Jim Chalmers has accused predecessor Peter Costello of being rolled into a “deliberately unhinged” attack on plans to encourage the $230 billion Future Fund to invest in new homes, renewable energy and cybersecurity.
Treasurer Jim Chalmers has accused his predecessor Peter Costello of being trapped in the past and being rolled into a “deliberately unhinged” attack on plans to encourage the $230 billion Future Fund to invest in new homes, renewable energy and cybersecurity.
Treasurer Jim Chalmers says the world has changed since Peter Costello created the Future Fund in 2006.The fund, created to cover the cost of public servants’ superannuation, has operated under a broad mandate to deliver returns at least 4-5 per cent above the inflation rate. Costello, who created the fund in 2006 and served as its chairman until this year, said the proposal – which the Coalition has vowed to overturn if it wins office – would reduce international respect for the fund, turn it into a “political slush fund” and encourage rent-seekers to pursue financial support for poor projects.“The Future Fund’s not about what Peter Costello thought in 2006 ... the Future Fund’s not about the past. It’s about the future.
Shadow treasurer Angus Taylor accused the government of raiding the Future Fund for its own pet policies.But Chalmers said the Coalition’s attacks were unhinged and ignored how other sovereign wealth funds acted under priorities set by their national governments.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Pet projects’: Treasurer Jim Chalmers directs $230 Future Fund to climate, housingTreasurer Jim Chalmers has made major changes to the investment mandate of Australia’s $230 billion Future Fund to direct funds to Labor’s agenda.
Read more »
Rent-seekers form a queue: Costello slams Chalmers’ ‘very bad’ plan for Future FundThe former treasurer says Jim Chalmers’ plan to change the Future Fund’s investment mandate “belongs to a very old tradition in politics: interfering with market investment for political purposes”.
Read more »
Rent-seekers form a queue: Costello slams Chalmers’ ‘very bad’ plan for Future FundThe former treasurer says Jim Chalmers’ plan to change the Future Fund’s investment mandate “belongs to a very old tradition in politics: interfering with market investment for political purposes”.
Read more »
Rent-seekers form a queue: Costello slams Chalmers’ ‘very bad’ plan for Future FundThe former treasurer says the Future Fund was never created to be a “political slush fund”.
Read more »
‘We’ll all pay the price for it’: Future Fund architects savage Chalmers’ investment mandateThe architects of Australia’s $230 billion Future Fund have skewered Labor’s changes to its investment mandate, warning the “disgraceful” shift could mean it “falls into despair”.
Read more »
Chalmers says Future Fund can’t be trapped in Costello’s pastChalmers has accused predecessor Peter Costello of being rolled into a “deliberately unhinged” attack on plans to encourage the $230 billion Future Fund to invest in new homes, renewable energy and cybersecurity.
Read more »