Who will replace Peter Costello at the Future Fund?
Let the speculation over who will lead the $206 billion Future Fund begin.
Government appointments to boards are always the source of significant media speculation. But there’s one upcoming vacancy Treasurer Jim Chalmers and Finance Minister Katy Gallagher need to fill that is likely to be especially difficult — chair of the Future Fund.
The $206 billion (or so) sovereign wealth fund is the nation’s largest single financial asset, operates independently from government and is facing significant challenges to continue its record of out-performance.
The chair of the Future Fund right now is, of course, former treasurer Peter Costello. Costello has been in the role since January 2014, and had his initial five-year term extended. But earlier this year announced his intention to step down when his current tenure ends in February. Costello has been on the fund's Board of Guardians since 2009.
Costello is a controversial figure in some circles because, in addition to his political background, he is the chairman of mainstream newspaper and television giant Nine Entertainment. But regardless of personal opinions on his politics and current influence on the media and corporate Australia, there's no denying he's well suited to the job.
