Australian Government Investment Funds

The following Australian Government Investment Funds are managed by the Future Fund Board of Guardians (Future Fund Board):

FundEstablishedValue as at
30 September 2019
($ 'billions)

Future Fund


3 April 2006


To assist the Government to meet unfunded superannuation liabilities that will become payable during a period when an ageing population is likely to place significant pressure on the Commonwealth's finances.

Medical Research Future Fund

26 August 2015


To provide grants of financial assistance to support medical research and medical innovation.

DisabilityCare Australia Fund

1 July 2014


To enhance the Commonwealth's ability to reimburse State and Territory, and Commonwealth Governments for expenditure relating to the National Disability Insurance Scheme.

Nation-building Funds

1 January 2009


Consists of the Building Australia Fund and the Education Investment Fund, which were established to provide funding for critical areas of infrastructure.

As at 30 September 2019, only the Education Investment Fund remained in operation. Legislation to close the EIF passed both Houses of Parliament on 17 October 2019.

The Building Australia Fund ceased operation on 1 September 2019 and its balance was subsequently transferred to the Future Drought Fund.

Aboriginal and Torres Strait Islander Land and Sea Future Fund

1 February 2019


To support the Government making annual and discretionary payments to the Indigenous Land and Sea Corporation.

Future Drought Fund

1 September 2019


To provide a secure revenue stream to fund initiatives that enhance future drought resilience, preparedness and response across Australia.

Investment Fund Principles

Investment funds involve the purchase and management of financial assets to fund a particular policy objective by subsequently drawing on earnings and / or capital. The establishment of an investment fund should therefore consider:

1. Is there a clear need to hypothecate funding outside the normal Budget process?
Unless there is a case to hypothecate resources, the Budget is the primary means for the allocation of resources.

2. Is there a clear need to hold financial assets (can a Special Account be used)?
Consideration should be given to the direct and indirect cost associated with investment funds, and the acquisition of financial assets.

3. What is the most efficient management arrangement for investment of financial assets, and who is best placed to manage these arrangements, taking into account the investment horizon, liquidity needs and risk appetite?
The acquisition and management of financial assets requires expertise, including risk and liquidity management expertise.

International Forum of Sovereign Wealth Funds

The International Forum of Sovereign Wealth Funds External Site (IFSWF) is a voluntary group of sovereign wealth funds formed in 2009 with the intent of regularly meeting and exchanging views on issues of common interest to its members.

The Future Fund Board fully implements the Santiago Principles External Site with regard to the Future Fund. The Future Fund Board is an IFSWF member and Australia has the distinction of being a founding member country.

Contact information on this page: Funds and Superannuation Branch

Last updated: 21 October 2019