Remuneration data from the Future Fund Management Agency shows 11 employees earned million-dollar packages in 2025. The highest paid was an Executive Level 2 (EL2) officer — a classification usually reserved for managers — who received a total package of $1.5 million, comprising a $667,231 base salary and a $781,127 performance bonus. Finance and Public Service Minister Katy Gallagher confirmed the officer is responsible for overseeing the agency's $350 billion investment strategy.
The agency's chief executive, Dr Raphael Arndt, took home $1.8 million including a $927,719 bonus. The payouts are entirely concentrated within the agency, which manages Australia's sovereign wealth fund.
A Future Fund spokesperson said the fund achieved a 12.2 per cent investment return in the 2025 financial year, adding $27.4 billion to the fund and bringing three-year returns to $57.9 billion. The spokesperson said the agency's approach aligns with public service guidelines that permit performance pay for roles involving at-risk investment outcomes in competitive global markets.
Greens finance and public sector spokesperson Barbara Pocock criticised the payments, saying everyday Australians struggling with the cost-of-living crisis would be outraged that lower-ranking public servants are receiving "lottery-sized earnings".
"What kind of public service work warrants a salary of $1 million or 1.5 million dollars? Even the prime minister and deputy prime minister don't earn this much," Senator Pocock said. "The government says it wants to rebuild the public sector yet it is slashing jobs while paying a handful of public servants millions and outsourcing work to big consultancy firms. The government is burning up its APS targets."