According to a statement from Treasurer Jim Chalmers and Senator Katy Gallagher on Thursday, the appointment will add expertise and experience to the board.
“Craig is a highly accomplished director with exceptional investment and commercial expertise,” they said.
Namely, he previously spent more than two decades working at Macquarie Bank, where he held a number of senior positions. Additionally, he served as independent director and the chair of the investment committee at AustralianSuper from 2017–21.
Craig will be replacing outgoing board member Michael Wachtel, who was appointed with effect from 3 April 2016 for a five-year term. He was reappointed for a four-year term with effect from 3 April 2021.
“We thank outgoing board member Michael Wachtel for the significant contribution he has made to the Future Fund over the past 10 years,” the joint statement said.
“We are refreshing and renewing the Future Fund to make it stronger, more successful and more sustainable into the future and the appointment of Craig is an important step in that process.”
Last month, the Future Fund posted a return of 12.2 per cent in calendar year 2024, adding $26 billion to the sovereign wealth fund’s value.
This exceeded its mandate target of 6.4 per cent, while its 10-year return of 8.1 also exceeded its mandate target of 6.8 per cent.
Commenting on the news, Future Fund CEO Raphael Arndt said that 2024’s return strengthens Australia’s long-term financial position.
“At a record total of $237.9 billion for the Future Fund, investment returns have added $177 billion in value since it was established in 2006,” Arndt said.
According to the CEO, investment returns also helped increase the value of six other funds managed by the board to $66.7 billion, up from $60.4 billion at the end of 2023.
“This was after accounting for $790 million in payments to support various policy initiatives, including medical research, the work of the Indigenous Land and Sea Corporation and drought and disaster resilience,” Arndt said.
Now, total funds managed by the Future Fund board have risen to a record $304.5 billion.
