{"id":"F2023L01355","name":"Future Fund (Investment Funds Periodic Investment Report) Rules 2023","slug":"future-fund-investment-funds-periodic-investment-report-rules-2023","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":442126,"registerId":"F2023L01355-fast-fetch-1775957219310","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Future Fund (Investment Funds Periodic Investment Report) Rules 2023","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-keywords: \"[SEC=OFFICIAL]\"\n---\n\n![Commonwealth Coat of Arms of Australia](image.001.jpeg)\n\n \n\nFuture Fund (Investment Funds Periodic Investment Report) Rules 2023\n\nI, Katy Gallagher, Minister for Finance, make the following rules.\n\nDated 23 September 2023\n\nKaty Gallagher\n\nMinister for Finance\n\n \n\n \n\n \n\n \n\nContents\n\n1 Name\n\n2 Commencement\n\n3 Authority\n\n4 Definitions\n\n5 Periodic investment reports\n\nSchedule 1—Tables for periodic investment reporting\n\n1 Table 1—Investments other than derivatives\n\n2 Table 2—Derivatives by kind of derivative\n\n3 Table 3—Derivatives by asset class\n\n4 Table 4—Derivatives by currency\n\n \n\n \n\n \n\n1  Name\n\n  This instrument is the Future Fund (Investment Funds Periodic Investment Report) Rules 2023.\n\n2  Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. The whole of this instrument The day after this instrument is registered. 5 October 2023\n\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3  Authority\n\n  This instrument is made under the Future Fund Act 2006.\n\n4  Definitions\n\n  In this instrument:\n\nAct means the Future Fund Act 2006.\n\nassociated entity has the same meaning as in the Corporations Act 2001.\n\n5  Periodic investment reports\n\n (1) For the purposes of subsection 55A(1) of the Act, the Board must:\n\n (a) prepare a periodic investment report referred to in that subsection for each reporting day in accordance with this section; and\n\n (b) make the report available on the internet as soon as practicable after the end of the 90 days after the reporting day.\n\n (2) For the purposes of paragraph 55A(1)(b) of the Act, the publication period referred to in that paragraph is the period:\n\n (a) beginning:\n\n (i) if the periodic investment report is made available on the internet in accordance with paragraph (1)(b) of this section—on the day it is made available; or\n\n (ii) if the periodic investment report is made available on the internet earlier in accordance with subsection (3) of this section—the day after the end of the 90 day period referred to in that subsection; and\n\n (b) ending on the day the periodic investment report for the subsequent reporting day is made available on the internet in accordance with paragraph (1)(b) or subsection (3) of this section.\n\n (3) Subsection (1) does not prevent the Board, in accordance with subsection 55A(3) of the Act, from making a periodic investment report available on the internet earlier than 90 days after the reporting day to which the report relates.\n\n (4) For the purposes of paragraph 55A(4)(b) and subsection 55A(5) of the Act, in a periodic investment report for a reporting day the Board must:\n\n (a) include information relating to investments held by, or on behalf of, the Board, for each fund that is referred to in section 81 of the Act at the end of the reporting day; and\n\n (b) set out the information relating to the investments separately for each fund in a way that:\n\n (i) is consistent with the tables in Schedule 1 to these Rules; and\n\n (ii) is easily downloadable and readable; and\n\n (iii) is in one or more formats, with at least one of those formats being a delimited file format.\n\n (5) For the purposes of paragraph (4)(b) of this section, when setting out the information relating to a kind of investment in a way that is consistent with the tables in Schedule 1, the tables used for that kind of investment may have a different number of rows or columns from those in the tables in that Schedule.\n\n (6) Paragraph (4)(b) of this section does not prevent the information relating to a kind of investment from being expressed in a table that:\n\n (a) deals only with that kind of investment; and\n\n (b) makes use of one or more subsidiary tables;\n\nif all of the information referred to in Schedule 1 is readily accessible from that combination of tables.\n\n (7) For the purposes of subsection 55A(6) of the Act, each of the following that occurs on or after the commencement of this section is a reporting day referred to in that subsection:\n\n (a) 30 June each year;\n\n (b) 31 December each year.\n\nSchedule 1—Tables for periodic investment reporting\n\nNote: See subsection 5(4).\n\n \n\n \n\n1  Table 1—Investments other than derivatives\n\n \n\n- Portfolio Holdings Information for [Name of Fund]—Investments other than derivatives Summary\n- Cash\n- Name of Institution Currency Value (AUD) Weighting (%)\n- Individual investment names not required to be disclosed.Only disclose the name of the relevant institution for the investment. Values and weighting for individual investments not disclosed. Only disclose total values and weighting for the investment aggregated by the institution.\n- Total\n- Fixed IncomeHeld directly or by associated entitiesInternally managed\n- Name of Issuer / Counterparty Value (AUD) Weighting (%)\n- Individual investment names not required to be disclosed.Only disclose the name of the issuer / counterparty for the investment. Values and weighting for individual investments not disclosed. Only disclose total values and weighting aggregated by the issuer or counterparty of the investment.\n- Total\n- Fixed IncomeInvestment in non‑associated entities;Held directly or by associated entitiesExternally managed\n- Name of Investment Manager Value (AUD) Weighting (%)\n- Individual investment names not required to be disclosed.Only disclose the name of the investment manager responsible for managing the investment. Values and weightings for individual investments not disclosed. Only disclose total values and weighting aggregated by the investment manager responsible for managing the investment.\n- Total\n- Listed Equity\n- Name/kind of investment item Security Identifier Units held Value (AUD) Weighting (%)\n- Total\n- Unlisted EquityHeld directly or by associated entitiesInternally managed\n- Name/kind of investment item % Ownership Value (AUD) Weighting (%)\n- Values and weighting for individual investments not disclosed. Only disclose total value and weighting.\n- Total\n- Unlisted EquityInvestment in non‑associated entities;Held directly or by associated entitiesExternally managed\n- Name of Investment Manager Value (AUD) Weighting (%)\n- Individual investment names not required to be disclosed.Only disclose the name of the investment manager responsible for managing the investment Values and weightings for individual investments not disclosed. Only disclose total values and weighting aggregated by the investment manager responsible for managing the investments.\n- Total\n- Listed Property\n- Name/kind of investment item Security Identifier Units held Value (AUD) Weighting (%)\n- Total\n- Unlisted PropertyHeld directly or by associated entitiesInternally managed\n- Name/kind of investment item Address % of property held Value (AUD) Weighting (%)\n- Values and weighting for individual investments not disclosed. Only disclose total value and weighting.\n- Total\n- Unlisted PropertyInvestment in non‑associated entities;Held directly or by associated entitiesExternally managed\n- Name of Investment Manager Value (AUD) Weighting (%)\n- Individual investment names not required to be disclosed.Only disclose the name of the investment manager responsible for managing the investment. Values and weightings for individual investments not disclosed. Only disclose total values and weighting aggregated by the investment manager responsible for managing the investments.\n- Total\n- Listed Infrastructure\n- Name/kind of investment item Security Identifier Units held Value (AUD) Weighting (%)\n- Total\n- Unlisted InfrastructureHeld directly or by associated entitiesInternally managed\n- Name/kind of investment item % Ownership Value (AUD) Weighting (%)\n- Value and weighting for individual investments not disclosed. Only disclose total value and weighting.\n- Total\n- Unlisted InfrastructureInvestment in non‑associated entities;Held directly or by associated entitiesExternally managed\n- Name of Investment Manager Value (AUD) Weighting (%)\n- Individual investment names not required to be disclosed.Only disclose the name of the investment manager responsible for managing the investment Values and weightings for individual investments not disclosed. Only disclose total values and weighting aggregated by the investment manager responsible for managing the investments.\n- Total\n- Listed Alternatives\n- Name/kind of investment item Security Identifier Units held Value (AUD) Weighting (%)\n- Total\n- Unlisted AlternativesHeld directly or by associated entitiesInternally managed\n- Name/kind of investment item Value (AUD) Weighting (%)\n- Value and weighting for individual investments not disclosed. Only disclose total value and weighting.\n- Total\n- Unlisted AlternativesInvestment in non‑associated entities;Held directly or by associated entitiesExternally managed\n- Name of Investment Manager Value (AUD) Weighting (%)\n- Individual investment names not required to be disclosed.Only disclose the name of the investment manager responsible for managing the investment. Values and weightings for individual investments not disclosed. Only disclose total values and weighting aggregated by the investment manager responsible for managing the investments.\n- Total\n- Total Investment Items\n\n\n \n\n2  Table 2—Derivatives by kind of derivative\n\n \n\n- Portfolio Holdings Information for [Name of Fund]—Derivatives\n- Kind of derivative Value Weighting\n- Swaps Values and weighting for individual derivatives not disclosed. Only disclose total values and weighting for this kind of derivative.\n- Forwards Values and weighting for individual derivatives not disclosed. Only disclose total values and weighting for this kind of derivative.\n- Futures Values and weighting for individual derivatives not disclosed. Only disclose total values and weighting for this kind of derivative.\n- Options Values and weighting for individual derivatives not disclosed. Only disclose total values and weighting for this kind of derivative.\n- Total\n\n\n \n\n3  Table 3—Derivatives by asset class\n\n \n\n- Portfolio Holdings Information for [Name of Fund]—Derivatives by asset class\n- Asset class Actual asset allocation (% of total investments (including derivatives)) Effect of derivatives exposure (% of total investments (including derivatives))\n- Cash\n- Fixed Income\n- Equities\n- Property\n- Infrastructure\n- Alternatives\n- Total\n\n\n \n\n4  Table 4—Derivatives by currency\n\n \n\n- Portfolio Holdings Information for [Name of Fund]—Derivatives by currency\n- Currency exposure Actual currency exposure (% of investments (including derivatives)) Effect of derivatives exposure (% of investments (including derivatives))\n- AUD\n- USD\n- Currencies of other developed markets\n- Currencies of emerging markets\n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This legislation appears to serve its original intended purpose: establishing periodic reporting requirements for the Future Fund's investment activities. It implements specific disclosure obligations that were likely contemplated when the Future Fund Act 2006 was enacted or amended. The scope is appropriately narrow and focused on transparency reporting without expanding into operational or governance matters beyond what is necessary for investment disclosure."},"complexity_factors":["Only 2 defined terms in section 4 ('Act' and 'associated entity')","Straightforward structure: 5 operative sections plus 4 tables in Schedule 1","Minimal cross-referencing—primarily references to specific subsections of the Future Fund Act 2006","Simple conditional logic in section 5(2) regarding publication periods, but this is the only nested condition","Schedule 1 consists of template tables with clear instructional text rather than dense legal provisions","No exceptions to exceptions or deeply nested subsections","Length is short—approximately 4-5 pages of substantive content"],"plain_english_summary":"The bill requires the Future Fund Board to publish detailed twice‑yearly investment reports online within 90 days, specifying the information and file formats (including at least one delimited/downloadable format) to be disclosed. It affects the Board, investment managers whose names may appear, and the public by increasing transparency over how the government’s roughly $200 billion sovereign wealth fund is invested."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"These Rules operationalise subsection 55A of the Future Fund Act by specifying timing, formats, and the structure of disclosures (see s 5 generally and Schedule 1). They do not expand which funds or classes of investment must be reported under the Act, but they do prescribe permitted aggregation and limit disclosure granularity (see s 5(4)(b)(i), s 5(5) and Schedule 1), and fix reporting days (s 5(7)) and publication timing (s 5(1)(b)). In short: scope is specified and narrowed in granularity but not expanded beyond the Act's coverage."},"complexity_factors":["Statutory cross-reference: instrument is made under the Future Fund Act 2006 and implements subsection 55A reporting duties (see ss 3 and 5(1)).","Timing and publication rules: fixed reporting days and a 90‑day publication deadline, plus an explicit allowance to publish earlier (see ss 5(1)(b), 5(2)–(3), 5(7)).","Per‑fund obligation: reports must include investments for each fund listed in section 81 of the Act (see s 5(4)(a)), increasing bookkeeping and segregation requirements.","Data format and accessibility requirements: reports must be easily downloadable, readable and include at least one delimited file format (see s 5(4)(b)(ii)–(iii)), creating technical compliance work.","Permitted aggregation and limited granularity: Schedule 1 repeatedly permits aggregated disclosure and expressly disallows disclosure of individual investment values in many rows (see s 5(4)(b)(i), s 5(5), Schedule 1 notes).","Template complexity: Schedule 1 prescribes multiple tables and categories (cash, fixed income, listed/unlisted equity, property, infrastructure, alternatives, derivatives by kind/asset class/currency), requiring mapping from internal systems to prescribed fields.","Flexibility in table structure: instrument allows different row/column counts and subsidiary tables provided all Schedule 1 information is accessible (see ss 5(5)–(6)), which increases implementation choices and governance needed to ensure completeness.","Operational burden on Board: the Board bears the cost and discretion of preparing, aggregating and publishing data in compliant formats (see s 5 overall)."],"plain_english_summary":"Requires the Future Fund Board to prepare and publish periodic investment reports for each statutory fund, sets reporting days (30 June and 31 December), a standard 90‑day publication timeframe and permits earlier publication. The Rules prescribe downloadable table formats and allow aggregated disclosure of holdings. Affects the Board (reporting and publication duties), investment managers/associated entities (whose holdings are reported) and users of Fund data; it standardises disclosure mechanics and limits the granularity of publicly released portfolio information."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/future-fund-investment-funds-periodic-investment-report-rules-2023","history":"/api/acts/future-fund-investment-funds-periodic-investment-report-rules-2023/history","analysis":"/api/acts/future-fund-investment-funds-periodic-investment-report-rules-2023/analysis","conflicts":"/api/acts/future-fund-investment-funds-periodic-investment-report-rules-2023/conflicts","importantCases":"/api/acts/future-fund-investment-funds-periodic-investment-report-rules-2023/important-cases","documents":"/api/acts/future-fund-investment-funds-periodic-investment-report-rules-2023/documents"}}