Figures from the Australian Future Fund's latest annual report and portfolio update show that almost two thirds of its A$63 billion in assets have been put into the bank accounts of the big four Australian banks or into their bonds, helping reduce their funding costs and keeping them liquid through the latest financial market turmoil. The fund had A$31.03 billion in cash with the banks and had invested NZ$5.5 billion in local bonds, most of which are Australian bank bonds. * This article was first published exclusively yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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