I'm Raphael Arndt and I'm the CEO here at the Future Fund. Today, we manage just under a quarter of a trillion dollars on behalf of Australian taxpayers across six funds and it's my job to make sure we're focused on delivering strong investment performance across those funds into the future.
It was a really challenging year here in Melbourne. We spent a third of the year in hard lockdown, another third of the year being told by the government we should keep working from home. And in that environment it's really hard to deliver change and innovation. But as a team, we did that. We delivered the entire business plan.
For me by far the biggest achievement for the Investment team is having the whole team embrace and focus on the future, the new world. And so we know we're now in an environment where interest rates are rising or inflation's back. We also know that there's challenges to the economic growth model of the past and we're ready for that.
It's very hard to be a long-term investor in that world and we know from previous periods in history that inflationary environments are some of the most challenging for investors. But we've made more than $30 billion dollars of changes to the portfolio this year to get ready for that and we're more than 4% better off than we would have been already and we're only one year into a three-year plan to reposition the portfolio.
In terms of challenges for the year, I think the biggest one is breaking the way you've thought your whole career and your whole life and accepting that the world's changed and that we've all got to change with it. Then we really had to go through a process of getting everyone to work on that project to acknowledge the changes in the world so that we can lean into that and be active rather than resist the change, which is our human bias. And for the rest of the organisation, they know investment performance is our focus and everyone else is here to support that really incredibly difficult mission.
So over the next year, we need to build on the foundations that we've set during FY22. During FY22, we recognised that the world was changing. We've got a new investment strategy for a higher-inflation, lower-growth world, and we've got a business strategy that is designed to support that mission through better data, technology, investing in the supports to enforce our culture and positioning the organisation externally. And FY23 is all about building on that foundation to continue to deliver on the data and technology foundation that's been set to give our investors more and better information to make better investment decisions to continue to resource up our internal teams to really build on the cultural foundation so that we're inducting new hires into who we are and how we work here.
They're the focus for the next year and I'm really confident that we're well set up to deliver on that.
