The $230 billion Future Fund opposed investing in the Albanese government’s Future Made in Australia schemes, such as domestic solar panel manufacturing, and watered down a direction from Treasurer Jim Chalmers to consider investing in housing, renewable energy and infrastructure.

Government documents released to The Australian Financial Review also reveal the Future Fund had been told to consider those top three national priorities when it votes at the shareholder meetings of companies it holds stakes in. The sovereign wealth fund could use its voting power on executive remuneration, director appointments and company climate reports to influence private sector activities in line with the government’s priorities.