Australia’s wealth fund posts first annual loss since global financial crisis

Peter Costello chairman of Australia Future Fund

SYDNEY: Australia’s sovereign wealth fund has posted its first annual loss since the global financial crisis, and is holding more cash in preparation for further market volatility.

The Future Fund lost 0.9% in the 12 months ended June 30, the first annual decline since 2009, it said in a statement Wednesday. It’s cash allocation increased to the highest in almost three years in preparation for "what will be a challenging and volatile environment in the future, ” Chairman Peter Costello said.