Opposition says Future Fund mandate must be maintained as Combet takes over
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More news: The federal opposition has warned the Future Fund's mandate must be maintained, after outgoing Net Zero Economy Agency chair Greg Combet was appointed to chair its board of guardians.
What they said: "The Future Fund plays a vital role in the Australian economy, and it is crucial that its mandate is not changed or altered," shadow treasurer Angus Taylor and shadow finance minister Jane Hume said in a joint statement.
"The Future Fund's investment mandate has been very clear - to invest for the long term benefit of the country. It must not become a slush fund for the Labor's ideological pursuits or the Treasurer's thought-bubbles."
Greg Combet named as Future Fund chair
The news: Former Labor minister and head of the Net Zero Economy Agency, Greg Combet, has been appointed as chair of the Future Fund, Australia's sovereign wealth fund. Combet has also served as chair of IFM Investors, and as a trustee of AustralianSuper and Superannuation Trust of Australia.
The numbers: Combet will replace former federal treasurer Peter Costello, who is retiring after five years as chair and 14 years on the Future Fund's board. Former Macquarie banker Mary Reemst will serve as acting chair from 4 February until Combet takes the reins in mid-2024.
The context: The Albanese government paid tribute to Costello, who was instrumental in establishing the Future Fund in 2006 to boost Australia's long-term financial position. The entity's funds under management has grown from around $60 billion in 2008 to more than $200 billion today.
The source: Treasury Media Release
