AUSTRALIA - The Australian government has appointed David Murray, consultant to the Department of Finance and Administration, as the chairman of the Future Fund Board of Guardians.
Murray, who is currently providing advice on the establishment of the Future Fund, previously worked for the Commonwealth Bank of Australia for over 40 years.
Murray will begin work pending the passage of the enabling legislation for the Future Fund, expected to pass by the end of the November.
The fund is designed to offset the government’s unfunded liabilities by 2020. The liabilities, which are currently A$91bn, are expected to almost double over the next 15 years to some A$140bn.
“We want to put together a fund which will ensure that we face up to the ageing demographic in as strong a position as we possible can,” said treasurer Peter Costello.
Appointed by the government, the board will be responsible for investing the assets of the fund, and to protect the investment against future governments’ actions. Additional appointments to the board are expected to be made within four weeks time.
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