Nearly a dozen senior public servants at Australia’s sovereign wealth fund, the Future Fund, earned more than one million dollars in 2023, with one manager receiving a $1.5 million package that exceeds Prime Minister Anthony Albanese’s base salary of $622,000.
The high remuneration has drawn criticism amid a cost‑of‑living crisis and widespread public‑service job cuts. Greens senator Barbara Pocock asked Minister for the Public Service Katy Gallagher to justify the pay, a request answered in Parliament by Gallagher’s office, which said the fund operates in a highly competitive global market and that generous wages were necessary to attract top talent.
The fund’s performance, returning 14.8% in the twelve months to June 2026 and adding $37.4 billion to its $350 billion portfolio, is cited to support the pay structure. Senior managers at major Australian banks also receive bonuses over $1 million, but shareholders have questioned those figures. The Future Fund claims its salaries comply with government rules that allow performance bonuses only in limited circumstances, such as high‑risk investment roles and entities operating in commercial markets.
The issue comes as other departments announce redundancies, including the National Disability Insurance Agency and the Prime Minister’s own department. In December, the fund was criticised for spending $20,000 on a travel trip for the chief executive’s assistant, a trip that the fund later claimed saved $30,000 annually. The Future Fund declined to comment further on the matter.
