Statement by Cameron Price, Acting Chief Executive Officer of the Future Fund Management Agency, to the Senate Finance and Public Administration Committee 

Additional Estimates, 3 March 2020, Parliament House, Canberra

On 4 February the Agency announced that David Neal had resigned from his position as Chief Executive Officer to take up a new career opportunity.

David served the Agency for nearly 13 years, as the Future Fund’s inaugural Chief Investment Officer from 2007 and as Chief Executive Officer from 2014. He made an exceptional contribution to our organisation and was instrumental in the success we have achieved to date. We wish him the very best with his new role.

David left the organisation last week on Friday, 28 February 2020.  The organisation has commenced a global search to recruit a new Chief Executive Officer. I commenced as Acting Chief Executive Officer yesterday.

I will provide you with a brief update on the funds for which the Board is responsible.

We continue to perform strongly against our objective, which is to strengthen the Government’s long-term financial position.

At 31 December 2019 the Future Fund achieved a 10-year return of 9.9% pa against a target return of 6.4% pa.  Further, the Fund exceeded its target return over all long-term time horizons while carefully managing risk. The Future Fund stands at $168bn.

The Medical Research Future Fund, the Aboriginal and Torres Strait Islander Land and Sea Future Fund, the DisabilityCare Australia Fund and the Future Drought Fund continue to perform as intended.

On 12 December 2019 we took on management of the Emergency Response Fund, which was established with a capital contribution of $4bn.

In total across the six funds, the Future Fund Board of Guardians now invests $212bn for the benefit of future generations of Australians.

 

I welcome your questions.