The announcement by the current Labor government that it will change the investment mandate of the Future Fund breaks nearly 20 years of bipartisan agreement that the fund should not be directed at specific investments or specific sectors.
Peter Costello (left) set up the Future Fund when he was treasurer. Changes put in place by Treasurer Jim Chalmers (centre) that will be acted on by the new Future Fund chairman Greg Combet (right) risk making it a “slush fund”, Costello says. Harry Afentoglou
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Peter Costello was Federal Treasurer from 1996 to 2007. He has written a best selling account of his time as Treasurer which is now published in paperback. He lives in Melbourne with his wife Tanya and three children.
