Sovereign fund at risk of veering into unknown future

Australia’s sovereign Future Fund is not a slush fund designed to prop up the government of the day (“‘Slush fund’ with cash for ALP political whims”, 22/11).

Jim Chalmers’ plan to raid taxpayers’ savings held in the Future Fund to help finance Labor’s pet projects, including renewable energy, is flagrant economic vandalism. Government projects are funded from normal tax revenues with support from the private sector.

The Future Fund was established to help future governments finance public service superannuation liabilities not fully covered by consolidated revenue.

The aim was for this independent entity to ensure a safe and measured stewardship of taxpayers’ funds, realising reliable returns over the long term. Government interference in the fund’s investment decision-making is tantamount to mismanagement on a major scale.

It is bound to destroy the faith of the Australian people in politicians, who will pay for their ethical and management failures at the ballot box.

If government projects were sound and worthy of support from an investment perspective, the Future Fund would already be providing it.

The fund has grown steadily during the past 18 years under competent management. One can only surmise with the deepest consternation how the fund will look in the future if the Albanese government gets its way now.

Jeffrey Trudgian, Victoria Park, WA

What an appalling plot by the Treasurer to use the Future Fund to subsidise the Labor government’s pet projects.

Most Australians surely would be aghast at this apparent misuse of taxpayers’ money.

Labor can’t manage governing within its budget because of reckless spending on inefficient and heavily subsidised renewables projects and supporting a bloated public service, while ignoring desperately underfunded defence and security sectors.

Robin Southey, Port Fairy, Vic

The announcement that the Future Fund could be invested in the ALP’s political policies is the first step along the road to ruin.

Add to this the potential risk to super funds from our super contributions by union-controlled managements, and we have a perfect recipe for disaster.

The clean, green energy industry is a bottomless pit that just soaks up money for unknown returns. It means our nation just gets poorer.

Add to this the anti-gas, coal and mining paranoia of the government and we will see investors fleeing to friendlier countries. Our future prosperity looks very bleak indeed.

Geoff Walker, Mallabula, NSW

Like the opportunistic fox and the hen house, Jim Chalmers and Greg Combet slink around the fence line, eyeing the pensions of Australians.

We all thought our pensions and superannuation funds were safe due to strong legislation and leadership.

Lynda Morrison, Bicton, WA

Federal public servants should be worried that their superannuation could be diverted into a likely profitless scheme to be run by a government that is breathlessly devaluing the country’s savings by blindly throwing cash it doesn’t have into an inflation-ridden economy. The end of this government will hopefully prevent it from tapping into other people’s future funds.

JR Posselt, Tennyson, Qld

Perhaps those who will ultimately benefit from the Future Fund, established to meet the burgeoning superannuation liabilities of the public service, will wake up to the long-term implications of the machinations of this government.

Money, or the lack of it, always forces people to think.

Getting between a public servant and their money may, however, affect their collective support for the government.

Julie Tadman, Upper Caboolture, Qld

Note, in his hardly disguised raid to use the Future Fund to subsidise Labor’s failing policies, Jim Chalmers’ “national priorities” do not include a major financial boost to Australia’s defence budget. With the current risks facing the economy, our less than perfect defence budget and the Future Fund will become totally irrelevant if Australia is forced to be involved in a conflict situation.

Peter M. Wargent, Mosman, NSW