The Government's OneFund strategy is delivering strong results, with a balance of $70.4 billion at the end of calendar 2025 and having returned $8.8 billion from its inception at the end of August 2024.
Following the implementation of Phase 2 in 2025, OneFund is now expected to deliver around $2.2 billion more than the previous government's approach would have delivered by 2028-29.
This will be achieved while also taking on $16.3 billion less debt than the previous government's approach.
OneFund pools the State's investment funds together, with all funds sharing a common risk appetite and investment strategy. This structure means that funds can be invested more efficiently and flexibly, with a focus on the longer term.
OneFund has an investment return objective of CPI + 4.5 per cent per annum over rolling 10-year periods, similar to the Australian Government's Future Fund.
In the 16 months since inception OneFund has returned 11.3 per cent p.a.
TCorp manages OneFund, which initially incorporated $47 billion in investments. In April 2025, three additional state investment funds worth $11 billion were added.
The State continues to manage market volatility by investing in a diverse portfolio including a number of defensive tools - meaning OneFund is less susceptible to equity market volatility than if it were invested in equities alone.
The Minns Labor Government announced the creation of OneFund in its second Budget as part of an ongoing commitment to budget repair, including turning around a record level of inherited debt.
Treasurer Daniel Mookhey said:
"The OneFund strategy continues to deliver returns to the NSW taxpayer demonstrating value, not just for today - but decades to come."
"OneFund has allowed the State to grow its assets base without signing future generations up to the mountain of debt the former government wanted us to take on."
"Our OneFund strategy allows us to generate strong investment returns over time while reducing the amount of debt the State expects to hold."
