"future fund is run independently of the government of the...

"future fund is run independently of the government of the day."

Let just not be naive here, akg.
We have just seen government appointing, David Gonski to replace David Murray, who has been a chaiman since the inception.
By doing this they snubbed Peter Costello, who was brought to the board by Kevin Rudd and was considered by all and sundry to be Murray's deputy to replace him on his retirement. But Peter was unlucky again, these top jobs are just being denied to him.

So we can see that the government can make or brake the chairman, board members or the whole board at their whim.
They have the ultimate power and it follows that the FF will be independent only as long as the government lets them.

IMO appointing Peter Costello was a feeble attempt by Kevin Rudd to appear statesmanlike and did not win him any friends or admirers.
Julia Gillard action is showing her as a tough politician who is not at all interested in appeasing the Libs and in fact she is letting them feel the rough end of the pineapple in this escalating polarization of our political system and reignited class warfare.