NO.096

JOINT PRESS RELEASE

TREASURER

AND

MINISTER FOR FINANCE AND ADMINISTRATION

DAVID MURRAY TO CHAIR FUTURE FUND

The Government is pleased to announce its decision to appoint Mr David Murray

as Chairman of the Future Fund Board of Guardians (the Board).

Mr Murray will formally commence his appointment following passage of the enabling

legislation for the Future Fund. We expect to introduce the legislation later

this year.

Until that time, Mr Murray will be engaged as a consultant to the Department

of Finance and Administration to provide advice on the establishment of the

Future Fund.

The Government intends to announce further appointments to the Board prior

to the passage of the legislation. As previously announced, Board members will

be selected by the Government for their expertise in investment and corporate

governance.

Appointments to the Board (including the Chairman) will be on a part-time basis,

and the Board’s remuneration will be determined by the Remuneration Tribunal.

Mr Murray is an eminent Australian of considerable professional standing in

the business community. Over 40 years he has made an outstanding contribution

to the Commonwealth Bank of Australia (CBA), particularly in the role of Chief

Executive Officer which he held from 1992 until his recent retirement.

Mr Murray will bring to this new position substantial experience in the finance

and banking sector and considerable knowledge of financial markets. Mr Murray

also has strong corporate governance credentials having guided CBA through a

number of major changes including its privatisation in 1996. In 2003, Mr Murray

was awarded the Centenary Medal for his contributions in the areas of banking

and corporate governance.

CANBERRA

06 November 2005

Contact:

Amanda Kennedy

02 6277 7340