CANBERRA—The Federal Government today deposited another $3.9 billion in the fund set up to pay public servants' superannuation into the future.
Finance Minister Lindsay Tanner today said the Government had transferred the $3.9 billion to the Future Fund, taking its total value to $65 billion.
"This transfer delivers on the Government's commitment, announced in the 2008-09 budget, to transfer $3.9 billion from the collection of the Telstra 3 final instalment to the Future Fund before 30 June 2008," he said in a statement.
The government is holding on to the rest of the money from the T3 instalment collection for the moment - worth around $2.7 billion - to deposit into the Building Australia Fund, once it is established.
Mr Tanner said the Government was on track with funding superannuation liabilities and would use budget surpluses for its other funds announced in the May budget.
"With the Future Fund on track to fully fund superannuation liabilities for Australian Government employees by 2020, future surpluses may be directed to other government priorities, such as the government's three new nation building funds - the Building Australia Fund, the Education Investment Fund and the Health and Hospitals Fund," he said.
"The Future Fund Board of Guardians will also manage these new asset funds."
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