Future Fund told to sink cash into homes and green energy [Video]

The nation’s $230 billion Future Fund will sink taxpayers’ money into building residential housing, renewable energy projects and cybersecurity infrastructure under the first major overhaul to its investment mandate since it was established.

The sovereign wealth fund, created in 2006 by then-treasurer Peter Costello to cover superannuation payments to public servants, will still have to make a commercial return, but it will have to consider investing in the government’s pet policy areas.

While Treasurer Jim Chalmers said the fund’s independence would not be affected by the government’s change to its investment mandate, the Coalition said it feared the move could funnel cash into failing Labor priorities.

The fund, which over the past 12 months made $24.4 billion, or …