Family First condemns Treasurer Jim Chalmers’ decision to raid the Future Fund, describing it as a reckless gamble with Australia’s economic stability and a betrayal of the fund’s original purpose.
Former Future Fund chairman David Murray has criticised the move, warning that it increases the fund’s risk profile and jeopardises long-term returns. “This policy that has been announced today isn’t free from government influence,” Mr Murray said. “It’s setting up specific purposes. The Future Fund originally never had specific purposes in its investments.”
By prioritising politically driven objectives like housing, the energy transition, and infrastructure, Labor is undermining the independence of Australia’s sovereign wealth fund. Established under the Howard government in 2006, the fund was designed to make commercial investment decisions without political interference.
David Murray cautioned that these changes “threaten the diversification of its risk and threaten its long-term returns.” Former Prime Minister John Howard and Treasurer Peter Costello have also criticised the move, calling it fiscal vandalism.
Labor’s justification of integrating the Future Fund into the Australian economy is short-sighted and reckless. Mr Murray pointed out that off-budget financing of government priorities would increase inflationary pressures. “There are a lot more government outlays in the form of these off-budget investments in the system than was evident from the budget,” he explained.
The replacement of former Future Fund chairman Peter Costello with Greg Combet, a former Labor minister and industry super fund director, adds to concerns about political interference. As Murray succinctly put it, “The government should not specify forms of investment.”
Family First stands firmly against Labor’s misuse of the Future Fund as a policy instrument. Australians deserve better than a government that prioritises ideology over sound economic management. The Future Fund’s purpose is to safeguard the nation’s financial future—not bankroll Labor’s political agenda.