The current board composition is: Position The Future Fund is overseen by an independent board of guardians selected on the basis of their expertise in investment management and corporate governance.
Investment of the Future Fund is the responsibility of the Future Fund board of guardians with the support of the Future Fund Management Agency. Inaugural chairman of the board of guardians, David Murray AO, pictured in 2008. The Education Investment Fund, a fund to provide capital investment in higher education and vocational education and training valued at A$3.9 billion in 2018, was ended by 2019 legislation, which redirected the money to natural disaster relief. Established in February 2019 with a capital contribution of A$2 billion transferred from the Aboriginal and Torres Strait Islander Land Account. Aboriginal and Torres Strait Islander Land and Sea Future Fund (ATSILS Fund) – A fund to enhance the Commonwealth's ability to make payments to the Indigenous Land Corporation.At 31 December 2019, it was valued at $17.85 billion. Medical Research Future Fund – A fund to disperse interest generated to medical research.At 30 June 2018, it was valued at A$14.7 billion. Disabilit圜are Australia Fund – A fund to contribute to the cost of the National Disability Insurance Scheme.At 30 June 2018, it was valued at A$3.9 billion. Building Australia Fund – An infrastructure fund to provide investment in infrastructure projects (including road, rail, ports and broadband).The Future Fund Board is currently also responsible for five other Australian sovereign wealth funds: The Investment Mandate for the Future Fund is to target a benchmark return of at least the Consumer Price Index + 4 to 5 per cent per annum over the long term, while taking an acceptable but not excessive level of risk. While legislation permits withdrawals from the fund from 1 July 2020, the government indicated in 2017 it intends to allow the fund to continue to accumulate until at least 2026/27 before making withdrawals.
The legislation establishing the Future Fund describes its main object as being 'to strengthen the Commonwealth's long-term financial position'. The board of the Future Fund also manages another five public asset funds, giving it responsibility for investing over A$210 billion on behalf of the Australian Government. In 2021 the fund had US$143.7 billion in assets under management.
The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for politicians and other public servants that will become payable during a period when an ageing population is likely to place significant pressure on the Commonwealth's finances.
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