Supplementary Budget Estimates, 22 October 2019, Parliament House, Canberra

On Thursday, 17 October we tabled our 2018-19 Annual Report in Parliament.  The Report provides a comprehensive overview of the performance of the Future Fund and the five other public asset funds and the operation of our organisation in the 2018-19 financial year.

We have made good progress in the pursuit of our objective to strengthen the Commonwealth’s long-term financial position.

In 2018-19 the Future Fund returned 11.5%, adding $16.8bn to the value of the Fund.

Yesterday we released our portfolio update for the first quarter of this financial year.

At 30 September 2019 the Future Fund had generated a 10-year return of 10.0% pa, exceeding its target return of 6.5% pa.

The Future Fund now stands at $165.7bn. Since the Fund was established in 2006 with capital contributions of $60.5bn, it has earned over $105bn for the Australian Government.

We also have responsibility for investing the Medical Research Future Fund, which received a $7.8bn contribution in July 2019, the Aboriginal and Torres Strait Islander Land and Sea Future Fund the DisabilityCare Australia Fund, the Future Drought Fund and the Education Investment Fund.

I note that the Emergency Response Fund Bill was passed by the Parliament last week.  As the necessary legislative arrangements are finalised we will be well prepared to take on management of this Fund.

In total across the six funds, the Future Fund Board of Guardians now invests $210bn for the benefit of future generations of Australians.

I welcome your questions.