Future Fund Public Servants Paid Over $1m Spark Public Backlash
Nearly a dozen federal public servants at Australia’s sovereign wealth fund received remuneration packages exceeding $1m last year, according to figures tabled in federal parliament. The 11 high-earning staff members are employed by the Future Fund, managing an investment portfolio worth $350bn. One executive-level manager received a $1.5m package, marking an amount more than double the base salary of Prime Minister Anthony Albanese.
Parliamentary Disclosures Reveal Million-Dollar Packages
The salary figures emerged after Greens senator Barbara Pocock submitted a question on notice to Minister for the Public Service Katy Gallagher in August. A response from Gallagher’s office, tabled in parliament, defended the remuneration by pointing to the demands of managing sovereign assets.
“The Future Fund delivered a return of 14.8% in the 12 months to June 2026, adding $37.4bn to increase the value of the investment portfolio to over $350bn,” a government spokesperson said in the parliamentary response.
The documents show that all 11 staff members earn more than federal cabinet ministers. Their pay packets also exceed those of almost every department secretary, including the heads of the Australian Federal Police and the domestic intelligence agency.
Government Justifications Face Opposition Pushback
Gallagher’s office justified the payments by noting that the fund operates within a highly competitive global market and must attract specialized talent. Government rules permit performance bonuses in specific circumstances involving significant, at-risk investment outcomes and commercial market operations. Pocock rejected the justification, arguing that the payments clash with economic realities facing ordinary citizens. “In a cost-of-living crisis, Australians are suffering and many would be outraged to learn that a dozen public servants are earning over a million dollars, and in some cases double what the prime minister earns,” Pocock said. The Future Fund declined to comment on the disclosures.
Broader Public Service Job Cuts Create Friction
The million-dollar disclosures coincide with a period of government retrenchment and budgetary tightening. Last month, the National Disability Insurance Agency announced voluntary redundancies for the first time since its establishment in 2013.
Several other federal departments have also implemented job reductions in recent months. Downsizing has affected the prime minister’s own department, home affairs, and the Department of Climate Change, Energy, the Environment and Water.
The Future Fund itself faced scrutiny in December over travel expenditures after spending $20,000 to send a chief executive’s assistant on a US scoping trip to negotiate hotel rates. The fund defended the trip during a Senate estimates hearing, stating it secured subsequent annual savings of $30,000.
Future Fund Managers Earn More than Federal Officials
What does the Future Fund do with its investments?
The Future Fund is Australia’s sovereign wealth fund, holding responsibility for managing and investing public assets worth $350bn.
Which federal officials earn less than the Future Fund managers?
The 11 Future Fund staff members earn more than federal cabinet ministers, the head of the Australian Federal Police, the head of domestic intelligence, and all but one government department secretary.
How did the high salaries become public knowledge?
The remuneration figures were made public after Greens senator Barbara Pocock submitted a formal question on notice to Minister for the Public Service Katy Gallagher in August.