Eleven Future Fund Employees Paid Over One Million Dollars
Nearly a dozen federal public servants at Australia’s sovereign wealth fund were paid more than $1 million last year, with one receiving a $1.5 million package that is more than double Prime Minister Anthony Albanese’s base salary. The remuneration figures, which include bonuses and allowances, have drawn sharp criticism during an ongoing cost-of-living crisis and widespread job cuts across the public service.
The 11 staff members are employed by the Future Fund, Australia’s sovereign wealth fund, and maintain direct oversight and responsibility for a $350 billion investment portfolio. The highest-paid staff member, holding an “executive level 2” rank, received $1.5 million in taxpayer funds over the last year. All 11 employees earn more than federal cabinet ministers and outearn every department secretary except one, surpassing even the heads of the Australian Federal Police and the domestic intelligence agency.
Parliamentary Inquiries Reveal Executive Pay Scales
The remuneration figures came to light after Greens Senator Barbara Pocock submitted a question on notice in August, asking the Minister for the Public Service, Katy Gallagher, to justify the high compensation levels. A response from Gallagher’s office, tabled in parliament, defended the wages by stating that the fund operates within a “highly competitive global market” and requires generous packages to attract top-tier investment talent.
The government’s defense highlighted the fund’s financial performance. According to the official response, the Future Fund delivered a 14.8% return in the 12 months leading to June 2026, adding $37.4 billion to push the total value of the portfolio past $350 billion. The spokesperson also noted that the salaries comply with government regulations permitting performance bonuses in limited circumstances involving significant, at-risk investment outcomes in commercial markets.
Political Outcry Amid Public Service Job Cuts
Senator Pocock rejected the government’s justification, stating that the payments are difficult to defend while everyday Australians struggle with economic pressures. Pocock questioned how public service work performed by employees—rather than department secretaries—can warrant million-dollar salaries that eclipse the prime minister’s $622,000 annual pay.
The disclosures coincide with mounting budget constraints across federal agencies. Last month, the National Disability Insurance Agency announced voluntary redundancies for the first time since its establishment in 2013. Additional job cuts have rolled through several other departments, including the Department of Climate Change, Energy, the Environment and Water, Home Affairs, and the Prime Minister’s own department.
The Future Fund has previously faced scrutiny over administrative expenditures. In December, the organization defended a $20,000 expense to send the chief executive’s then-assistant and another staff member on business-class flights to the United States to scope hotels and negotiate rates, an outlay the fund maintained ultimately generated $30,000 in annual savings during a Senate estimates hearing.
Frequently Asked Questions About Future Fund Remuneration
- How many Future Fund employees earned more than the prime minister?
- Exactly 11 staff members employed by the Future Fund received more than $1 million last year, which places their compensation well above Prime Minister Anthony Albanese’s $622,000 base salary.
- How does the government justify these million-dollar salaries?
- Katy Gallagher’s office stated in a parliamentary response that the fund operates in a highly competitive global market and requires generous wages to attract the talent necessary to manage its $350 billion portfolio, which delivered a 14.8% return in the 12 months to June 2026.
- What specific roles do these high-earning staff hold?
- The staff members hold direct oversight and responsibility for the sovereign wealth fund’s investments rather than running government departments as secretaries.
