Key facts
- Eleven Future Fund employees earned over $1 million last year.
- One Future Fund manager received a $1.5 million package.
- The Future Fund manages $350 billion in assets.
- The fund reported a 14.8% return in the 12 months to June 2026.
- Senator Barbara Pocock questioned the high salaries.
Eleven employees at Australia's Future Fund, the nation's sovereign wealth fund, were paid more than $1 million last year, with one executive receiving $1.5 million. This remuneration, which includes bonuses and allowances, has sparked criticism due to the ongoing cost-of-living crisis and job cuts across the public service.
The Future Fund manages $350 billion in investments. The 11 staff members hold executive-level positions with direct oversight of these investments. Their pay packages exceed those of federal cabinet ministers and most department secretaries.
The issue came to light after Greens Senator Barbara Pocock submitted a question on notice to Minister for the Public Service Katy Gallagher. In a parliamentary response, Gallagher's office defended the salaries, stating they are necessary to attract top talent in a "highly competitive global market" and are in line with government rules for performance bonuses in roles with significant, at-risk investment outcomes.
Senator Pocock expressed dissatisfaction with the explanation, questioning the value for money and the justification for such high payments, particularly when many Australians are struggling financially. The Future Fund declined to comment.
This situation arises as other government departments, including the National Disability Insurance Agency, have announced voluntary redundancies and job cuts.