Peter Costello reappointed to Future Fund chair

Former treasurer Peter Costello has been reappointed to run the $130 billion Future Fund for another five years.

Former treasurer Peter Costello will run the Future Fund for another five years. Picture: Aaron Francis/The Australian

Peter Costello has been reappointed to another five year term as the chairman of the nearly $130 billion Future Fund.

Former Treasury secretary John Fraser has also been given a five-year term on the Future Fund’s board of guardians for the first time today.

Mr Costello, the former treasurer and current chairman of Nine, was first made chairman of the Future Fund by Tony Abbott and then-treasurer Joe Hockey in 2014.

He established the Future Fund himself in 2006 to accumulate government assets which would offset future superannuation liabilities. It has gone from $60.5 billion that year to being worth $129.6 billion as of last year.

Josh Frydenberg and Finance Minister Mathias Cormann said this morning that Mr Costello was being reappointed for his success in growing the Fund over the past four years.

“Over that period, the value of Future Fund investments has grown from $67.6 billion to $148.8 billion or around 120 per cent,” the Treasurer and Finance Minister said in an statement.

“Prior to his appointment, Mr Costello served Australia with distinction as our longest serving Federal Treasurer from 1996 to 2007. As Treasurer, he delivered 10 Budget surpluses and oversaw the establishment of the Future Fund in 2006.”

Mr Fraser, who left his top position at the Treasury earlier this year, was appointed to the board today for his “substantial experience.”

“Mr Fraser has substantial experience and expertise at the highest levels of corporate business and public service,” Mr Frydenberg and Senator Cormann said.

“He has significant expertise in the management of investments in financial assets and corporate governance.”

Jindalee Partners chairman and Crown Perth non-executive director John Poynton has also been re-appointed to the board. He has more than 40 years experience in financial services.

Former treasury secretary John Fraser is a new appoitnment to the Future Fund’s board of guardians. Picture: Aaron Francis/The Australian