Governance - Overview
The Minister for Finance and Treasurer are the “responsible Ministers” for the Future Fund Act 2006 , Nation-building Funds Act 2008 , Medical Research Future Fund Act 2015 and DisabilityCare Australia Fund Act 2013 .
The Future Fund Board of Guardians (the Board) is a body corporate with a separate legal identity from the Australian Government. The Board is supported by the Future Fund Management Agency, (the Agency) which is a Government agency subject to the Public Governance, Performance and Accountability Act 2014 .
The roles of the Board and Agency are defined in similar ways under the Future Fund Act and Nation-building Funds Act. In essence, the Board defines the investment strategy for the Future Fund and Nation-building Funds while the Agency is responsible for the operational activities associated with the Funds’ investments.
The Administrative Arrangements Order  assigns the Department of Finance with responsibility for policy advice on the Future Fund Act, the Nation-building Funds Act, Medical Research and Future Fund Act and DisabilityCare Australia Fund Act. The Minister for Finance administers these Acts through the Department.
Within the Department, it is primarily the Funds and Actuarial Branch that carries out these responsibilities. In this regard, for example, the Branch advises the Minister on the Funds’ investment performance, asset transfers to the Funds, the Target Asset Level and appointments to the Board.
Last updated: 18 July 2016