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The Albanese government has already changed the mandate of the Future Fund to invest in housing and the green energy transition, “where possible, appropriate, and consistent with strong returns”.
This was the first time the federal government imposed asset classes on the Future Fund, which was formed in 2006 by then-Liberal Treasurer Peter Costello to finance federal employees’ pensions.
The decision reaffirmed Chalmers’ belief in “values-based capitalism,” which focuses both public and private resources towards social ends. It also aligns with the Future Fund’s new chair, former Labor Minister Greg Combet, who wishes to boost investment in renewable energy.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.