Australia’s Future Fund plans to cut costs by 5%–7% or as much as A$15 million (US$10.71 million) in its next financial year, a move that may include a number of job losses.
Ten roles across investment and non-investment areas are being reviewed “with a view to ensuring that staffing continues to reflect business needs and priorities”, and “appropriate consultation with relevant staff is being undertaken before decisions about roles are made”,
the sovereign wealth fund says in a statement on April 14.
The A$10 million–A$15 million in cost reductions are planned for its upcoming financial year that begins on July 1, 2026 through to June 30, 2027.
According to Raphael Arndt, the wealth fund’s chief executive officer, the cost cutting will be achieved by “maximising the benefits of improved data and technology systems”.
“Our investment in data and technology and in the systems and ability to use them has been critical to investment performance. We generate powerful and current insights into investment markets, the risks and opportunities on offer and how we can position the investment portfolio to navigate them,” he says.
Arndt says the Future Fund’s assets have grown by A$96 billion over the past five years to now stand at A$335 billion, adding that overall, costs and staffing levels “are appropriate for the scale and complexity or our investment objectives, but we need to make sure that remains the case”.
