Peter Costello advised the Government a fortnight ago of his decision not to seek a third term as Chair of the Future Fund.
We thank Mr Costello for his significant contribution as a board member and then Chair over the past 14 years. He leaves with the Government's appreciation and respect.
As Treasurer, Mr Costello was instrumental in the establishment of the Future Fund in 2006 and setting up its initial investment mandate.
Upon the fund's inception, Mr Costello spoke about the importance of ensuring that Australia could meet its unfunded superannuation obligations without imposing an undue burden on future generations.
During his time at the Future Fund, its portfolio has grown steadily and is today worth more than $200 billion. It has delivered an average annual return of 8.8 per cent per annum over the past decade.
A formal merit-based recruitment process will now commence to appoint a new Chair.
The Government will also carefully consider any future board vacancies as an opportunity to refresh and renew the Future Fund's leadership.
The Albanese Government has demonstrated its commitment to ensuring the nation's economic institutions remain world-class with the right leadership and structures in place to meet current and future challenges.
