Chalmers taints the Future Fund with political intentions

It should come as no surprise that Jim Chalmers has the dubious honour of becoming the first treasurer to direct the $230 billion Future Fund to consider investing in specific assets. In a new statement of intent he wants the sovereign wealth fund to look at “national priority areas” such as housing, renewable energy and infrastructure where the country is falling short of what it needs.

The treasurer is following up on an idea he first raised at a super roundtable hosted by The Australian Financial Review and Visy executive chairman Anthony Pratt in 2022. He then called on Australia’s $3.5 trillion super industry to start investing in nation-building projects, which he said need not conflict with their legal obligation to invest only in ways which maximise returns to members.