Generations with changing views are driving shifts in political and policy environments globally, which carries implications for investors, as well as for our organisation and our workforce.

We are responding and adapting to this. We are changing how and where we invest; how we lead and inspire, not just within the business but within the investment environment more broadly; how we grow and support our workforce; and how we continue to evolve our culture.

FY23 was both tumultuous and uncertain and yet, to a degree, predictable. The structural forces we identified three years ago and wrote about in our position papers have played out concurrently and more rapidly than we anticipated. We have been preparing for this, with a robust three-year business plan in place, and having conducted a deep review of our investment strategy and portfolio construction.

For the organisation it was a productive and rewarding year. We made great strides against our business plan, with a significant focus on designing and delivering on our data and technology strategy; standing up our bespoke learning and development centre – the Future Fund Academy; growing our workforce; advancing our thought leadership program; and progressing our diversity and inclusion objectives.

Our investment approach and portfolio also continued to evolve in response to the changing macro environment. We talk about this in detail throughout this Review.

The world remains in flux. The investment market remains highly uncertain. This all creates really interesting challenges – as well as opportunities – for investors. Leaning into our joined-up whole-of-portfolio approach and our culture of curiosity and collaboration will stand us in good stead as we face into the new investment order.

As we do so, we are focused on our purpose of investing for the benefit of future generations of Australians.