Future Fund switches to cash as pandemic hits returns
02 September 2020 - 12:00 am UTC
Australia’s sovereign wealth fund, the Future Fund, has almost doubled its investment in cash since March as it today reported almost a 1% negative return in a portfolio update for the year ending 30 June.
“The second half of FY 2020 was dominated by the COVID-19 pandemic and the lockdown of much of the Australian economy by governments in response. The global economy went into reverse and the Australian economy moved into recession for the first time in 30 years. The downturn was fast and steep,” said chairman Peter Costello in a statement.