Treasurer Jim Chalmers has directed the Future Fund to prioritise investments in housing, renewable energy and infrastructure, putting his stamp on the sovereign wealth account but opening Labor to criticism that it is politicising the $230 billion fund.

Issuing the first statement of expectations for the independently managed fund in 15 years and a new investment mandate, Dr Chalmers and Finance Minister Katy Gallagher insisted that the changes would not come at the expense of its performance.