Future Fund

Transfers to the Future Fund

Summary of Transfers
Date Source of Funds Amount ($ billion)
5 May 2006 Initial Seed Capital $18.0
22 January 2007 2005-06 Budget Surplus and first instalment of Telstra 3 sale proceeds $18.639
16 February 2007 The remainder of the 2005-06 Budget Surplus $3.638
28 February 2007 2,104,657,933 Telstra shares $8.966 (value at time of transfer)
22 June 2007 Telstra 3 sale proceeds (prepayments of the second instalment received in the period February to April 2007) $0.151
28 June 2007 21,894,459 Telstra shares $0.102 (value at time of transfer)
24 August 2007 2006-07 Budget Surplus $7.0
25 June 2008 Telstra 3 sale proceeds (second instalment receipts) $3.9
21 November 2008 35,361,956 Telstra shares $0.141 (value at time of transfer)
Total Transfers $60.537 (value at time of transfer)

Crediting of Amounts

Seed Capital

The Future Fund (Crediting of Initial Amount) Determination 2006 effected the crediting of $18 billion initial seed capital to the Future Fund.

May 2006

Transfer of the 2005-06 Budget Surplus and the first instalment of Telstra sale proceeds

The Future Fund (Crediting of Additional Amounts) Determination 2006 specifies the instalment amounts and dates on which $22.277 billion, consisting of the 2005-06 Budget surplus ($13.638 billion) and the first instalment of Telstra sale proceeds ($8.639 billion), is to be credited to the Future Fund Special Account.

January 2007

Transfer of the 2005-06 Budget Surplus

The Future Fund (Crediting of Additional Amounts) Determination 2007 specifies that $3.638 billion is to be transferred to the Future Fund Special Account on 16 February 2007. This brings forward the date for the transfer of the second instalment specified in the Future Fund (Crediting of Additional Amounts) Determination 2006.

The Future Fund (Crediting of Additional Amounts) Determination 2007 revokes the Future Fund (Crediting of Additional Amounts) Determination 2006. The revocation of this instrument does not affect the transfer of $18.639 billion which occurred on 22 January 2007.

February 2007

Transfer of $151 million to the Future Fund

The Future Fund (Crediting of Additional Amounts) Determination 2007 (No. 2) specifies that effects the crediting of $151 million to the Future Fund Special Account on 22 June 2007. The amount of $151 million consists of Telstra 3 sale proceeds including minor residual first instalment receipts, prepayment of second instalment receipts and proceeds from the sale of some residual buffer stock.

June 2007

Transfer of $7.0 billion to the Future Fund

The Future Fund (Crediting of Additional Amounts) Determination 2007 (No. 3) specifies that $7.0 billion is to be credited to the Future Fund Special Account on 24 August 2007. The amount of $7.0 billion has been sourced from the 2006-07 Budget Surplus.

August 2007

Transfer of $3.9 billion to the Future Fund

The Future Fund (Crediting of Additional Amounts) Determination 2008 specifies that $3.9 billion is to be credited to the Future Fund Special Account on 25 June 2008. The amount of $3.9 billion consists of a portion of the second (final) instalment receipt payments from the sale of Telstra 3.

June 2008

Transfers of Financial Assets

Transfer of Telstra Shares to the Future Fund

The Government transferred 2,104,657,933 Telstra shares to the Future Fund on 28 February 2007. This represents nearly all of the Government’s remaining Telstra shareholding that was not allocated as part of the Telstra 3 share offer. To the extent there are any residual shares, following full satisfaction of loyalty bonus share obligations and buffer requirements, these will be transferred to the Future Fund at a later date.

The Future Fund (Balance Day – Telstra Shareholding) Determination 2007 specifies the balance day for the transfer of the Government’s remaining Telstra shareholding to the Future Fund. The balance day is administrative in nature and is used as a reference date for measurement of the starting position of the Fund and for the valuation of financial assets to be transferred to the Fund.

This statement provides further details about the transfer of the 2,104,657,933 Telstra shares to the Future Fund.

February 2007

Transfer of Telstra shares to the Future Fund

The Government transferred 21,894,459 Telstra shares to the Future Fund on 28 June 2007. This consisted of Telstra shares that reverted to Commonwealth ownership following the completion of the Telstra 3 share offer. These shares were reserved, but not allocated, to resolve disputes arising from the share offer.

The Future Fund (Balance Day - Telstra Shares) Declaration 2007 (No. 2) specifies the balance day for the transfer of some of the Commonwealth’s residual Telstra shares to the Future Fund. The balance day is administrative in nature and is used as a reference date for measurement of the starting position of the Fund and for the valuation of financial assets to be transferred to the Fund.

This statement provides further details about the transfer of the 21,894,459 Telstra shares to the Future Fund.

June 2007

Transfer of Telstra shares to the Future Fund

The Government transferred 35,361,956 ordinary Telstra shares to the Future Fund on 21 November 2008. These shares were reserved, but not allocated, to meet loyalty bonus share obligations and buffer requirements under the Telstra 3 Prospectus.

The Future Fund (Balance day - Telstra shareholding) Declaration 2008 specifies the balance day for the transfer of the Commonwealth’s remaining Telstra shares to the Future Fund. The balance day is administrative in nature and is used as a reference date for measurement of the starting position of the Future Fund and for the valuation of financial assets to be transferred to the Future Fund.

This statement provides further details about the transfer of the 35,361,956 Telstra shares to the Future Fund.

November 2008

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