The 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”.
'We'll all pay the price for it': Future Fund architects skewer Jim Chalmers ’ 'disgraceful' investment mandate overhaul
The move has drawn intense criticism with Peter Costello, the treasurer when the Future Fund was established and its former chair, saying the fund was “never set up to be a political slush fund” while deputy opposition leader Sussan Ley said the mandate directed money to Labor’s “pet projects”. “It allows the government to invest in its own public projects off the budget and that’s not a good thing for the transparency of the Future Fund.
Mr Murray continued to lament of the government’s intervention into the fund, which he claimed undermined its independence. Mr Downer echoed Mr Costello’s criticism of the mandate, even claiming the shift could mean the fund starts to lose value. Many critics also questioned the Future Fund’s current chairman, Greg Combet, who was the climate change minister during Julia Gillard’s government and former chair of the Net Zero Economy Agency.
Others pointed out Labor’s Future Fund overhaul was likely to be a key election issue as both parties look to earn public favour as voters prepare to hit the polls in 2025.
Peter Costello Jim Chalmers David Murray Future Fund
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