 153, 156, 169-172 McPherson, Elizabeth\nInvestment Mandate Direction(s) 73, 84-86\n67, 101, 165, 166, 167, 173-178 Medical Research Future Fund Act 2015\nInvestment Policies 9, 66, 101, 159, 179\n23, 143, 184, 185, 186, 187 Minister for Finance\nInvestment strategy 67, 68, 90, 94, 102, 165\n15, 19, 21, 23, 47, 50, 56, 61, 64, 73, 101, 142, 167 Murray, Hugh\n21\nJ\nmyTime\nJoined-up 79, 81\n7, 14, 16, 18, 19, 78\nK\nKay,\n Source: `annual-reports/2017-18.pages.jsonl`\n- er Price Index (CPI) + 4.5% to 5.5% per annum Payments from the Medical Research Future Fund for\nover the long term with an acceptable but not excessive projects and initiatives are determined by the Australian\nlevel of risk. Government in accordance with the Medical Research\nFuture Fund Act 2015.\nFrom 1 July 2017 the long-term benchmark return target\nwas reduced by the responsible Ministers to CPI + 4% Aboriginal and Torres Strait Islander Land\nto 5% per annum, reflecting the changed investment\nand Sea Future Fund\nenvironment. The return objective mu\n Source: `annual-reports/2018-19.pages.jsonl`\n\n### DisabilityCare Australia Fund Act 2013\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 27\n**Register search**: https://www.legislation.gov.au/search?query=DisabilityCare+Australia+Fund+Act+2013\n\n**Sources**:\n- `annual-reports/2017-18.pages.jsonl`\n- `annual-reports/2018-19.pages.jsonl`\n- `annual-reports/2019-20.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n- `annual-reports/2021-22.pages.jsonl`\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- strategy that adheres to the Investment\nMandate.\nThe Board is also responsible for the investment of the assets of the Nation-building Funds, DisabilityCare\nAustralia Fund and Medical Research Future Fund as set out in the Nation-building Funds Act 2008, the\nDisabilityCare Australia Fund Act 2013 and the Medical Research Future Fund Act 2015. The assets and\nfinancial results of these funds do not form part of these financial statements.\nFuture Fund Investment Mandate Direction 2017\nIn line with subsection 18(1) of the Act, the Government issued the Bo\n Source: `annual-reports/2017-18.pages.jsonl`\n- edical Research Future Fund (the BAF, EIF, DCAF and MRFF).\nUnder the Nation-building Funds Act 2008, the role of the Agency was extended to include supporting the\nBoard in the investment of the assets of the BAF and EIF (each a ‘fund’) and subsequently by the\nDisabilityCare Australia Fund Act 2013 and the Medical Research Future Fund Act 2015 to support the\nBoard in the investment of the assets of the DCAF and MRFF. The Agency charges a monthly fee to each\nfund to reimburse the Agency for shared costs paid by the Agency, as agreed with the Department o\n Source: `annual-reports/2017-18.pages.jsonl`\n- g of legislative instruments)\ndoes not apply to this instrument: see section 54 of that Act.\n6. T he Board must consider impacts from its\n3. Definitions investment strategy\nIn these Directions: In undertaking its investment activities, the Board\nAct means the DisabilityCare Australia Fund Act 2013. must act in a way that:\nBoard means the Future Fund Board of Guardians. • minimises the potential to effect any abnormal\nFund means the DisabilityCare Australia Fund. change in the volatility or efficient operation of\nresponsible Ministers has the same meani\n Source: `annual-reports/2017-18.pages.jsonl`\n- ed governance and operation of the public asset funds for which the\nobjectives. Board of Guardians is responsible, are detailed in the Future\n1.1 T he legal framework should Fund Act 2006, the Nation- building Funds Act 2008, the\nensure the legal soundness of DisabilityCare Australia Fund Act 2013 and the Medical Research\nthe SWF and its transactions. Future Fund Act 2015. The framework is designed specifically to\n1.2 T he key features of the SWF’s establish the sound and effective operation of the organisation\nlegal basis and structure, as and achieve\n Source: `annual-reports/2017-18.pages.jsonl`\n- inancial statements\n159, 163 ii, 2, 89-160\nDeveloped markets Flaherty, Erin\n31, 37, 40, 51 68, 71, 72, 84\nDirect cost ratio Flexible work arrangements\n47, 48, 56, 57, 61, 64, 65 80, 81, 195\nDirect costs Fraud\n47, 48, 56, 57, 61, 64, 65, 159 2, 75, 76, 92, 189\nDisabilityCare Australia Fund Act 2013 Freedom of Information\n9, 66, 101, 159, 176, 179 163\nDisruption Future Fund Act 2006\n24, 42, 44, 55 2, 23, 48, 57, 61, 65, 66, 84, 101, 111, 157, 158, 162, 165,\nDrawdown(s) 173, 174, 179, 183\n4, 5, 9, 34 Future Fund Management Agency\n2, 6, 7, 8, 73, 84, 89-94\n Source: `annual-reports/2017-18.pages.jsonl`\n\n### Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 21\n**Register search**: https://www.legislation.gov.au/search?query=Aboriginal+and+Torres+Strait+Islander+Land+and+Sea+Future+Fund+Act+2018\n\n**Sources**:\n- `annual-reports/2018-19.pages.jsonl`\n- `annual-reports/2019-20.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n- `annual-reports/2021-22.pages.jsonl`\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- s. During the initial transition period, as the Future Fund\nBoard of Guardians develops a long-term strategic asset\nallocation, the government anticipates a return lower than\nthe benchmark return.\nPayments from the ATSILS Fund will be managed in line\nwith the Aboriginal and Torres Strait Islander Land and\nSea Future Fund Act 2018.\n\n[page 14]\n12\nThe Mandates require that investments minimise the\nDisabilityCare Australia Fund\nprobability of capital loss over a 12-month horizon. The\nThe DisabilityCare Australia Fund was established in assets of the Nation-building Funds are invested in a\n Source: `annual-reports/2018-19.pages.jsonl`\n- he direct costs in the above table include accruals.\n\n[page 72]\n70\n04\nGovernance and\naccountability\nThe statutory governance arrangements for the\nfunds we manage are set out primarily in the\nFuture Fund Act 2006, the Medical Research\nFuture Fund Act 2015, the Aboriginal and Torres\nStrait Islander Land and Sea Future Fund Act\n2018, the DisabilityCare Australia Fund Act 2013\nand the Nation-building Funds Act 2008.\nThis core legislation sets out the roles and responsibilities of the Australian\nGovernment and of the Board and the Agency. In addition, the Public Governance,\nPerformance and\n Source: `annual-reports/2018-19.pages.jsonl`\n- are Australia\nFund, Medical Research Future Fund and Aboriginal and Torres Strait Islander Land and Sea Future Fund as set out in\nthe Nation-building Funds Act 2008, the DisabilityCare Australia Fund Act 2013, the Medical Research Future Fund Act\n2015 and the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018. The assets and financial results\nof these funds do not form part of these financial statements.\n\n[page 113]\nstatements\nfuture\ngenerations\nof\nAustralians\n2018-2019\nFinancial\nInvesting\nfor\nthe\nbenefit\nof\nAnnual\nReport\n111\nNote 2\nSummary of significant accounti\n Source: `annual-reports/2018-19.pages.jsonl`\n- Act 2008, the role of the Agency was extended to include supporting the Board in\nthe investment of the assets of the BAF and EIF (each a “fund”) and subsequently by the DisabilityCare Australia\nFund Act 2013, the Medical Research Future Fund Act 2015 and the Aboriginal and Torres Strait Islander Land and\nSea Future Fund Act 2018 to support the Board in the investment of the assets of the DCAF, MRFF and ATSILSFF.\nThe Agency charges a monthly fee to each fund to reimburse the Agency for shared costs paid by the Agency, as\nagreed with the Department of Finance. During year the Agency ch\n Source: `annual-reports/2018-19.pages.jsonl`\n- Board. This\nnot apply to the direction — see regulations made for the purposes of\nsets out matters of risk and return for the Fund.\nparagraph 54(2)(b) of that Act.\n6. Benchmark return and acceptable level\n3. Authority\nof risk\nThis Direction is made under the Aboriginal and Torres\nStrait Islander Land and Sea Future Fund Act 2018. (1) The Board is to adopt an average return over the long\nterm of at least the Consumer Price Index + 2.0 to + 3.0\n4. Definitions per cent per annum, net of costs, as the benchmark\nreturn on the Fund.\nIn this Direction:\n(2) During the initial transition peri\n Source: `annual-reports/2018-19.pages.jsonl`\n\n### Future Drought Fund Act 2019\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 20\n**Register search**: https://www.legislation.gov.au/search?query=Future+Drought+Fund+Act+2019\n\n**Sources**:\n- `annual-reports/2018-19.pages.jsonl`\n- `annual-reports/2019-20.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n- `annual-reports/2021-22.pages.jsonl`\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- tters.\nover a 12-month horizon. After year end the Building Australia Fund was abolished\nPayments from the DisabilityCare Australia Fund are and its assets transferred to the Future Drought Fund\nmanaged in accordance with the DisabilityCare Australia when the Future Drought Fund Act 2019 came into effect\nFund Act 2013. on 1 September 2019.\nEducation Investment Fund\nNation-building Funds\nThe purpose of the Education Investment Fund is to\nThe Nation-building Funds, namely the Building\nenhance the Australian Government’s ability to make\nAustrali\n Source: `annual-reports/2018-19.pages.jsonl`\n- es. 2.0% to 3.0% per annum over the long term while taking an\nacceptable but not excessive level of risk.\nMedical Research Future Fund\nPayments from the Future Drought Fund are to be managed\nThe Medical Research Future Fund was established in\nin line with the Future Drought Fund Act 2019.\n2015 to improve the health and wellbeing of Australians by\nproviding grants of financial assistance to support medical Emergency Response Fund\nresearch and medical innovation.\nThe Emergency Response Fund was established in\nThe Fund’s Investment Mandate is to\n Source: `annual-reports/2019-20.pages.jsonl`\n- nce and\naccountability\nThe statutory governance arrangements for the funds we manage are set out\nprimarily in the Future Fund Act 2006, the Medical Research Future Fund Act\n2015, the aboriginal and torres strait Islander Land and sea future fund act\n2018, the Future Drought Fund Act 2019, the emergency response fund act\n2019 and the DisabilityCare Australia Fund Act 2013.\nThis core legislation sets out the roles and responsibilities The Board operates independently from the Government. This\nof the Australian Government and of the Board and th\n Source: `annual-reports/2019-20.pages.jsonl`\n- Medical\nResearch Future Fund Act 2015, the Aboriginal and Torres Strait Islander Land and Sea Future Fund (“ATSILSFF”) as set\nout in the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018, the Future Drought Fund (“FDF”) as\nset out in the Future Drought Fund Act 2019 and the Emergency Response Fund (“ERF”) as set out in the Emergency\nResponse Fund Act 2019.\nFuture Fund Board of Guardians\nThe Board is a body corporate with perpetual succession and has a separate legal identity to the Commonwealth.\nThe roles and responsibil\n Source: `annual-reports/2019-20.pages.jsonl`\n- the Agency was extended to include supporting the Board in the investment of the assets by the DisabilityCare\nAustralia Fund Act 2013, the Medical Research Future Fund Act 2015, the Aboriginal and Torres Strait Islander Land and Sea\nFuture Fund Act 2018, the Future Drought Fund Act 2019 and the Emergency Response Fund Act 2019 to support the Board\nin the investment of the assets of the DCAF, MRFF, ATSILSFF, FDF and ERF. The Agency charges a monthly fee to each fund\nto reimburse the Agency for shared costs paid by the Agency, as agreed with t\n Source: `annual-reports/2019-20.pages.jsonl`\n\n### Legislative Instruments Act 2003\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 17\n**Register search**: https://www.legislation.gov.au/search?query=Legislative+Instruments+Act+2003\n\n**Sources**:\n- `annual-reports/2017-18.pages.jsonl`\n- `annual-reports/2018-19.pages.jsonl`\n\n**Evidence contexts**:\n- nt The Board is to adopt an average return of at least\nThis Direction commences on the 15th day after the Consumer Price Index (CPI) + 4.5 to + 5.5 per\nit is given. cent per annum over the long term as the\nbenchmark return on the Fund.\nNote: Section 42 of the Legislative Instruments Act 2003 (which\ndeals with the disallowance of legislative instruments) does not During the initial transition period, as the Board\napply to this instrument: see section 44 of that Act. Part 6 of that\ndevelops a long-term strategic asset allocation, a\nAct (which deals\n Source: `annual-reports/2017-18.pages.jsonl`\n- July 2017, or on In targeting the benchmark return, the Board must\nthe 15th day after it is given to the Board, whichever determine an acceptable but not excessive level of\noccurs later. risk for the Fund measured in terms such as the\nNote: Section 42 of the Legislative Instruments Act 2003 (which probability of losses in a particular year.\ndeals with the disallowance of legislative instruments) does not\napply to this instrument: see section 44 of that Act. Part 6 of\n7. Limits for holdings of listed companies\nthat Act (which deals with the sunse\n Source: `annual-reports/2017-18.pages.jsonl`\n- per cent per annum, net of investment\n2. Commencement fees, over a rolling 10 year term as the benchmark\nreturn on the Fund.\nThis Direction commences on the 15th day after\nit is given. In targeting the benchmark return, the Board must\nNote: Section 42 of the Legislative Instruments Act 2003 (which determine an acceptable but not excessive level\ndeals with the disallowance of legislative instruments) does not of risk for the Fund measured in terms such as\napply to this instrument: see section 44 of that Act. Part 6 of that the probability of loss\n Source: `annual-reports/2017-18.pages.jsonl`\n- h horizon.\n2. Commencement\n(2) Subject to the Board’s obligations under section\nThese Directions commence on the 15th day after 23 of the Act and to (1) above, the Board is to\nthey are given. adopt a benchmark return on the Fund of the\nNote: Section 42 of the Legislative Instruments Act 2003 (which Australian three month bank bill swap rate\ndeals with the disallowance of legislative instruments) does not + 0.3 per cent per annum, calculated on a rolling\napply to this instrument: see section 44 of that Act. Part 6 of that\n12-month basis (net of fe\n Source: `annual-reports/2017-18.pages.jsonl`\n- Board in the\ncontext of any material changes to either the\nprevailing investment conditions or the cashflow\nposition of the Fund.\n1. A ll legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the\nLegislative Instruments Act 2003. See http://www.frli.gov.au.\n\n[page 179]\n177/\nReferences and index\nBuilding Australia Fund Investment Mandate Directions 20091\nPart 1 – Preliminary Part 2 – Directions\n1. Name of Directions 5. Benchmark return\nThese Directions are the Building Australia Fund\n Source: `annual-reports/2017-18.pages.jsonl`\n\n### Emergency Response Fund Act 2019\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 13\n**Register search**: https://www.legislation.gov.au/search?query=Emergency+Response+Fund+Act+2019\n\n**Sources**:\n- `annual-reports/2019-20.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n- `annual-reports/2021-22.pages.jsonl`\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- ount.\nwhile taking an acceptable but not excessive level of risk.\nThe Fund’s Investment Mandate requires the Board to target\nPayments from the Emergency Response Fund are to be\nan average return, net of costs, of at least the Consumer\nmanaged in line with the Emergency Response Fund Act 2019.\nPrice Index + 2.0% to 3.0% per annum over the long term\nwhile taking an acceptable but not excessive level of risk. DisabilityCare Australia Fund\nPayments from the ATSILS Fund are to be managed in line The DisabilityCare Australia Fund was established in 201\n Source: `annual-reports/2019-20.pages.jsonl`\n- nd Sea Future Fund (“ATSILSFF”) as set\nout in the Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018, the Future Drought Fund (“FDF”) as\nset out in the Future Drought Fund Act 2019 and the Emergency Response Fund (“ERF”) as set out in the Emergency\nResponse Fund Act 2019.\nFuture Fund Board of Guardians\nThe Board is a body corporate with perpetual succession and has a separate legal identity to the Commonwealth.\nThe roles and responsibilities of the Board are set out in the Act. The Board is collectively responsible for the in\n Source: `annual-reports/2019-20.pages.jsonl`\n- upporting the Board in the investment of the assets by the DisabilityCare\nAustralia Fund Act 2013, the Medical Research Future Fund Act 2015, the Aboriginal and Torres Strait Islander Land and Sea\nFuture Fund Act 2018, the Future Drought Fund Act 2019 and the Emergency Response Fund Act 2019 to support the Board\nin the investment of the assets of the DCAF, MRFF, ATSILSFF, FDF and ERF. The Agency charges a monthly fee to each fund\nto reimburse the Agency for shared costs paid by the Agency, as agreed with the Department of Finance. During the year\n Source: `annual-reports/2019-20.pages.jsonl`\n- 0, 52, 53, 54, 144\nDisabilityCare Australia Fund Act 2013 11, 55, 92, 144\nDisruption 7, 20, 21, 64\nDrawdown(s) 9\nFuture Fund 2019–2020 Annual Report InDex\n\n[page 164]\n164\nE I\nEarnings 5, 18, 29, 75, 77, 87, 89, 106, 128, 134, 138, 141 Illiquidity 17, 138, 141\nEmergency Response Fund Act 2019 10, 55, 92, 144 Infrastructure 7, 14, 19, 20, 26, 29, 30, 31, 34, 35, 36, 40, 41,\n42, 44, 45, 46, 48, 49, 50, 57, 60, 97, 111, 112, 113, 114, 128,\nEmerging market 14, 26, 29, 30, 33, 34, 35, 39, 40, 41, 43, 44,\n156\n47, 48, 49, 155\nInternational Forum of Sover\n Source: `annual-reports/2019-20.pages.jsonl`\n- ence and skills into a collaborative\nPayments from the Emergency Response Fund are whole creates a meaningful competitive advantage.\ndetermined by the Australian Government and managed\nOur values are embedded into the way we act and interact:\nin line with the Emergency Response Fund Act 2019.\nˆ We focus on what matters; everything we do is focused\nDisabilityCare Australia Fund on achieving our purpose and we don’t get side-tracked\nby distractions.\nThe DisabilityCare Australia Fund was established in 2014\nto help fund the National Disability Insur\n Source: `annual-reports/2020-21.pages.jsonl`\n\n### Nation-building Funds Act 2008\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 9\n**Register search**: https://www.legislation.gov.au/search?query=Nation-building+Funds+Act+2008\n\n**Sources**:\n- `annual-reports/2017-18.pages.jsonl`\n- `annual-reports/2018-19.pages.jsonl`\n\n**Evidence contexts**:\n- vocational education and\nare invested in a combination of short- and medium- training infrastructure.\nterm debt instruments.\nPayments from the Funds are determined by the\nAustralian Government, with advice from\nInfrastructure Australia in accordance with the\nNation-building Funds Act 2008.\nEvery dollar of value Every dollar that we\nthat we add to the One of the best things add to the Medical\nFuture Fund will be about working at the Future Research Future\na dollar that future Fund is that the Fund’s Fund contributes\ntaxpayers won’t have goals a\n Source: `annual-reports/2017-18.pages.jsonl`\n- and implementation of an investment strategy that adheres to the Investment\nMandate.\nThe Board is also responsible for the investment of the assets of the Nation-building Funds, DisabilityCare\nAustralia Fund and Medical Research Future Fund as set out in the Nation-building Funds Act 2008, the\nDisabilityCare Australia Fund Act 2013 and the Medical Research Future Fund Act 2015. The assets and\nfinancial results of these funds do not form part of these financial statements.\nFuture Fund Investment Mandate Direction 2017\nIn line with subsection 18\n Source: `annual-reports/2017-18.pages.jsonl`\n- truments)\n6. B oard must consider impacts from its\ndoes not apply to this instrument: see section 54 of that Act.\ninvestment strategy\n3. Definitions In undertaking its investment activities, the Board\nIn these Directions: must act in a way that:\nAct means the Nation-building Funds Act 2008. (a) minimises the potential to effect any abnormal\nBoard means the Future Fund Board of Guardians. change in the volatility or efficient operation of\nFund means the Building Australia Fund. Australian financial markets; and\nresponsible Ministers has the same\n Source: `annual-reports/2017-18.pages.jsonl`\n- tting of legislative instruments)\ndoes not apply to this instrument: see section 54 of that Act.\n6. B oard must consider impacts from its\n3. Definitions\ninvestment strategy\nIn these Directions:\nIn undertaking its investment activities, the Board\nAct means the Nation-building Funds Act 2008.\nmust act in a way that:\nBoard means the Future Fund Board of Guardians.\n(a) minimises the potential to effect any abnormal\nFund means the Education Investment Fund.\nchange in the volatility or efficient operation\nresponsible Ministers has the same meaning as\n Source: `annual-reports/2017-18.pages.jsonl`\n- arrangements for the\nfunds we manage are set out primarily in the\nFuture Fund Act 2006, the Medical Research\nFuture Fund Act 2015, the Aboriginal and Torres\nStrait Islander Land and Sea Future Fund Act\n2018, the DisabilityCare Australia Fund Act 2013\nand the Nation-building Funds Act 2008.\nThis core legislation sets out the roles and responsibilities of the Australian\nGovernment and of the Board and the Agency. In addition, the Public Governance,\nPerformance and Accountability Act 2013 applies to the Agency and (to a limited\nextent) the Board\n Source: `annual-reports/2018-19.pages.jsonl`\n\n### Agency and the Board The Future Fund Act 2006\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 7\n**Register search**: https://www.legislation.gov.au/search?query=Agency+and+the+Board+The+Future+Fund+Act+2006\n\n**Sources**:\n- `annual-reports/2017-18.pages.jsonl`\n- `annual-reports/2018-19.pages.jsonl`\n- `annual-reports/2019-20.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n- `annual-reports/2021-22.pages.jsonl`\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- inancial risk management 132\n18 Events occurring after reporting date 157\n19 Special accounts 157\n20 Reporting of outcomes 159\n21 Budgetary reports 160\n\n[page 103]\n101/\nFinancial Statements\nNote 1:\nObjectives of the\nFuture Fund and the responsibilities of the Agency\nand the Board\nThe Future Fund Act 2006 (as amended) (the Act) commenced on 3 April 2006 and established the Future\nFund Special Account (the Fund Account), the Future Fund Board of Guardians (the Board) and the Future\nFund Management Agency (the Agency), collectively referred to as the Future Fund\n Source: `annual-reports/2017-18.pages.jsonl`\n- cial risk management 136\n17 Events occurring after reporting date 159\n18 Special accounts 159\n19 Reporting of outcomes 160\n20 Maturity Disclosure 161\n21 Budgetary reports 162\n\n[page 112]\n110\nNote 1\nObjectives of the Future Fund and the responsibilities\nof the Agency and the Board\nThe Future Fund Act 2006 (as amended) (the “Act”) commenced on 3 April 2006 and established the Future Fund\nSpecial Account (the Fund Account), the Future Fund Board of Guardians (the “Board”) and the Future Fund Management\nAgency (the “Agency”), collectively referred to as the Futur\n Source: `annual-reports/2018-19.pages.jsonl`\n- rting date 142\n18 Special accounts 142\n19 Reporting of outcomes 144\n20 Maturity disclosure 145\n21 Budgetary reports 146\nFuture Fund 2019–2020 Annual Report fInanCIaL statements\n\n[page 92]\n92\nNote 1\nObjectives of the Future Fund and the responsibilities\nof the Agency and the Board\nThe Future Fund Act 2006 (as amended) (the “Act”) commenced on 3 April 2006 and established the Future Fund Special\nAccount (the Fund Account), the Future Fund Board of Guardians (the “Board”) and the Future Fund Management Agency\n(the “Agency”), collectively referred to as the Futur\n Source: `annual-reports/2019-20.pages.jsonl`\n- urrent and non-current assets and liabilities disclosure 151\n21 Budgetary reports 152\n22 Lease maturity analysis 153\nFuture Fund 2020–2021 Annual Report Financial statements\n\n[page 102]\n102\nNote 1: Objectives of the Future Fund and the responsibilities of the Agency and\nthe Board\nThe Future Fund Act 2006 (as amended) (the “Act”) commenced on 3 April 2006 and established the Future Fund Special\nAccount (the Fund Account), the Future Fund Board of Guardians (the “Board”) and the Future Fund Management Agency\n(the “Agency”), collectively referred to as the Futur\n Source: `annual-reports/2020-21.pages.jsonl`\n- ng of outcomes 146\n20 Current and non-current assets and liabilities disclosure 147\n21 Budgetary reports 148\n22 Lease maturity analysis 149\n\n[page 106]\n106\ntropeR\nlaunnA\n22–1202\ndnuF\nerutuF\nNote 1: Objectives of the Future Fund and the responsibilities\nof the Agency and the Board\nThe Future Fund Act 2006 (as amended) The Agency also supports the Board in the\n(the “Act”) commenced on 3 April 2006 and investment of the assets of the DisabilityCare\nestablished the Future Fund Special Account Australia Fund (“DCAF”) as set out in the\n(the Fund Account), the Futur\n Source: `annual-reports/2021-22.pages.jsonl`\n\n### Auditor-General Act 1997\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 7\n**Register search**: https://www.legislation.gov.au/search?query=Auditor-General+Act+1997\n\n**Sources**:\n- `annual-reports/2017-18.pages.jsonl`\n- `annual-reports/2018-19.pages.jsonl`\n- `annual-reports/2019-20.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n- `annual-reports/2021-22.pages.jsonl`\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- ment audits conducted by me. These include the\nrelevant independence requirements of the Accounting Professional and Ethical Standards Board’s\nAPES 110 Code of Ethics for Professional Accountants (the Code) to the extent that they are not in\nconflict with the Auditor-General Act 1997. I have also fulfilled my other responsibilities in accordance\nwith the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide\na basis for my opinion.\nKey Audit Matters\nKey audit matters are those matters that, in my\n Source: `annual-reports/2017-18.pages.jsonl`\n- ment audits conducted by\nme. These include the relevant independence requirements of the Accounting Professional and Ethical\nStandards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) to the extent that they are\nnot in conflict with the Auditor-General Act 1997. I have also fulfilled my other responsibilities in accordance\nwith the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis\nfor my opinion.\nKey audit matters\nKey audit matters are those matters that, in my\n Source: `annual-reports/2018-19.pages.jsonl`\n- include the relevant independence requirements of the Accounting Professional and Ethical\nStandards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the\nCode) to the extent that they are not in conflict with the Auditor-General Act 1997. I have also fulfilled my other\nresponsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and\nappropriate to provide a basis for my opinion.\nKey audit matters\nKey audit matters are those matters that, in my\n Source: `annual-reports/2019-20.pages.jsonl`\n- include the relevant independence requirements of the Accounting Professional and Ethical\nStandards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the\nCode) to the extent that they are not in conflict with the Auditor-General Act 1997. I have also fulfilled my other\nresponsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and\nappropriate to provide a basis for my opinion.\nKey audit matters\nKey audit matters are those matters that, in my\n Source: `annual-reports/2020-21.pages.jsonl`\n- include the relevant independence requirements of the Accounting Professional and Ethical\nStandards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the\nCode) to the extent that they are not in conflict with the Auditor-General Act 1997. I have also fulfilled my other\nresponsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and\nappropriate to provide a basis for my opinion.\nKey audit matters\nKey audit matters are those matters that, in my\n Source: `annual-reports/2021-22.pages.jsonl`\n\n### Disaster Ready Fund Act 2019\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 7\n**Register search**: https://www.legislation.gov.au/search?query=Disaster+Ready+Fund+Act+2019\n\n**Sources**:\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- boriginal and Response Fund Amendment (Disaster Ready\nTorres Strait Islander Land and Sea Future Fund Fund) Act 2022 (DRF Amendment Act).\nAct 2018 (the ATSILS Fund Act).\nThe DRF Amendment Act renamed the ERF Act\nAt 30 June 2024, the ATSILS Fund was valued the Disaster Ready Fund Act 2019 and allows\nat $2.3 billion. up to $200 million per annum to be drawn from\nthe DRF to fund natural disaster resilience and\nFuture Drought Fund risk reduction from 2023–24 onwards.\nThe Future Drought Fund (FDF) was established The Fund’s Investment Mandate requ\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- ry governance arrangements for the funds\nwe manage are set out primarily in the Future Fund Act\n2006, the Medical Research Future Fund Act 2015,\nthe Aboriginal and Torres Strait Islander Land and Sea\nFuture Fund Act 2018, the Future Drought Fund Act 2019,\nthe Disaster Ready Fund Act 2019, the Housing Australia\nFuture Fund Act 2019 and the DisabilityCare Australia\nFund Act 2013.\n18 Future Fund 2023–24 Annual Report\n\n[page 19]\nThis core legislation sets out the roles and — Board Members must be drawn from\nresponsibilities of the Australian Gove\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- Land and Sea Future Fund (“ATSILSFF”) as set\nout in the Aboriginal and Torres Strait Islander\nLand and Sea Future Fund Act 2018, the Future\nDrought Fund (“FDF”) as set out in the Future\nDrought Fund Act 2019, the Disaster Ready Fund\n(“DRF”) as set out in the Disaster Ready Fund Act\n2019 and the Housing Australia Future Fund\n(“HAFF”) as set out in the Housing Australia\nFuture Fund Act 2023.\n122 Future Fund 2023–24 Annual Report\n\n[page 123]\nNote 2: Material accounting policies\n2.1 Basis of preparation of the financial The Statement of financia\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- 7, 80, 81, 184\nDirect cost ratio 61, 62, 66, 67, 71, 75, 79, 83, 85\nDirect costs 61, 62, 66, 67, 71, 75, 79, 83, 85, 168\nDisabilityCare Australia Fund Act 2013 14, 18, 122, 168\nDisaster Ready Fund 2, 4, 11, 12, 13, 56, 76, 77, 79, 122, 179, 180, 181, 182, 192\nDisaster Ready Fund Act 2019 13, 18, 122, 168\nDrawdowns 12\nE\nEarnings 5, 42, 58, 107, 112, 117, 119, 134, 155, 160, 163, 165\nEmergency Response Fund Act 2019 13\nEmerging market(s) 37, 55, 59, 60, 64, 65, 68, 69, 70, 72, 73, 74, 76, 77, 78, 80, 81, 82, 184, 186\nEmployee(s) 16, 49, 87, 90,\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- ry governance arrangements for the funds\nwe manage are set out primarily in the Future Fund\nAct 2006, the Medical Research Future Fund Act\n2015, the Aboriginal and Torres Strait Islander Land\nand Sea Future Fund Act 2018, the Future Drought\nFund Act 2019, the Disaster Ready Fund Act 2019,\nthe Housing Australia Future Fund Act 2023\nand the DisabilityCare Australia Fund Act 2013.\n22 Future Fund 2024–25 Annual Report\n\n[page 23]\nThis core legislation sets out the roles and — Board Members must be drawn from outside\nresponsibilities of the Austral\n Source: `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n### Housing Australia Future Fund Act 2023\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 6\n**Register search**: https://www.legislation.gov.au/search?query=Housing+Australia+Future+Fund+Act+2023\n\n**Sources**:\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- itional housing options for At 30 June 2024, the DisabilityCare Australia\nvictims of domestic violence; and housing for Fund was valued at $19.1 billion.\nveterans experiencing or at risk of homelessness.\nPayments from the HAFF will be managed in line\nwith the Housing Australia Future Fund Act 2023.\nAt 30 June 2024, the Housing Australia Future\nFund was valued at $10.4 billion.\n14 Future Fund 2023–24 Annual Report\n\n[page 15]\nOur purpose Our business strategy\nOur purpose is clear: to invest for the benefit This year closed out the three-year strategy\nof\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- Land and Sea Future Fund Act 2018, the Future\nDrought Fund (“FDF”) as set out in the Future\nDrought Fund Act 2019, the Disaster Ready Fund\n(“DRF”) as set out in the Disaster Ready Fund Act\n2019 and the Housing Australia Future Fund\n(“HAFF”) as set out in the Housing Australia\nFuture Fund Act 2023.\n122 Future Fund 2023–24 Annual Report\n\n[page 123]\nNote 2: Material accounting policies\n2.1 Basis of preparation of the financial The Statement of financial position is presented\nstatements on a liquidity basis as is common practice within\nthe investment indu\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- 3, 178, 192\nG\nGovernance 2, 6, 11, 16, 18, 19, 20, 21, 23, 31, 33, 35, 39, 40, 43, 46, 47, 49, 50, 51, 56, 94, 115, 122,\n123, 124, 178, 188, 192\nGregory, Alicia 29, 31, 32, 103, 104, 105\nH\nHedge fund(s) 31, 56, 61, 66, 112, 125, 181\nHetherton, Will 28, 29, 30\nHousing Australia Future Fund Act 2023 14, 122, 168\nI\nInfrastructure 5, 9, 24, 29, 31, 32, 37, 44, 45, 47, 55, 56, 60, 61, 64, 65, 69, 70, 73, 74, 77, 78, 81, 82, 90,\n112, 125, 138, 139, 140, 141, 155, 178, 185\nInternational Forum of Sovereign Wealth Funds 19, 192\nInvestment beliefs 38, 40\nInvestm\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- esponse Fund\nfor victims of domestic violence; and housing for\n(ERF) upon commencement of the Emergency\nveterans experiencing or at risk of homelessness.\nResponse Fund Act 2019 (ERF Act) on\n12 December 2019. Payments from the HAFF are managed in line\nwith the Housing Australia Future Fund Act 2023.\nOn 1 March 2023, the ERF was renamed the\nDRF upon commencement of the Emergency At 30 June 2025, the HAFF was valued\nResponse Fund Amendment (Disaster Ready at $10.9 billion.\nFund) Act 2022 (DRF Amendment Act).\nDisabilityCare Australia Fund\nThe DRF Amendment\n Source: `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n- funds\nwe manage are set out primarily in the Future Fund\nAct 2006, the Medical Research Future Fund Act\n2015, the Aboriginal and Torres Strait Islander Land\nand Sea Future Fund Act 2018, the Future Drought\nFund Act 2019, the Disaster Ready Fund Act 2019,\nthe Housing Australia Future Fund Act 2023\nand the DisabilityCare Australia Fund Act 2013.\n22 Future Fund 2024–25 Annual Report\n\n[page 23]\nThis core legislation sets out the roles and — Board Members must be drawn from outside\nresponsibilities of the Australian Government, of the Government and must m\n Source: `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n### National Disability Insurance Scheme Act 2013\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 6\n**Register search**: https://www.legislation.gov.au/search?query=National+Disability+Insurance+Scheme+Act+2013\n\n**Sources**:\n- `annual-reports/2017-18.pages.jsonl`\n- `annual-reports/2018-19.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n\n**Evidence contexts**:\n- ions\nAustralian and international financial markets.\n(1) The DisabilityCare Australia Fund is a financing\nsource to enhance the Commonwealth’s ability\nto reimburse the States and Territories and the\nCommonwealth for the expenditure incurred in\nrelation to the National Disability Insurance\nScheme Act 2013.\n(2) The object of these Directions is to give\nguidance to the Board in relation to its\ninvestment strategy for the Fund. The Board is\nrequired by the Act to seek to maximise the\nreturn earned on the Fund, consistent with\ninternational best practice for insti\n Source: `annual-reports/2017-18.pages.jsonl`\n- ch as\ntransport, communications, energy, water, education, research\nand health. The DisablityCare Australia Fund was established by\nlegislation with the object of reimbursing States, Territories and\nthe Commonwealth for expenditure incurred in relation to the\nNational Disability Insurance Scheme Act 2013 and to fund\nimplementation of the National Disability Insurance Scheme Act\n2013 in its initial period of operation. The Medical Research\nFuture Fund was established to improve the health and\nwellbeing of Australians by providing grants of financial\nassistance\n Source: `annual-reports/2017-18.pages.jsonl`\n- The DisablityCare Australia Fund was established by\nlegislation with the object of reimbursing States, Territories and\nthe Commonwealth for expenditure incurred in relation to the\nNational Disability Insurance Scheme Act 2013 and to fund\nimplementation of the National Disability Insurance Scheme Act\n2013 in its initial period of operation. The Medical Research\nFuture Fund was established to improve the health and\nwellbeing of Australians by providing grants of financial\nassistance to support medical research and medical innovation.\nThe Board of Guardians is r\n Source: `annual-reports/2017-18.pages.jsonl`\n- management personnel\n84, 85, 130, 131, 194\nKvarnskog, Björn\n21\nAnnual Report 2017-18\n\n[page 200]\n198/\nReferences and index\nN R\nNational Disability Insurance Scheme Remuneration\n9, 59, 60, 63, 176, 180 25-28, 48, 57, 61, 65, 83-88, 95, 100, 107, 112, 113, 130,\nNational Disability Insurance Scheme Act 2013 157\n176, 180 Remuneration & Nominations Committee\nNation-building Funds Act 2008 71, 72, 83\n10, 63, 66, 101, 159, 177, 178 Remuneration report\nNeal, David 83\n5, 7, 20, 73, 84-86 Reserve Bank of Australia\nNorris, Wendy 9, 49, 166, 175\n18, 20 Resource statement\n Source: `annual-reports/2017-18.pages.jsonl`\n- 03, 111, 166\nRemuneration Report 29, 90-97\nMurray, Hugh 21\nReserve Bank of Australia 11, 51, 52, 73, 167, 175\nmytime 84\nResource statement 163\nN\nRisk management 09, 26, 35, 52, 74, 80, 81, 109, 115,\nNational Disability Insurance Scheme 12, 13, 64, 178 136-158\nNational Disability Insurance Scheme Act 2013 178\nS\nNation-building Funds Act 2008 12, 70, 110, 161, 179,\nSantiago Principles 71\n180\nSharpe ratio 48\nNeal, David 07, 09, 21, 77, 91, 92, 93\nSovereign wealth fund 10, 17, 37, 71, 112, 166, 187\nNorris, Wendy 09, 21\nSuperannuation liabilities 110, 116, 160, 16\n Source: `annual-reports/2018-19.pages.jsonl`\n\n### In Australia the Future Fund Act 2006\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 5\n**Register search**: https://www.legislation.gov.au/search?query=In+Australia+the+Future+Fund+Act+2006\n\n**Sources**:\n- `annual-reports/2017-18.pages.jsonl`\n- `annual-reports/2018-19.pages.jsonl`\n- `annual-reports/2019-20.pages.jsonl`\n- `annual-reports/2020-21.pages.jsonl`\n- `annual-reports/2021-22.pages.jsonl`\n\n**Evidence contexts**:\n- e development of more efficient\nthrough various jurisdictions and investment\nand sustainable capital markets, in turn enhancing\nvehicles for a variety of commercial, legal and tax\nlong-term return outcomes.\nreasons.\nWe focus on those ESG factors that have the\nIn Australia the Future Fund Act 2006 exempts the\npotential to materially impact the performance of\nBoard from paying income tax. This reflects the fact\nthe investment portfolio and/or our reputation.\nthat our earnings are owned by the Australian\nRelevant ESG factors vary by industry and across\nG\n Source: `annual-reports/2017-18.pages.jsonl`\n- t strategies we invest\nexternal advisers to undertake specialist due diligence or through various jurisdictions and investment vehicles for\nsupplement the internal due diligence work as required. a variety of commercial, legal and tax reasons.\nWhere we invest In Australia the Future Fund Act 2006 exempts the\nBoard from paying income tax. This reflects the fact that\nAs a global investor, we look across the world for the best our earnings are owned by the Australian Government.\ninvestment opportunities available to maximise returns for Internationally w\n Source: `annual-reports/2018-19.pages.jsonl`\n- eview Committee as appropriate. We undertake\nthrough various jurisdictions and investment vehicles for a\nregular reviews of external managers after appointment.\nvariety of commercial, legal and tax reasons.\nDue diligence incorporates assessment against agreed\nIn Australia, the Future Fund Act 2006 exempts the\nevaluation criteria and includes desk research, third party\nBoard from paying income tax. This reflects the fact that\nresearch, site visits and interviews.\nour earnings are owned by the Australian Government.\nWe undertake detailed operational due\n Source: `annual-reports/2019-20.pages.jsonl`\n- set and bring forward a recommendation to through various jurisdictions and investment vehicles\nthe Manager Review Committee or Asset Review Committee for a variety of commercial, legal and tax reasons.\nas appropriate. We undertake regular reviews of external\nIn Australia, the Future Fund Act 2006 exempts the Board\nmanagers after appointment.\nfrom paying income tax. This reflects the fact that our\nDue diligence incorporates assessment against agreed earnings are owned by the Australian Government.\nevaluation criteria and includes desk research, third p\n Source: `annual-reports/2020-21.pages.jsonl`\n- on criteria and includes\nwe invest through various jurisdictions and\ndesk research, third-party research, onsite\ninvestment vehicles for a variety of commercial,\nvisits where possible, and interviews\nlegal and tax reasons.\nwith key investment decision-makers.\nIn Australia, the Future Fund Act 2006 exempts\nWe also undertake detailed operational due\nthe Board from paying income tax. This reflects\ndiligence and use external advisers to undertake\nthe fact that our earnings are owned by the\nspecialist due diligence to supplement the\nAustralian Government. I\n Source: `annual-reports/2021-22.pages.jsonl`\n\n### Response Fund Act 2019\n\n**Type**: Act\n**Confidence**: high\n**Mentions**: 5\n**Register search**: https://www.legislation.gov.au/search?query=Response+Fund+Act+2019\n\n**Sources**:\n- `annual-reports/2021-22.pages.jsonl`\n- `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n\n**Evidence contexts**:\n- Payments from the Emergency Response Fund\nAustralia’s farming communities, and improve are determined by the Australian Government\nthe sustainability and resilience of the natural and managed in line with the Emergency\nresources on which agriculture depends. Response Fund Act 2019.\nPayments from the Future Drought Fund\nDisabilityCare Australia Fund\nare determined by the Australian Government\nand managed in line with the Future Drought The DisabilityCare Australia Fund was\nFund Act 2019. established in July 2014 to help fund the\nNationa\n Source: `annual-reports/2021-22.pages.jsonl`\n- Future Fund Act\nGovernment investment funds in line with their 2015, the Aboriginal and Torres Strait Islander\nInvestment Mandates. Land and Sea Future Fund Act 2018, the Future\nDrought Fund Act 2019 and the Emergency\nThe Fund’s net contribution to outcome 1\nResponse Fund Act 2019 to support the Board in\nis disclosed in the Statement of\nthe investment of the assets of the DCAF, MRFF,\ncomprehensive income.\nATSILSFF, FDF and ERF. The Agency charges\na monthly fee to each fund to reimburse the\n19.2 Net cost of outcome\nAgency for shared cos\n Source: `annual-reports/2021-22.pages.jsonl`\n- ter Ready Fund (DRF) was initially\nBoard to target an average return, net of costs, established as the Emergency Response Fund\nof at least the CPI + 2.0% to 3.0% per annum (ERF) upon commencement of the Emergency\nover the long term, while taking an acceptable Response Fund Act 2019 (ERF Act) on 12\nbut not excessive level of risk. December 2019.\nPayments from the ATSILS Fund are On 1 March 2023, the ERF was renamed the\ndetermined by the Australian Government DRF upon commencement of the Emergency\nand managed in line with the Aboriginal a\n Source: `other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pages.jsonl`\n- er Ready Fund (DRF) was initially\ncommunities; transitional housing options\nestablished as the Emergency Response Fund\nfor victims of domestic violence; and housing for\n(ERF) upon commencement of the Emergency\nveterans experiencing or at risk of homelessness.\nResponse Fund Act 2019 (ERF Act) on\n12 December 2019. Payments from the HAFF are managed in line\nwith the Housing Australia Future Fund Act 2023.\nOn 1 March 2023, the ERF was renamed the\nDRF upon commencement of the Emergency At 30 June 2025, the HAFF was valued\nResponse Fund Amend\n Source: `other-pdfs/FFMA-202024-25-20Annual-20Report.pages.jsonl`\n- Ready Fund (DRF) was initially 2019 to take all reasonable steps to ensure that\nestablished as the Emergency Response Fund the balance of the Disaster Ready Fund Special\n(ERF) upon commencement of the Emergency Account is sufficient to cover\n\n_…truncated, open the .md file for the full content._", "global_initiatives_md": null, "strategy": { "reporting_period": "2024-25", "corporate_plan_period": "2025-26", "vision": null, "vision_source_page": null, "purposes": "Investing for the benefit of future generations of Australians. Every dollar that we make is a dollar that adds to Australia’s wealth and contributes to its future. [CP p. 13]", "purposes_source_page": 13, "how_we_deliver": "We focus on what matters; everything we do is focused on achieving our purpose and we don’t get side-tracked by distractions. We always do the right thing by our country, our organisation, and our team. We work together to achieve the best outcome, every time, and ultimately achieve our purpose. [CP p. 16]", "how_we_deliver_source_page": 16, "government_priorities": [ { "text": "Refresh the investment model", "source_page": 18 }, { "text": "Mature the organisation", "source_page": 20 }, { "text": "Preserve our legacy", "source_page": 20 }, { "text": "Expand our voice", "source_page": 21 } ], "outcomes": [ { "name": "Outcome 1: Long-term financial stability", "description": "The Future Fund contributes to the long-term financial stability of the Commonwealth by delivering strong long-term risk-adjusted returns on its original capital. [CP p. 13]", "key_activities": [ "Investing in a diversified portfolio of assets", "Managing risk to achieve targeted returns" ], "source_page": 13 }, { "name": "Outcome 2: Economic resilience", "description": "The Future Fund enhances the economic resilience of Australia by providing secure funding for initiatives that support drought resilience, emergency responses, and disability care. [CP p. 13]", "key_activities": [ "Investing in funds that support drought resilience", "Providing funding for emergency responses and disability care" ], "source_page": 13 } ], "values": [ "One team, One purpose", "Investment performance is our focus", "Collaborate", "Facilitate", "Innovate", "Deliberate", "Inclusion" ], "values_framework_name": "The Future Fund Way", "kpi_targets_2025_26": [ { "code": "CCE01", "measure": "Return on investment", "target": "At least the CPI + 4.0% to 5.0% per annum", "source_page": 18 }, { "code": "ERF01", "measure": "Emergency response fund performance", "target": "At least the CPI + 2.0% to 3.0% per annum", "source_page": 21 }, { "code": "DCAF01", "measure": "DisabilityCare Australia Fund performance", "target": "Australian three-month bank bill swap rate + 0.3% per annum", "source_page": 21 } ], "kpi_results_2024_25": [ { "code": "FF01", "measure": "Future Fund performance", "result": "-1.2%", "status": "Partially achieved", "source_page": 11 }, { "code": "MRFF01", "measure": "Medical Research Future Fund performance", "result": "0.1%", "status": "Substantially achieved", "source_page": 11 }, { "code": "ATSILS01", "measure": "Aboriginal and Torres Strait Islander Land and Sea Future Fund performance", "result": "-0.2%", "status": "Not achieved", "source_page": 11 }, { "code": "DDF01", "measure": "Future Drought Fund performance", "result": "-0.2%", "status": "Not achieved", "source_page": 11 }, { "code": "ERF01", "measure": "Emergency Response Fund performance", "result": "-0.1%", "status": "Partially achieved", "source_page": 11 }, { "code": "DCAF01", "measure": "DisabilityCare Australia Fund performance", "result": "-0.4%", "status": "Not achieved", "source_page": 11 } ], "_source_urls": { "annual_report_url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "corporate_plan_url": "" } }, "ideas": [ { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Procurement & Delivery", "scale": "small", "title": "Procurement lessons library for repeat purchases", "idea": "Capture reusable procurement clauses, market lessons, supplier performance notes, and common evaluation criteria.", "quote": "In 2024–25, the Future Fund Board of\nKey achievements for the year include:\nGuardians expanded its investment beliefs\nto include a Responsible Investment Belief: — Established a responsible investment\nIntegrating ESG considerations, including approach consistent with our obligations\nclimate change, as a Responsible under the Future Fund Act 2006,\nInvestor enhances long-term returns our Investment Mandate and our\nand our reputation. investment strategy\n— Together with the Board we established\nand started to embed the new Responsible\nThis marks a significant milestone in the Investment Belief\nevolution of our investment approach,\n— Designed our new Responsible Investment\ndemonstrating our commitment to\nPolicy, which sets accountabilities within\nresponsible investment.\nour organisation, guides our approach to", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Delivery teams / suppliers", "source": "other-pdfs/FFMA-202024-25-20Annual-20Report.pdf (https://content.futurefund.gov.au/FFMA%202024-25%20Annual%20Report.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Procurement & Delivery", "scale": "large", "title": "Portfolio delivery office for major investments", "idea": "Stand up a portfolio delivery office that tracks benefits, risks, dependencies, procurement, and delivery confidence.", "quote": "In 2024–25, the Future Fund Board of\nKey achievements for the year include:\nGuardians expanded its investment beliefs\nto include a Responsible Investment Belief: — Established a responsible investment\nIntegrating ESG considerations, including approach consistent with our obligations\nclimate change, as a Responsible under the Future Fund Act 2006,\nInvestor enhances long-term returns our Investment Mandate and our\nand our reputation. investment strategy\n— Together with the Board we established\nand started to embed the new Responsible\nThis marks a significant milestone in the Investment Belief\nevolution of our investment approach,\n— Designed our new Responsible Investment\ndemonstrating our commitment to\nPolicy, which sets accountabilities within\nresponsible investment.\nour organisation, guides our approach to", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Delivery teams / suppliers", "source": "other-pdfs/FFMA-202024-25-20Annual-20Report.pdf (https://content.futurefund.gov.au/FFMA%202024-25%20Annual%20Report.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Risk & Assurance", "scale": "small", "title": "Recommendation tracker for audits, reviews, and inquiries", "idea": "Publish a single internal tracker for audit/review recommendations, owners, due dates, and implementation evidence.", "quote": "[pages 77,78,79,80]\nquarterly basis, with results\nIn managing risk, we consider risk in three broad\nreported to the Agency’s Operational Risk &\ncategories: investment risk, strategic risk and\nCompliance Committee and the Board’s Audit &\noperational risk:\nRisk Committee.\ni) Investment risk is the risk that the Board-\napproved investment strategies fail to achieve\nthe mandated return and risk objectives for\neach fund.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Executives / assurance teams", "source": "annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Risk & Assurance", "scale": "large", "title": "Integrated assurance and lessons-learned system", "idea": "Create an assurance system that connects audit findings, risk registers, delivery reviews, and investment decisions.", "quote": "[pages 77,78,79,80]\nquarterly basis, with results\nIn managing risk, we consider risk in three broad\nreported to the Agency’s Operational Risk &\ncategories: investment risk, strategic risk and\nCompliance Committee and the Board’s Audit &\noperational risk:\nRisk Committee.\ni) Investment risk is the risk that the Board-\napproved investment strategies fail to achieve\nthe mandated return and risk objectives for\neach fund.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Executives / assurance teams", "source": "annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Data & Performance", "scale": "small", "title": "KPI evidence register with named owners", "idea": "Create a simple register mapping each KPI to source data, owner, frequency, target, and last result.", "quote": "[Page 5]\n2017-18 at a glance Future Fund\nbalance at 30 June 2018\n$145.8 billion\nReturn 2017-18 10 year return\n9.3% 8.7% pa\nEarnings for 2017-18 Value added since inception\n$12.4bn $85.3bn\nOther fund performance in 2017-18\nMedical Research Future Fund DisabilityCare Australia Fund\nReturn Benchmark target Return Benchmark target\n4.7% 3.0% 2.1% 2.1%\nEducation Investment Fund Building Australia Fund\nReturn Benchmark target Return Benchmark target\n2.1% 2.1% 2.1% 2.1%\nCash flow history at 30 June 2018\nFuture Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$60.5 + $85.3 - $0 = $145.8\nMedical Research Future Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$6.7 + $0.6 - $0.1 = $7.2\nDisabilityCare Australia Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$14.3 + $0.5 - $0.1 = $14.7\nEducation Investment Fund", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Executives / Parliament / public", "source": "annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Data & Performance", "scale": "large", "title": "Outcome dashboard linking budget, delivery, and public impact", "idea": "Build a public-facing outcome dashboard showing spend, outputs, outcomes, and delivery confidence.", "quote": "[Page 5]\n2017-18 at a glance Future Fund\nbalance at 30 June 2018\n$145.8 billion\nReturn 2017-18 10 year return\n9.3% 8.7% pa\nEarnings for 2017-18 Value added since inception\n$12.4bn $85.3bn\nOther fund performance in 2017-18\nMedical Research Future Fund DisabilityCare Australia Fund\nReturn Benchmark target Return Benchmark target\n4.7% 3.0% 2.1% 2.1%\nEducation Investment Fund Building Australia Fund\nReturn Benchmark target Return Benchmark target\n2.1% 2.1% 2.1% 2.1%\nCash flow history at 30 June 2018\nFuture Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$60.5 + $85.3 - $0 = $145.8\nMedical Research Future Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$6.7 + $0.6 - $0.1 = $7.2\nDisabilityCare Australia Fund\nContributions (bn) Earnings (bn) Withdrawals (bn) Balance (bn)\n$14.3 + $0.5 - $0.1 = $14.7\nEducation Investment Fund", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Executives / Parliament / public", "source": "annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability" ] }, { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Regulation & Policy", "scale": "small", "title": "Regulatory burden scan for forms, guidance, and reporting", "idea": "Identify the top 10 highest-friction reporting obligations and simplify guidance, forms, or evidence requirements.", "quote": "Consumer Price Index (CPI) + 4.5% to 5.5% per annum over\nThere is a natural tension between these two objectives,\nthe long term with an acceptable but not excessive level\nand our investment policy framework has been designed\nof risk.\nto guide resolution of issues like this by formalising our\nA new Investment Mandate came into effect from approach to investment risk management in portfolio\n1 July 2017, which reduced the long-term benchmark construction.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Regulated entities / policy teams", "source": "annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Regulation & Policy", "scale": "large", "title": "Adaptive regulation program with live feedback loops", "idea": "Create an adaptive regulation model using sandboxes, industry data, risk scoring, and regular rule updates.", "quote": "Consumer Price Index (CPI) + 4.5% to 5.5% per annum over\nThere is a natural tension between these two objectives,\nthe long term with an acceptable but not excessive level\nand our investment policy framework has been designed\nof risk.\nto guide resolution of issues like this by formalising our\nA new Investment Mandate came into effect from approach to investment risk management in portfolio\n1 July 2017, which reduced the long-term benchmark construction.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Regulated entities / policy teams", "source": "annual-reports/2018-19.pdf (https://content.futurefund.gov.au/2018-19%20Future%20Fund%20Annual%20Report.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Regulatory capture", "Over-automation of judgement" ] }, { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Staff Productivity", "scale": "small", "title": "Reusable briefing and summary assistant for internal documents", "idea": "Create controlled templates for summarising reports, submissions, minutes, and ministerial briefs.", "quote": "[Page 102]\nIndividual performance component Total variable pay outcomes\nThe individual performance component of our While growth in our workforce resulting in the\nvariable pay structure is designed to recognise number of staff eligible for variable pay rose\nand reward achievements of goals set for each from 239 in 2022–23 to 254 in 2023–24,\nemployee, as well as the extent to which they given the fund performance component for\nmeet the Agency’s values. the 2023–24 year was zero the aggregate\ntotal variable pay paid to staff has decreased\nThe Agency successfully delivered against\nfrom $18.3 million in 2022–23 to $14.9 million\nthe full-year business plan and continued\nin 2023–24.\nrepositioning the portfolio for this new higher\ninflation, lower returns world.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "APS staff / executives", "source": "other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Sensitive information leakage", "Inconsistent quality of generated drafts" ] }, { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Staff Productivity", "scale": "large", "title": "Department-wide knowledge and briefing platform", "idea": "Build a secure knowledge platform that lets staff search, summarise, and cite approved departmental material.", "quote": "[Page 102]\nIndividual performance component Total variable pay outcomes\nThe individual performance component of our While growth in our workforce resulting in the\nvariable pay structure is designed to recognise number of staff eligible for variable pay rose\nand reward achievements of goals set for each from 239 in 2022–23 to 254 in 2023–24,\nemployee, as well as the extent to which they given the fund performance component for\nmeet the Agency’s values. the 2023–24 year was zero the aggregate\ntotal variable pay paid to staff has decreased\nThe Agency successfully delivered against\nfrom $18.3 million in 2022–23 to $14.9 million\nthe full-year business plan and continued\nin 2023–24.\nrepositioning the portfolio for this new higher\ninflation, lower returns world.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "APS staff / executives", "source": "other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf (https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Sensitive information leakage", "Inconsistent quality of generated drafts" ] }, { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Citizen Participation", "scale": "small", "title": "Consultation feedback summaries with response tracking", "idea": "Summarise consultation submissions by theme and publish what changed in response.", "quote": "Purpose Amount debited Amount debited Amount debited\n2015-16 2016-17 2017-18\nContracts with investment managers $251,506,695 $254,382,038 $291,006,497\nBoard remuneration and allowances $894,571 $908,032 $852,505\nAgency remuneration and allowances $34,988,290 $38,842,944 $43,663,298\nConsultants and advisers to the Board and Agency $24,475,120 $16,064,403 $14,339,000\nAgency operations $20,126,715 $23,646,429 $23,564,832\nNote: all costs reported under section 81 of the Future Fund Act 2006 are reported on a cash basis, whereas the direct costs in the\nabove table include accruals.", "impact": "High", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Citizens / stakeholders / policy teams", "source": "annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)", "implementation": [ "Pick one high-volume process or document family.", "Name an owner and baseline current volume, time, cost, and satisfaction.", "Run a 4-8 week pilot with clear before/after metrics.", "Publish lessons and decide whether to scale." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] }, { "entity_id": "B-002382", "entity_name": "Future Fund Board of Guardians", "folder_name": "Future-Fund-Board-of-Guardians", "category": "Citizen Participation", "scale": "large", "title": "Always-on policy participation platform", "idea": "Create a standing participation platform where citizens and stakeholders can propose, vote, and track ideas.", "quote": "Purpose Amount debited Amount debited Amount debited\n2015-16 2016-17 2017-18\nContracts with investment managers $251,506,695 $254,382,038 $291,006,497\nBoard remuneration and allowances $894,571 $908,032 $852,505\nAgency remuneration and allowances $34,988,290 $38,842,944 $43,663,298\nConsultants and advisers to the Board and Agency $24,475,120 $16,064,403 $14,339,000\nAgency operations $20,126,715 $23,646,429 $23,564,832\nNote: all costs reported under section 81 of the Future Fund Act 2006 are reported on a cash basis, whereas the direct costs in the\nabove table include accruals.", "impact": "Very High", "effort": "High", "proof": "Evidence-backed", "beneficiaries": "Citizens / stakeholders / policy teams", "source": "annual-reports/2017-18.pdf (https://content.futurefund.gov.au/2017-18%20Future%20Fund%20Annual%20Report.pdf)", "implementation": [ "Create a senior responsible owner and cross-functional delivery team.", "Map legislation, data, privacy, procurement, cyber, and workforce constraints.", "Co-design with users and frontline staff before technology selection.", "Stage delivery through pilots, benefits tracking, and public reporting." ], "risks": [ "Privacy and data quality", "Change fatigue", "Unclear accountability", "Digital exclusion", "Low public trust if feedback is not acted on" ] } ], "legislation_administered": [], "artifacts": [ { "category": "annual-reports", "year": "2021-22", "url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "file": "annual-reports/2021-22.pdf", "bytes": 4446908, "link_text": "2021-22 Future Fund Annual Report" }, { "category": "annual-reports", "year": "2020-21", "url": "https://content.futurefund.gov.au/2020-21%20Future%20Fund%20Annual%20Report.pdf", "file": "annual-reports/2020-21.pdf", "bytes": 2076428, "link_text": "2020-21 Future Fund Annual Report" }, { "category": 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"year": "2024-25", "url": "https://content.futurefund.gov.au/2024-25%20Future%20Fund%20Year%20in%20Review.pdf", "file": "other-pdfs/2024-25-20Future-20Fund-20Year-20in-20Review.pdf", "bytes": 3886161, "link_text": "Year in Review 2024-25" }, { "category": "other-pdfs", "year": "2023-24", "url": "https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Year%20in%20Review.pdf", "file": "other-pdfs/2023-24-20Future-20Fund-20Year-20in-20Review.pdf", "bytes": 2088602, "link_text": "Year in Review 2023-24" }, { "category": "other-pdfs", "year": "2022-23", "url": "https://content.futurefund.gov.au/2022-23%20Future%20Fund%20Year%20in%20Review.pdf", "file": "other-pdfs/2022-23-20Future-20Fund-20Year-20in-20Review.pdf", "bytes": 4544249, "link_text": "Year in Review 2022-23" }, { "category": "other-pdfs", "year": "2023-24", "url": "https://content.futurefund.gov.au/2023-24%20Future%20Fund%20Annual%20Report.pdf", "file": "other-pdfs/2023-24-20Future-20Fund-20Annual-20Report.pdf", "bytes": 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