Twelve executives working employed by the government’s Future Fund Management Agency are raking in more than a million dollars each annually. Photo: Pressmaster.
A dozen executives working in one public service agency are earning more than a million dollars a year, with one Executive Level 2 (EL2) snaring an annual package of more than $1.5 million.
They all work for Australia’s sovereign wealth fund, the Future Fund Management Agency, and all are generously remunerated with high salaries, bonuses and allowances.
They have direct oversight responsibility for the agency’s $350 billion worth of investments.
The EL2 earning over the $1.5m mark is collecting more than double Prime Minister Anthony Albanese gets, who is on about $622,000 a year base salary (all 12 earn significantly more than the PM).
An EL2 is not even in the APS’s Senior Executive Service (SES), the core leadership group in government administration – department secretaries, deputies and assistant secretaries.
The revelation comes in the recent response to a Greens question that was taken on notice through the Senate process in August.
It has sparked outrage, with the Greens’ finance and public service spokesperson Barbara Pocock saying it raises serious questions about the Federal Government’s economic management and value for money of taxpayer dollars.
“In a cost of living crisis, Australians are hurting. Many would be outraged to learn that a dozen public servants are earning over a million dollars and in some cases double what the Prime Minister earns,” Senator Pocock said.
“We’re not talking about secretaries who run big government departments but employees. How can the government justify this?
“Senior government officials managing large departments with huge budgets and staff would be asking why lower-ranking public servants are getting 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. I think most taxpayers would be questioning whether this represents good value for money.
“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.
“That’s not how you rebuild the public service. The government is burning up its APS targets.”
In response to the question on notice, Finance and Public Service Minister Katy Gallagher justified the salaries, saying the agency needs to attract highly skilled investment professionals.
“The Future Fund Management Agency participates in highly competitive global markets for talent to identify and access high-quality investment opportunities that deliver strong long-term returns for all Australians,” Senator Gallagher said.
The EL2’s $1,507,170 package includes bonuses and allowance because the executive offers strategic advice to the Future Fund’s board and leads specialist investment teams.
They have “direct oversight and responsibility” for the fund’s investment, the response said.
Because the Future Fund dealt with significant, “at-risk investment outcomes” in commercial markets, a variable pay strategy with bonuses was warranted, she said.
The Minister’s office stressed in the response that the remuneration arrangements comply with Federal Government rules limiting performance bonuses to specific circumstances – and they include roles involving significant investment risks and commercial operations.
The Future Fund manages Australia’s sovereign wealth investments, and the government response to the question on notice also mentioned the fund’s 14.8 per cent return in the 12 months to June 2026 had added $37.4 billion to its portfolio.
The Federal Government is also currently under fire for spending $860 million on external consultants across the APS in the last financial year, including almost doubling what it gave to the scandal-ridden KPMG firm.
KPMG’s taxpayer-funded windfall went from $32 million in 2024-25 to $59 million in 2025-26, with more than 30 contracts worth over $20 million being sealed even after major scandals involving the consultancy giant’s unethical behaviour became public in March this year.