Former treasurer Peter Costello has rounded on Treasurer Jim Chalmers’ plan to have the $230 billion Future Fund favour investment in housing, renewable energy and cybersecurity infrastructure, labelling it a “very bad” idea that would ultimately hurt taxpayers.
Costello, who created the fund in 2006 and served as its chairman until this year, said the proposal – which the Coalition has vowed to overturn if it wins office – would reduce international respect for the fund and encourage rent-seekers to pursue financial support for poor projects.
Peter Costello, left, said Jim Chalmers’ plan broke almost 20 years of bipartisanship.Credit: Michael Chambers, Dominic Lorrimer
The fund, created to cover the cost of public servants’ superannuation, has operated under a broad mandate to deliver returns at least 4-5 per cent above the inflation rate. It made 11.9 per cent on its holdings last …