FUTURE FUND × PALANTIR Background Information
Action: Details to Come
Date: Wednesday 30 September 2026
Campaign: People vs Palantir Global Week of Action / APAN Future Fund campaign
This background pack provides source material for journalists covering protests calling for Australia's Future Fund to divest from Palantir Technologies and other companies linked to Israel's military operations and occupation.
1. THE $165 MILLION PALANTIR INVESTMENT
ABC News — Future Fund holdings
ABC reported in August 2026 that the Future Fund's latest periodic investment disclosure showed approximately $165 million invested in Palantir Technologies at 31 December 2025.
ABC also links readers directly to the Future Fund's downloadable investment holdings.
ABC News:
Future Fund holdings — ABC News, 26 August 2026
Earlier growth in Palantir investment
ABC reported in April 2025 that the value of the Future Fund's Palantir shareholding had already risen from approximately $5.5 million to $20 million between June and December 2024.
The number of Palantir shares held also increased during that period, meaning the increase was not solely caused by Palantir's rising share price.
ABC News:
As Europe rearms, where is Australia's Future Fund investing? — ABC News
Future Fund disclosures
The Future Fund states that it publishes its portfolio holdings twice each year, as at 30 June and 31 December.
Future Fund:
Future Fund — portfolio holdings disclosure information
2. WHAT IS PALANTIR?
Palantir Technologies is a US technology company specialising in large-scale data integration, analytics and artificial intelligence.
Its customers include defence, intelligence, law enforcement and government agencies as well as commercial companies.
Palantir and the Israeli Ministry of Defence
In January 2024 Palantir entered a strategic partnership with the Israeli Ministry of Defence.
Palantir executive Josh Harris told Bloomberg that the parties had agreed to use Palantir technology in support of war-related missions.
Palantir also held a board meeting in Tel Aviv following 7 October 2023.
Bloomberg report reproduced by Palantir:
Palantir strategic partnership with Israeli Ministry of Defence — January 2024
Bloomberg:
Palantir supplying Israel with new tools since Gaza war began
Palantir CEO Alex Karp told Bloomberg that demand for Palantir products in Israel had increased following 7 October and said the company had begun supplying products different from those supplied previously.
3. UNITED NATIONS REPORT ON PALANTIR
In June 2025, UN Special Rapporteur Francesca Albanese published From Economy of Occupation to Economy of Genocide, examining corporate involvement in Israel's occupation and Gaza war.
The report specifically discusses Palantir.
Paragraph 42 says Palantir expanded its support to the Israeli military after October 2023 and discusses its Artificial Intelligence Platform, battlefield data integration and its strategic partnership with Israel.
The report states that there are “reasonable grounds to believe”Palantir provided certain technologies and infrastructure used by Israel.
United Nations — full report and PDF:
From Economy of Occupation to Economy of Genocide — A/HRC/59/23
Direct UN PDF:
Download A/HRC/59/23 PDF
4. PALANTIR'S RESPONSE
Palantir disputes several allegations made about its work in Israel.
In responses to the UN Special Rapporteur and Amnesty International, Palantir says its work with the Israeli Ministry of Defence began after 7 October 2023 and denies involvement with Israel's Lavender and Gospeltargeting systems.
It also rejects allegations that it provides predictive policing or unlawful surveillance technology in Israel.
Palantir nevertheless confirms longstanding work in Israel and work spanning civil, defence and intelligence-related government mandates.
Journalists can read Palantir's position directly here:
Palantir response to UN Special Rapporteur — May 2025:
Palantir response to UN Special Rapporteur
Palantir response to Amnesty International — September 2025:
Palantir response to Amnesty International
5. PALANTIR'S MILITARY AI BUSINESS
Palantir is a major US defence technology contractor.
In 2024 the US Department of Defense awarded Palantir a $480 million contract for the Maven Smart System.
Maven integrates large quantities of intelligence and surveillance data and assists analysts in identifying military points of interest.
Reuters:
Pentagon awards Palantir $480m Maven contract
In March 2026, the Washington Post reported that Palantir's Maven system was being used by the US military to process classified satellite, surveillance and intelligence data and assist with real-time targeting and target prioritisation during US operations against Iran.
Washington Post:
Pentagon use of Palantir Maven in military targeting — March 2026
Associated Press has also examined the growing use of commercial AI and cloud technology by the Israeli military and notes Palantir's strategic partnership providing AI systems in support of Israel's war effort.
Associated Press:
AI technology and the Israeli military — AP investigation
6. COLES HAS ALREADY DECIDED NOT TO RENEW PALANTIR
Coles has confirmed that its Palantir partnership will end and will not be renewed.
The companies began working together in early 2024.
Palantir technology was used across Coles' operations, including rostering, store operations and supply-chain planning.
The decision followed sustained public and shareholder campaigning.
ABC News — 4 September 2026:
Coles cuts ties with Palantir — ABC News
Australian Computer Society / Information Age:
Coles dumps Palantir after pressure campaign
Sustainable Investment Exchange:
Coles confirms it will not continue Palantir partnership
Background to shareholder campaign:
SIX — Coles × Palantir campaign
7. FUTURE FUND INVESTMENTS IN WEAPONS COMPANIES
Palantir is not the only defence-related company held by Australia's Future Fund.
ABC analysis of Future Fund disclosures has identified holdings in companies including:
- Elbit Systems
- Lockheed Martin
- Boeing
- Northrop Grumman
- RTX
- General Dynamics
- BAE Systems
- L3Harris
- Airbus
- Honeywell
ABC reported substantial increases in the value of several of these holdings.
ABC News — April 2025:
Future Fund investment in weapons manufacturers
ABC News — December 2024:
Australia's Future Fund invests in the global arms industry
ABC News — November 2024:
Future Fund investments, politics and ethics
8. WHO CONTROLS THE FUTURE FUND?
The Future Fund was established under the Future Fund Act 2006.
Individual investment decisions are made by the Future Fund Board of Guardians, rather than personally by the Treasurer.
However, the Treasurer and Finance Minister are jointly designated as the Fund's responsible Ministers.
Their statutory powers include:
- issuing the Future Fund Investment Mandate;
- appointing and removing Future Fund Board members; and
- making certain decisions concerning money and assets credited to the Fund.
The current Investment Mandate also demonstrates that governments can direct the Board to have regard to identified national priorities while maintaining the Board's statutory investment responsibilities.
Department of Finance — Future Fund:
Future Fund structure and Investment Mandate
Department of Finance — governance and responsible Ministers:
Governance of Australian Government Investment Funds
Federal Register of Legislation — 2024 Investment Mandate:
Future Fund Investment Mandate Direction 2024
9. INTERNATIONAL COURT OF JUSTICE — OCCUPATION
On 19 July 2024, the International Court of Justice issued its advisory opinion on Israel's policies and practices in the occupied Palestinian territory.
Among its conclusions, the Court found that:
- Israel's continued presence in the occupied Palestinian territory is unlawful;
- Israel must bring that unlawful presence to an end as rapidly as possible;
- Israel must immediately cease new settlement activity;
- states must not recognise as legal the situation arising from Israel's unlawful presence; and
- states must not render aid or assistance in maintaining that situation.
ICJ — summary:
ICJ Advisory Opinion summary — 19 July 2024
ICJ — full Advisory Opinion:
Legal Consequences arising from Israel's policies and practices in the occupied Palestinian territory
10. INTERNATIONAL COURT OF JUSTICE — GAZA / GENOCIDE CONVENTION
The ICJ proceedings in South Africa v Israel concern alleged violations of the Genocide Convention.
The Court has not yet issued a final merits judgment determining whether Israel has committed genocide.
It has, however, issued binding provisional measures requiring Israel to take specified steps under the Genocide Convention.
ICJ — Order of 26 January 2024:
South Africa v Israel — provisional measures
This distinction is important for accurate reporting: the ICJ has imposed provisional measures under the Genocide Convention, but the final merits case remains unresolved.
11. UN COMMISSION OF INQUIRY
The UN Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel issued a September 2025 report concluding that Israeli authorities had committed genocide against Palestinians in Gaza.
The Commission called for an end to acts it characterised as genocidal and made recommendations concerning states' obligations.
UN/OHCHR:
Search/report reference: A/HRC/60/CRP.3 — 16 September 2025
OHCHR Commission of Inquiry portal:
Independent International Commission of Inquiry — Israel and occupied Palestinian territory
12. AMNESTY INTERNATIONAL
In December 2024 Amnesty International published a major report concluding that Israel had committed genocide against Palestinians in Gaza.
The report examines civilian deaths, destruction of civilian infrastructure, displacement, restrictions on humanitarian assistance and statements by Israeli officials.
Amnesty International — full report:
“You Feel Like You Are Subhuman”: Israel's Genocide Against Palestinians in Gaza
13. INTERNATIONAL ASSOCIATION OF GENOCIDE SCHOLARS
In August 2025 the International Association of Genocide Scholars adopted a resolution concerning Gaza.
IAGS resolutions require a two-thirds majority of voting members participating in the vote.
IAGS resolutions page:
International Association of Genocide Scholars — resolutions
See: “IAGS Resolution on Gaza, August 2025.”
14. AUSTRALIAN GOVERNMENT ACTION AGAINST ISRAELI MINISTERS
The Australian Government imposed targeted financial sanctions and travel bans on Israeli ministers Itamar Ben-Gvir and Bezalel Smotrich in June 2025.
DFAT states the sanctions were imposed under Australia's human-rights sanctions regime.
Department of Foreign Affairs and Trade:
Australian sanctions on Ben-Gvir and Smotrich — 11 June 2025
Australia has also publicly stated that Israeli settlements are illegal under international law.
DFAT — Australian statement to UN Human Rights Council:
Australia — Human Rights Council statement on occupied Palestinian territory
15. KEY FACTS AT A GLANCE
Future Fund Palantir holding:approximately $165 million at 31 December 2025.
Earlier disclosed Palantir holding:approximately $20 million at 31 December 2024, up from approximately $5.5 million six months earlier.
Palantir and Israel: strategic partnership with the Israeli Ministry of Defence announced January 2024 for technology supporting war-related missions.
UN corporate report: Palantir specifically named in the UN Special Rapporteur's June 2025 report examining corporate involvement in Israel's occupation and Gaza war.
Palantir's position: Palantir rejects allegations that it provides Israel's Lavender or Gospel systems, predictive policing or unlawful surveillance technology.
Coles: confirmed in September 2026 that its Palantir partnership will not be renewed.
Future Fund governance: Treasurer and Finance Minister are the responsible Ministers; the independent Future Fund Board makes investment decisions.
ICJ: Israel's continued presence in the occupied Palestinian territory was found unlawful in the ICJ's July 2024 advisory opinion.
Gaza genocide proceedings: South Africa v Israel remains before the ICJ; there is no final ICJ merits judgment on genocide.
Other findings: the UN Commission of Inquiry, Amnesty International and the International Association of Genocide Scholars have separately concluded that Israel's conduct in Gaza constitutes genocide.
16. CAMPAIGN DEMAND
Campaigners are calling on the Australian Government to act to ensure the Future Fund divests from Palantir and other companies linked to Israel's military operations and occupation.
The action forms part of the international People vs Palantir Global Week of Action and supports the Australia Palestine Advocacy Network campaign targeting Future Fund investments.
Contact details:
MEDIA CONTACT:
Subhi Awad
Northern RIvers Friends Of Palestine
0408 760 991
