The Centre for Independent Studies (CIS) has urged for the Future Fund to remain in its current independently-managed form in order to protect it from being liquidated for net zero government spending. The CIS released a publication written by David Murray, one of the fund’s inaugural chairmen, which argues that politicians should not sell the fund to finance their personal projects. Murray emphasized the need to curb public spending, reduce indebtedness, manage inflation, and increase productivity, warning that liquidating the fund would only fuel further expansion of the public sector.
The CIS further emphasized that the government’s recent actions, such as creating more indebted investment vehicles and promoting energy sector projects, do not support the goal of reducing state debt and addressing declining productivity. Despite this, the recent appointment of Greg Combet as chair of Future Fund has sparked controversy, given his history as a federal Labor MP and trade unionist. Combet has been vocal about his support for Australia’s transition to net zero emissions by 2050 and is known for advocating for decarbonization and renewable energy investment opportunities for institutional investors and super funds.
The Treasurer, Jim Chalmers, supports Combet’s appointment and has proposed for Australia’s $3.5 trillion super sector to play a greater role in decarbonizing the economy. In November 2023, Chalmers introduced the Superannuation (Objective) Bill to parliament, which aims to define the objective of superannuation as preserving savings to deliver income for a dignified retirement in an equitable and sustainable way.