Billions wiped from Australia's Future Fund
By Mark Di Stefano
Updated October 29, 2011 15:10:50
More than $2 billion has been wiped from Australia's Future Fund, with the uncertain global financial system blamed for the losses.
The Board of Guardians of Australia's Future Fund has updated its figures for the quarter and the news is not good.
The fund, set up by the Howard government to cover the superannuation of public servants, suffered a 2.9 per cent loss in the quarter ending in September.
That shrinks the value of the Future Fund from $75.39 billion to $73.18 billion.
Board chairman David Murray has reported global uncertainty caused the loss and stressed the country needs to look at reform to avoid future losses.
Mr Murray pointed to productivity, industrial relations and public spending as potential areas for reform.
This quarter's fall aside, the fund has made 4.4 per cent every year since 2006.
Finance Minister Penny Wong has blamed global volatility and uncertainty for the loss, and says it is important to keep the fall in perspective.
"Looking at the global economy, we know there is a lot of volatility around," she said.
"But I think it is important to recall this is a long-term investment and we should treat with caution quarterly returns. Because obviously quarterly results need to be taken in context of a long-term investment."
Mr Murray warns the economy needs change if it is going to be insulated from global uncertainty, and acting shadow treasurer Andrew Robb says it is time for the Government to act.
"We've got huge and growing debt, so they've got to start to live within their means," he said.
"We've got very low productivity. We've got significant industrial unrest and high wage pressure. We are falling down on so many fronts."
MUTUAL FUNDS/UNIT TRUSTS。。。。。。。。。。。
OTHER THAN MALAYSIAIS INDEX FUND。。。。WHICH MAY BE STILL GOOD AS MALAYSIA SHARE MARKET IS A ZOO-STYLE MARKET。。。EASIER TO PUMP AND JECK-UP。。。BY FUND MANAGERS AND BIG PLAYERS。。。
。。。。。。。。。。。BE CAUTIOUS。。。。。。。。。。。。WITH OTHER FUNDS WHICH MAY BE BAD， WORST。。。。。。。
AS THE FUNDS SOLD IN MALAYSIA ARE TOO MANY AND EVEN A SINGLE MANAGER ALSO MANAGE MORE THAN 10 PLUS FUNDS， SOME EVEN 20 FUNDS AND MORE。。。。。SEEM LIKE RADICULOUS。。。TOO SUPERMAN。。。。。（WILL IT BE MAD。。。CRAZY TO MANAGE SO MANY FUNDS BY SINGLE FUND MANAGER？？？？。。。GOD WILL ONLY KNOW。。。。TERRIBLE， INDEED！！！）