@acorn
I forgot that you are the official HC self appointed economic guru.
Yes the Future Fund was set up to cover the superannuation liabilities of the federal government, but it acts like a quasi Sovereign Wealth Fund with a specific purpose. But you can also consider the superannuation funds of Australia as a collective Sovereign Wealth Fund. At 30 June 2018 Australia held $2.8 trillion dollars in pension assets the fourth largest holding in the world. That is primarily thanks to Paul Keating.
But here are a few trade balance numbers which should assuage your concerns that Australia is performing poorly in terms of its trading with the rest of the world.
National External Trade Account
12 months ending May 2019. $43.558b Surplus
12 months ending May 2018. $6.672b Surplus
12 months ending May 2017. $8.696b Surplus
12 months ending May 2016. $34.017b Deficit
The improving trading account performance (surplus = exports minus imports) is bringing more money into Australia, helping the federal government achieve a surplus for the first time in more than a decade and this helps to take pressure off interest rates as there is less requirement to borrow to fund recurrent expenditure.
My take is that shows the economy is performing well with the exception of no real wage growth and pockets of underemployment.
The other thing you need to keep in mind that our interest rates are relative to USS rates and other interest rates around the world so when the rest of the world is in an easing cycle, by design Australia will reduce its interest rates to maintain relativity in a context of relative economic performance.
I suspect you are looking at Australian interest rates in an absolute sense whereas you need to take a relative view.