Future Fund continues to deliver huge dividend for Australia
JOINT MEDIA RELEASE
Senator the Hon. Simon Birmingham
Minister for Finance
Leader of the Government in the Senate
Senator for South Australia
The Hon Josh Frydenberg MP
Treasurer
The Morrison Government has today welcomed the Future Fund’s latest portfolio update which shows it delivered its strongest ever investment earnings in 2020-21, despite ongoing investment challenges as a result of the COVID-19 pandemic.
The Future Fund’s earnings grew by 22.2 per cent to $35.7 billion in 2020-21, with the Fund’s contributed capital of $60.5 billion more than trebling to $196.8 billion.
Treasurer Josh Frydenberg said the Future Fund had performed strongly throughout the financial year despite continued volatility in the global economy and across investment markets.
“This rebound in investment earnings reflects the recent strength of the economic recovery and the return of business and consumer confidence in Australia and elsewhere around the world,” Treasurer Frydenberg said.
“Whilst we continue to face tough times in Australia, we should have confidence that the Future Fund will continue to invest in the future of Australians.
“Credit is due to Chairman Peter Costello and his team on another strong performance by the Future Fund. Since its establishment, by then Treasurer Peter Costello, it has been an important vehicle by which Australia can prepare to meet its future financial obligations.”
Finance Minister Simon Birmingham said the Future Fund continued to play a significant role in strengthening Australia’s long-term financial position.
“With double digit earnings across five of its six public asset funds, and total funds under management now reaching $245.8 billion, the Future Fund continues to go from strength-to-strength,” Minister Birmingham said.
“With its largest ever annual return, the Future Fund has shown incredible resilience and an ability to navigate through uncertain times in global investment markets over the past year.
“The Government thanks the skilled team at the Future Fund Management Agency and acknowledges the leadership of the Future Fund Board of Guardians. Their work is delivering a real dividend for Australia’s future.”