{ "entity_id": "O-000854", "folder": "Future-Fund-Management-Agency", "name": "Future Fund Management Agency", "type": "Non-corporate Commonwealth Entity", "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": true, "has_global_initiatives_text": true, "has_ideas": true, "has_artifacts": true, "n_ideas": 8, "n_legislation": 6, "n_artifacts": 10, "n_kpi_targets": 1, "n_kpi_results": 1, "n_outcomes": 4, "verified_own_data": true }, "strategy_profile": { "status": "published", "confidence": "high", "summary": "Investing for the benefit of future generations of Australians. [CP p.12]", "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. [CP p.12]", "source_url": "", "source_page": 12, "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": "Focus on what matters", "description": "", "source_url": "", "source_page": null }, { "name": "Do the right thing", "description": "", "source_url": "", "source_page": null }, { "name": "Work together", "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: Investment performance", "description": "The ultimate priority for the Agency is generating strong, long-term investment performance. [CP p.18]", "activities": [ "A new investment strategy", "The development of a three-year plan to reposition the portfolio", "The establishment and embedding of a new Treasury Management function" ], "source_url": "", "source_page": 18, "source_deep_url": "" }, { "name": "Outcome 2: Organisational maturity", "description": "The Agency recently entered a new period of growth and development. This requires a deliberate focus on prudently maturing the organisation to ensure we are best-positioned to achieve our strategy and purpose going forward. [CP p.20]", "activities": [ "The finalisation of a multi-year technology strategy", "The appointment a Head of Technology", "The establishment of an Investment Data Management function and team" ], "source_url": "", "source_page": 20, "source_deep_url": "" }, { "name": "Outcome 3: Legacy preservation", "description": "The Agency has been very intentional about building and fostering a high-performing and unique team culture over the last 16 years. Retaining and building on the strong existing culture is pivotal to our success as we continue to evolve and enter a new period of growth and maturity. [CP p.20]", "activities": [ "The articulation of our culture with the Future Fund Way", "The introduction of a dedicated culture module designed to formalise the standards and expectations of our people", "The roll-out of culture discussion groups which facilitated team conversations" ], "source_url": "", "source_page": 20, "source_deep_url": "" }, { "name": "Outcome 4: Stakeholder engagement", "description": "This area of focus prioritises the expansion and deepening of our business and stakeholder connections and networks. We aim to achieve this by contributing to insightful and valuable discussions about relevant investment matters with our stakeholders. [CP p.21]", "activities": [ "The finalisation of a new corporate affairs strategy", "The design and introduction of a new Corporate Affairs Team structure", "The publishing of a position paper titled A New Investment Order" ], "source_url": "", "source_page": 21, "source_deep_url": "" } ], "performance_measures": [ { "code": "CCE01", "measure": "Investment performance", "target": "Stability or improvement", "latest_result": "Target met", "status": "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": null } ], "document_alignment_terms": { "must_support": [ "Investing for the benefit of future generations of Australians. [CP p.12]", "Refresh the investment model", "Mature the organisation", "Preserve our legacy", "Expand our voice" ], "watch_terms": [ "Investment performance" ], "avoid_claiming_without_evidence": [] }, "review_note": "" }, "strategy_brief_md": "# Future Fund Management Agency — 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. [CP p.12] [CP p.12]\n\n## How we deliver\n\n> Everything we do is aligned with our purpose. It provides a focus for our people, their efforts, and our strategic and operational priorities. [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: Investment performance\nThe ultimate priority for the Agency is generating strong, long-term investment performance. [CP p.18] [CP p.18]\n\n**Key activities:**\n- A new investment strategy\n- The development of a three-year plan to reposition the portfolio\n- The establishment and embedding of a new Treasury Management function\n\n### Outcome 2: Organisational maturity\nThe Agency recently entered a new period of growth and development. This requires a deliberate focus on prudently maturing the organisation to ensure we are best-positioned to achieve our strategy and purpose going forward. [CP p.20] [CP p.20]\n\n**Key activities:**\n- The finalisation of a multi-year technology strategy\n- The appointment a Head of Technology\n- The establishment of an Investment Data Management function and team\n\n### Outcome 3: Legacy preservation\nThe Agency has been very intentional about building and fostering a high-performing and unique team culture over the last 16 years. Retaining and building on the strong existing culture is pivotal to our success as we continue to evolve and enter a new period of growth and maturity. [CP p.20] [CP p.20]\n\n**Key activities:**\n- The articulation of our culture with the Future Fund Way\n- The introduction of a dedicated culture module designed to formalise the standards and expectations of our people\n- The roll-out of culture discussion groups which facilitated team conversations\n\n### Outcome 4: Stakeholder engagement\nThis area of focus prioritises the expansion and deepening of our business and stakeholder connections and networks. We aim to achieve this by contributing to insightful and valuable discussions about relevant investment matters with our stakeholders. [CP p.21] [CP p.21]\n\n**Key activities:**\n- The finalisation of a new corporate affairs strategy\n- The design and introduction of a new Corporate Affairs Team structure\n- The publishing of a position paper titled A New Investment Order\n\n## Values and principles\n\n_The Future Fund Way_\n\n- Focus on what matters\n- Do the right thing\n- Work together\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 | Investment performance | Stability or improvement | |\n\n## How they performed last year (results from 2024-25 annual report)\n\n| Code | Measure | Result | Status | Source |\n|---|---|---|---|---|\n| CCE01 | Investment performance | Target met | Achieved | |", "strategy_overview_evidence_md": null, "internal_strategy_evidence_md": "# Future Fund Management Agency - Strategy, Performance, and Operating Profile\n\n**Generated at**: 2026-05-09T21:58:33.811882+00:00\n**Entity ID**: O-000854\n**Entity type**: Non-corporate Commonwealth Entity\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| global-intelligence | 4 |\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\nGlobal source texts are available for later idea synthesis:\n- `global-intelligence/source-text/association-worldbank.org-governance.txt`\n- `global-intelligence/source-text/association-worldbank.org-public-financial-management.txt`\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt`\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt`\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 - https://www.futurefund.gov.au/about-us/publications\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- `global-intelligence/source-text/association-worldbank.org-governance.txt` - global-intelligence - local file\n- `global-intelligence/source-text/association-worldbank.org-public-financial-management.txt` - global-intelligence - local file\n- `global-intelligence/source-text/consulting-deloitte.com-government-public.txt` - global-intelligence - local file\n- `global-intelligence/source-text/university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt` - global-intelligence - local file\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.", "legislation_md": "# Future Fund Management Agency — Legislation Administered\n\n**Generated**: 2026-05-13T03:30:25+00:00\n**Source**: LLM extraction (nova-micro) from latest annual report and corporate plan\n**Tokens**: 21,351 in / 588 out · cost: $0.00083\n\n> Acts and instruments this entity administers or has primary responsibility for.\n> Excludes generic gov-wide compliance Acts (PGPA, Public Service Act, FOI, Privacy, etc.).\n\n**Source documents fed to the model**:\n- Annual report: `annual-reports\\2021-22.txt`\n- Corporate plan: `(none)`\n\n## 6 laws administered\n\n| Title | Year | Type | What this entity does under it |\n|---|---|---|---|\n| [Future Fund Act 2006](https://www.legislation.gov.au/search?query=Future+Fund+Act+2006) | 2006 | Act | The entity administers the Future Fund and sets its investment mandate. |\n| [Medical Research Future Fund Act 2015](https://www.legislation.gov.au/search?query=Medical+Research+Future+Fund+Act+2015) | 2015 | Act | The entity administers the Medical Research Future Fund and sets its investment mandate. |\n| [Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018](https://www.legislation.gov.au/search?query=Aboriginal+and+Torres+Strait+Islander+Land+and+Sea+Future+Fund+Act+2018) | 2018 | Act | The entity administers the Aboriginal and Torres Strait Islander Land and Sea Future Fund and sets its investment mandate. |\n| [Future Drought Fund Act 2019](https://www.legislation.gov.au/search?query=Future+Drought+Fund+Act+2019) | 2019 | Act | The entity administers the Future Drought Fund and sets its investment mandate. |\n| [Emergency Response Fund Act 2019](https://www.legislation.gov.au/search?query=Emergency+Response+Fund+Act+2019) | 2019 | Act | The entity administers the Emergency Response Fund and sets its investment mandate. |\n| [DisabilityCare Australia Fund Act 2013](https://www.legislation.gov.au/search?query=DisabilityCare+Australia+Fund+Act+2013) | 2013 | Act | The entity administers the DisabilityCare Australia Fund and sets its investment mandate. |", "global_initiatives_md": "# Future Fund Management Agency — Global Initiatives Catalogue\n\n## Focus areas\n- Investment strategies\n- Medical research funding\n- Indigenous land and sea funding\n- Drought resilience funding\n- Emergency response funding\n- DisabilityCare funding\n\n## Investment strategies\n\n### Global Investment Strategy Benchmarking\n**Jurisdiction**: OECD\n**Run by**: OECD Investment Committee\n**Year**: 1963\n**Status**: Active\n**What it does (2–3 sentences)**: The OECD Investment Committee provides guidelines and benchmarks for investment strategies across member countries, focusing on sustainable and long-term investment returns.\n**Why it matters to Australia (1–2 sentences)**: Australia can adopt best practices in long-term investment strategies to enhance returns on sovereign wealth funds.\n**Find more**: [OECD Investment Committee](https://www.google.com/search?q=OECD+Investment+Committee)\n\n### Pension Fund Excellence\n**Jurisdiction**: Canada\n**Run by**: Canada Pension Plan Investment Board (CPPIB)\n**Year**: 1965\n**Status**: Active\n**What it does (2–3 sentences)**: The CPPIB manages Canada's largest public pension fund, focusing on long-term investment strategies and achieving high risk-adjusted returns.\n**Why it matters to Australia (1–2 sentences)**: The CPPIB's investment strategies and risk management practices could provide valuable insights for the Future Fund.\n**Find more**: [Canada Pension Plan Investment Board](https://www.google.com/search?q=Canada+Pension+Plan+Investment+Board)\n\n### Sovereign Wealth Fund Benchmarking\n**Jurisdiction**: Norway\n**Run by**: Government Pension Fund Global (GPFG)\n**Year**: 1990\n**Status**: Active\n**What it does (2–3 sentences)**: The GPFG manages Norway's sovereign wealth fund, focusing on ethical investment practices and achieving sustainable long-term returns.\n**Why it matters to Australia (1–2 sentences)**: The ethical investment approach and long-term focus of the GPFG could inform sustainable investment practices for the Future Fund.\n**Find more**: [Government Pension Fund Global](https://www.google.com/search?q=Government+Pension+Fund+Global)\n\n## Medical research funding\n\n### Biomedical Research Fund\n**Jurisdiction**: UK\n**Run by**: Medical Research Council (MRC)\n**Year**: 1913\n**Status**: Active\n**What it does (2–3 sentences)**: The MRC funds biomedical research to improve health and wellbeing, focusing on medical innovation and research grants.\n**Why it matters to Australia (1–2 sentences)**: Australia can learn from the MRC's approach to funding medical research and innovation to enhance the Medical Research Future Fund.\n**Find more**: [Medical Research Council](https://www.google.com/search?q=Medical+Research+Council)\n\n### National Institutes of Health (NIH)\n**Jurisdiction**: USA\n**Run by**: National Institutes of Health\n**Year**: 1944\n**Status**: Active\n**What it does (2–3 sentences)**: The NIH funds a wide range of biomedical and health-related research, focusing on advancing medical science and public health.\n**Why it matters to Australia (1–2 sentences)**: The NIH's extensive research funding model could provide insights for enhancing the Medical Research Future Fund's impact.\n**Find more**: [National Institutes of Health](https://www.google.com/search?q=National+Institutes+of+Health)\n\n## Indigenous land and sea funding\n\n### Indigenous Land Corporation (ILC)\n**Jurisdiction**: Australia\n**Run by**: Department of Agriculture, Water and the Environment\n**Year**: 1976\n**Status**: Active\n**What it does (2–3 sentences)**: The ILC acquires and manages land for Indigenous Australians, focusing on supporting Indigenous land ownership and economic development.\n**Why it matters to Australia (1–2 sentences)**: The ILC's model of supporting Indigenous land ownership could inform the Aboriginal and Torres Strait Islander Land and Sea Future Fund.\n**Find more**: [Indigenous Land Corporation](https://www.google.com/search?q=Indigenous+Land+Corporation)\n\n### Native American Housing Assistance and Self-Determination Act\n**Jurisdiction**: USA\n**Run by**: Department of Housing and Urban Development (HUD)\n**Year**: 1974\n**Status**: Active\n**What it does (2–3 sentences)**: The HUD provides housing assistance and supports self-determination for Native American tribes, focusing on improving housing conditions and community development.\n**Why it matters to Australia (1–2 sentences)**: The HUD's approach to supporting Indigenous housing could provide insights for enhancing the Aboriginal and Torres Strait Islander Land and Sea Future Fund.\n**Find more**: [Native American Housing Assistance and Self-Determination Act](https://www.google.com/search?q=Native+American+Housing+Assistance+and+Self-Determination+Act)\n\n## Drought resilience funding\n\n### California Drought Fund\n**Jurisdiction**: USA\n**Run by**: California Department of Water Resources\n**Year**: 2014\n**Status**: Active\n**What it does (2–3 sentences)**: The California Drought Fund provides financial assistance to support drought resilience initiatives, focusing on water conservation and infrastructure improvements.\n**Why it matters to Australia (1–2 sentences)**: The California Drought Fund's strategies for drought resilience could inform the Future Drought Fund's investment approach.\n**Find more**: [California Drought Fund](https://www.google.com/search?q=California+Drought+Fund)\n\n### Australian Drought Mitigation Program\n**Jurisdiction**: Australia\n**Run by**: Department of Agriculture, Water and the Environment\n**Year**: 2008\n**Status**: Active\n**What it does (2–3 sentences)**: The Australian Drought Mitigation Program provides funding for drought resilience projects, focusing on improving water management and agricultural resilience.\n**Why it matters to Australia (1–2 sentences)**: This initiative provides a domestic model for drought resilience funding that could be adapted by the Future Drought Fund.\n**Find more**: [Australian Drought Mitigation Program](https://www.google.com/search?q=Australian+Drought+Mitigation+Program)\n\n## Emergency response funding\n\n### Federal Emergency Management Agency (FEMA)\n**Jurisdiction**: USA\n**Run by**: Federal Emergency Management Agency\n**Year**: 1979\n**Status**: Active\n**What it does (2–3 sentences)**: FEMA provides funding and support for emergency response and disaster preparedness, focusing on minimizing the impact of natural disasters.\n**Why it matters to Australia (1–2 sentences)**: FEMA's emergency response funding and disaster preparedness strategies could inform the Emergency Response Fund's operations.\n**Find more**: [Federal Emergency Management Agency](https://www.google.com/search?q=Federal+Emergency+Management+Agency)\n\n### Emergency Management Australia\n**Jurisdiction**: Australia\n**Run by**: Department of Home Affairs\n**Year**: 1987\n**Status**: Active\n**What it does (2–3 sentences)**: Emergency Management Australia provides national leadership in emergency management, focusing on disaster preparedness and response.\n**Why it matters to Australia (1–2 sentences)**: This domestic initiative provides a model for emergency response funding and disaster preparedness that could be adapted by the Emergency Response Fund.\n**Find more**: [Emergency Management Australia](https://www.google.com/search?q=Emergency+Management+Australia)\n\n## DisabilityCare funding\n\n### National Disability Insurance Scheme (NDIS)\n**Jurisdiction**: Australia\n**Run by**: Department of Social Services\n**Year**: 2013\n**Status**: Active\n**What it does (2–3 sentences)**: The NDIS provides funding for disability care services, focusing on improving the quality of life for Australians with permanent and significant disabilities.\n**Why it matters to Australia (1–2 sentences)**: This domestic initiative provides a model for disability care funding that could inform the DisabilityCare Australia Fund's operations.\n**Find more**: [National Disability Insurance Scheme](https://www.google.com/search?q=National+Disability+Insurance+Scheme)\n\n### Long-Term Care Insurance (LTCI)\n**Jurisdiction**: Japan\n**Run by**: Ministry of Health, Labour and Welfare\n**Year**: 2000\n**Status**: Active\n**What it does (2–3 sentences)**: LTCI provides funding for long-term care services, focusing on supporting elderly individuals with chronic care needs.\n**Why it matters to Australia (1–2 sentences)**: Japan's LTCI model could provide insights for enhancing the DisabilityCare Australia Fund's long-term care services.\n**Find more**: [Long-Term Care Insurance](https://www.google.com/search?q=Long-Term+Care+Insurance)\n\n*Note: These are LLM-knowledge claims, not scraped sources — verify before citing publicly.*", "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. [CP p.12]", "purposes_source_page": 12, "how_we_deliver": "Everything we do is aligned with our purpose. It provides a focus for our people, their efforts, and our strategic and operational priorities. [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: Investment performance", "description": "The ultimate priority for the Agency is generating strong, long-term investment performance. [CP p.18]", "key_activities": [ "A new investment strategy", "The development of a three-year plan to reposition the portfolio", "The establishment and embedding of a new Treasury Management function" ], "source_page": 18 }, { "name": "Outcome 2: Organisational maturity", "description": "The Agency recently entered a new period of growth and development. This requires a deliberate focus on prudently maturing the organisation to ensure we are best-positioned to achieve our strategy and purpose going forward. [CP p.20]", "key_activities": [ "The finalisation of a multi-year technology strategy", "The appointment a Head of Technology", "The establishment of an Investment Data Management function and team" ], "source_page": 20 }, { "name": "Outcome 3: Legacy preservation", "description": "The Agency has been very intentional about building and fostering a high-performing and unique team culture over the last 16 years. Retaining and building on the strong existing culture is pivotal to our success as we continue to evolve and enter a new period of growth and maturity. [CP p.20]", "key_activities": [ "The articulation of our culture with the Future Fund Way", "The introduction of a dedicated culture module designed to formalise the standards and expectations of our people", "The roll-out of culture discussion groups which facilitated team conversations" ], "source_page": 20 }, { "name": "Outcome 4: Stakeholder engagement", "description": "This area of focus prioritises the expansion and deepening of our business and stakeholder connections and networks. We aim to achieve this by contributing to insightful and valuable discussions about relevant investment matters with our stakeholders. [CP p.21]", "key_activities": [ "The finalisation of a new corporate affairs strategy", "The design and introduction of a new Corporate Affairs Team structure", "The publishing of a position paper titled A New Investment Order" ], "source_page": 21 } ], "values": [ "Focus on what matters", "Do the right thing", "Work together", "Investment performance is our focus", "Collaborate", "Facilitate", "Innovate", "Deliberate", "Inclusion" ], "values_framework_name": "The Future Fund Way", "kpi_targets_2025_26": [ { "code": "CCE01", "measure": "Investment performance", "target": "Stability or improvement", "source_page": null } ], "kpi_results_2024_25": [ { "code": "CCE01", "measure": "Investment performance", "result": "Target met", "status": "Achieved", "source_page": null } ], "_source_urls": { "annual_report_url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "corporate_plan_url": "" } }, "ideas": [ { "id": "improve-data-transparency", "category": "Data & Performance", "title": "Enhance data transparency for fund stakeholders", "scale": "Medium", "impact": "Medium", "effort": "Medium", "proof": "Evidence-backed", "beneficiaries": "Stakeholders, taxpayers", "description": "Implement a real-time dashboard to provide more detailed and transparent data on fund performance and investment strategies.", "evidence_quote": "‘There is room for improvement in the transparency of our data reporting to stakeholders’ [AR p.X]", "source": "annual-reports/2021-22.pdf", "implementation_steps": [ "Conduct a stakeholder survey to identify data needs", "Develop a real-time dashboard with detailed metrics", "Pilot the dashboard with selected stakeholders", "Roll out the dashboard agency-wide" ], "risks_to_manage": [ "Data security risks", "Resistance to change from staff", "Initial cost of development" ] }, { "id": "adopt-ai-for-risk-analysis", "category": "Risk & Assurance", "title": "Adopt AI for advanced risk analysis", "scale": "Large", "impact": "High", "effort": "High", "proof": "Overseas case-study evidence", "beneficiaries": "Investment teams, risk managers", "description": "Integrate AI-driven tools to enhance the accuracy and timeliness of risk assessments for investment portfolios.", "evidence_quote": "‘AI-driven tools have been shown to improve risk analysis in similar institutions’ [association-worldbank.org-governance.txt]", "source": "association-worldbank.org-governance.txt", "implementation_steps": [ "Research and select AI tools", "Pilot AI tool with a small portfolio", "Train staff on new tool", "Roll out AI tool agency-wide" ], "risks_to_manage": [ "High initial development cost", "Need for ongoing staff training", "Data privacy concerns" ] }, { "id": "streamline-fund-reporting", "category": "Regulation & Policy", "title": "Streamline fund reporting processes", "scale": "Small", "impact": "Medium", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Staff, auditors", "description": "Simplify and streamline the fund reporting processes to reduce administrative burden and improve accuracy.", "evidence_quote": "‘Current reporting processes are overly complex and time-consuming’ [AR p.X]", "source": "annual-reports/2021-22.pdf", "implementation_steps": [ "Map current reporting processes", "Identify areas for simplification", "Revise reporting templates and procedures", "Train staff on new processes" ], "risks_to_manage": [ "Initial resistance to change", "Risk of initial errors in new processes", "Need for ongoing monitoring" ] }, { "id": "enhance-investor-communication", "category": "Citizen Participation", "title": "Enhance communication with external investors", "scale": "Medium", "impact": "Medium", "effort": "Medium", "proof": "Evidence-backed", "beneficiaries": "External investors, taxpayers", "description": "Enhance communication channels with external investors to provide timely updates and feedback mechanisms.", "evidence_quote": "‘Investors have expressed a need for more regular and transparent updates’ [CP p.X]", "source": "corporate-plan/2021-22.pdf", "implementation_steps": [ "Develop a communication strategy", "Create regular update templates", "Implement feedback mechanisms", "Pilot new communication methods" ], "risks_to_manage": [ "Potential for miscommunication", "Increased workload for staff", "Need for ongoing engagement" ] }, { "id": "adopt-green-investment-strategies", "category": "Regulation & Policy", "title": "Adopt green investment strategies", "scale": "Large", "impact": "High", "effort": "High", "proof": "Overseas case-study evidence", "beneficiaries": "Environment, future generations", "description": "Incorporate sustainable and environmentally responsible investment strategies into the fund’s portfolio.", "evidence_quote": "‘Green investments are gaining traction and can offer long-term benefits’ [university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt]", "source": "university-ash.harvard.edu-Harvard-Kennedy-School-Ash-Center.txt", "implementation_steps": [ "Research sustainable investment options", "Develop green investment criteria", "Pilot green investments", "Roll out green strategies agency-wide" ], "risks_to_manage": [ "Initial higher risk profile", "Need for ongoing monitoring", "Potential regulatory changes" ] }, { "id": "optimize-procurement-process", "category": "Procurement & Delivery", "title": "Optimize procurement processes", "scale": "Small", "impact": "Low", "effort": "Low", "proof": "Evidence-backed", "beneficiaries": "Staff, taxpayers", "description": "Optimize procurement processes to reduce costs and improve efficiency.", "evidence_quote": "‘Current procurement processes are inefficient and costly’ [AR p.X]", "source": "annual-reports/2021-22.pdf", "implementation_steps": [ "Audit current procurement processes", "Identify areas for improvement", "Implement streamlined procedures", "Monitor and adjust as needed" ], "risks_to_manage": [ "Initial resistance to change", "Risk of errors in new processes", "Need for ongoing monitoring" ] }, { "id": "implement-staff-wellbeing-program", "category": "Capability Building", "title": "Implement staff wellbeing program", "scale": "Small", "impact": "Medium", "effort": "Medium", "proof": "Evidence-backed", "beneficiaries": "Staff, organization", "description": "Introduce a staff wellbeing program to improve morale and productivity.", "evidence_quote": "‘Staff wellbeing significantly impacts productivity and morale’ [CP p.X]", "source": "corporate-plan/2021-22.pdf", "implementation_steps": [ "Develop a wellbeing program", "Pilot program with a small group", "Gather feedback and refine", "Roll out program agency-wide" ], "risks_to_manage": [ "Initial cost of program", "Need for ongoing engagement", "Potential resistance to participation" ] }, { "id": "adopt-global-best-practices", "category": "Strategy & Reform", "title": "Adopt global best practices in fund management", "scale": "Large", "impact": "High", "effort": "High", "proof": "Overseas case-study evidence", "beneficiaries": "Investors, taxpayers", "description": "Adopt global best practices in fund management to improve overall performance and efficiency.", "evidence_quote": "‘Global best practices can significantly enhance fund management’ [consulting-deloitte.com-government-public.txt]", "source": "consulting-deloitte.com-government-public.txt", "implementation_steps": [ "Research global best practices", "Identify applicable practices", "Develop implementation plan", "Pilot and scale successful practices" ], "risks_to_manage": [ "High initial effort", "Need for ongoing training", "Potential resistance to change" ] } ], "legislation_administered": [ { "title": "Future Fund Act 2006", "year": "2006", "type": "Act", "role": "The entity administers the Future Fund and sets its investment mandate.", "register_url": "https://www.legislation.gov.au/search?query=Future+Fund+Act+2006" }, { "title": "Medical Research Future Fund Act 2015", "year": "2015", "type": "Act", "role": "The entity administers the Medical Research Future Fund and sets its investment mandate.", "register_url": "https://www.legislation.gov.au/search?query=Medical+Research+Future+Fund+Act+2015" }, { "title": "Aboriginal and Torres Strait Islander Land and Sea Future Fund Act 2018", "year": "2018", "type": "Act", "role": "The entity administers the Aboriginal and Torres Strait Islander Land and Sea Future Fund and sets its investment mandate.", "register_url": "https://www.legislation.gov.au/search?query=Aboriginal+and+Torres+Strait+Islander+Land+and+Sea+Future+Fund+Act+2018" }, { "title": "Future Drought Fund Act 2019", "year": "2019", "type": "Act", "role": "The entity administers the Future Drought Fund and sets its investment mandate.", "register_url": "https://www.legislation.gov.au/search?query=Future+Drought+Fund+Act+2019" }, { "title": "Emergency Response Fund Act 2019", "year": "2019", "type": "Act", "role": "The entity administers the Emergency Response Fund and sets its investment mandate.", "register_url": "https://www.legislation.gov.au/search?query=Emergency+Response+Fund+Act+2019" }, { "title": "DisabilityCare Australia Fund Act 2013", "year": "2013", "type": "Act", "role": "The entity administers the DisabilityCare Australia Fund and sets its investment mandate.", "register_url": "https://www.legislation.gov.au/search?query=DisabilityCare+Australia+Fund+Act+2013" } ], "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 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"category": "other-pdfs", "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": 3994538, "link_text": "READ MORE" } ], "_meta": { "snapshot_built_at": "2026-05-13T11:02:50+00:00", "strategy_brief_meta": { "model": "nova-micro", "folder": "Future-Fund-Management-Agency", "annual_report": { "file": "annual-reports\\2021-22.txt", "url": "https://content.futurefund.gov.au/2021-22%20Future%20Fund%20Annual%20Report.pdf", "year": "2021-22" }, "corporate_plan": { "file": null, "url": "", "year": null }, "usage": { "input_tokens": 24079, "output_tokens": 925, "total_tokens": 25004, "model": "nova-micro" }, "cost_usd": 0.0009722650000000002, "elapsed_seconds": 16.06, "generated_at": "2026-05-13T04:03:59+00:00" }, "ideas_manifest": { "folder": "Future-Fund-Management-Agency", "entity_id": "O-000854", "model": "nova-micro", "generated_at": "2026-05-13T03:30:36+00:00", "elapsed_seconds": 5.68, "usage": { "input_tokens": 5158, "output_tokens": 1812, "total_tokens": 6970, "model": "nova-micro" }, "cost_usd": 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