Future Fund staff of 11 earn over $1 million as front-line workers get smaller
The fund created 11 millionaires earning more than the Prime Minister. Ordinary workers got much smaller pay rises.
The Future Fund Management Agency has 11 public sector staff earning over $1 million a year. Greens Senator Barbara Pocock revealed this in new pay data.
An Executive Level 2 manager overseeing the fund's $350 billion strategy earned $1.5 million in 2025. The package included a $781,127 performance bonus.
The agency's chief executive, Dr Raphael Arndt, earned $1.8 million, more than the Prime Minister. Ordinary public servants got much smaller raises.
Entry-level workers got only 4.7 per cent. The typical rise across the public service was 6.8 per cent.
The agency says high pay is fair in competitive global investment markets. But the Remuneration Tribunal questioned whether the public sector relies too much on financial rewards.
It wondered whether attracting staff through public service commitment would work better.
- 11 people
- Staff earning over $1 million
- $1.5 million
- EL2 manager's total package
- $1.8 million
- CEO total pay
- $350 billion
- Future Fund assets overseen
Why it mattersAustralians struggling with cost of living may question these salaries. They support pay rises for underpaid nurses and teachers, yet mid-level bureaucrats earn $1.5 million each.
AustraliaThis directly affects Australian taxpayers funding public sector wages and sets a precedent for other agencies, at a time when the government is trying to rebuild the public service while keeping overall wage costs down.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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