Future Fund Act

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Treasury briefing materials on the Future Fund Act 2006 show the government sought Prime Minister approval in November 2024 for a revised Investment Mandate that would require the Future Fund to consider national priorities, contingent on compliance with statutory limits. The Future Fund Act prohibits the government from directing investments in specific assets, businesses, or activities. Treasury confirmed the new Mandate met statutory requirements under sections 18 and 18A of the Act. In public responses, Treasury and Finance clarified that the government cannot direct specific investments and that the Future Fund Board remains independent in investment decisions, with choices made according to the Mandate. The materials establish that proposed national priority considerations would operate within the Board's independent decision-making framework and existing legislative constraints against ministerial direction.