The value of Australia’s Future Fund has surpassed $100 billion for the first time since it was set up by then-Treasurer Peter Costello in 2006.

In releasing its provisional results for the 2013-14 financial year, the fund said on Monday it was worth $101 billion at the end of June, after investment returns for the period totalled $12 billion.

Former treasurer Peter Costello. Credit:Josh Robenstone

Since its creation in May 2006, just over a year before the global financial crisis began wiping out investors’ wealth, returns on the government’s investment have averaged a nominal 7.1 per cent per year, just shy of its 7.2 per cent target.

“These returns show the value of long-term and patient investment,” said Mr Costello, who is chairman of the Future Fund.