Aged Care Minister Anika Wells says the new mandate for Australia’s $230 billion Future Fund is not “controversial whatsoever”, as she defends the government’s move to introduce requirements for the fund to consider policy priorities in investment decisions.
The Coalition has questioned the intervention, the first change in the fund’s broad mandate since it was introduced by former treasurer Peter Costello in 2006.
Aged Care Minister Anika Wells.Credit: Alex Ellinghausen
Wells told Nine’s Today that the fund will retain its commercial purpose.
“Things have to be profitable to be invested in, that’s a really good thing,” she said.
“In terms of what the priorities are, I think business is looking for a bit more certainty. This is one way that we can give it to them.”
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Wells said there was “no dispute” that Australians’ priorities include increasing housing supply, reducing energy costs and improving infrastructure, which are some of the policies the fund will now be mandated to invest in.
“I don’t think those tenets are controversial whatsoever,” Wells said.
“I think this is just saying if there are stocks you can invest in or if there’s a renewable energy or housing project you can invest in, pick the one with the public interest.”
Read more about the Future Fund mandate changes here.
