澳大利亚“未来基金”的缘起、治理与启示

The Origin, Management and Experiences of Australia’s Future Fund

2006年澳大利亚政府建立的“未来基金”既可当作是为支付非积累公共部门超级年金债务采取的直接措施,也可视作应对人口老龄化的谨慎选择,但对比其他OECD国家的养老金支付压力和人口老龄化趋势,澳大利亚建立这一主权养老金的必要性要大打折扣。因此,从根本上讲,“未来基金”是实施中期财政战略的重要举措。一方面,中期财政战略创造的财政盈余给“未来基金”提供了原始资本;另一方面,中期财政战略却限制了财政盈余用于减税或增加社会项目支出。通过加强基金的独立性,“未来基金”实现了良治的同时也推动了透明度和问责制的提升,最终不仅消除了国内外各种质疑,而且提高了基金的长期收益。

The Future Fund Australia established in 2006 can be regarded as either a direct measure to tackle underfunded public sector superannuation liability or a prudent choice to cope with population ageing. However, compared with other OECD countries, Australia’s need for such a sovereign pension fund is greatly reduced. In fact, it is an important measure to strengthen the medium-term financial position. On the one hand, the fiscal surplus created by the medium-term fiscal strategy provides the original capital for it;on the other hand, the medium-term fiscal strategy restricts the fiscal surplus to be used for tax reduction or social project expenditure increases. By strengthening its independence, the Future Fund has improved its governance, transparency and accountability. Finally, it has not only eliminated the various doubts at home and abroad, but improved its long-term returns.