Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I think the senator is referring to some figures which were released earlier this year by the Future Fund. It is probably useful to preface the answer to that question with a brief recognition of the relationship between the government and the fund. The fund is independent. The government has provided the Board of Guardians of the fund with an investment mandate, but the fund is provided under the legislation and as a matter of practice with autonomy in relation to its choice of investments.

The public policy reason for that is clearly this: we do not think it is a sensible proposition—and this is, I think, a bipartisan position—for politicians to be directing investments or the investment strategy of an entity such as the Future Fund. I recognise that at times that causes some concern, and some issues have been raised publicly, but I think the bigger and more important public policy objective is to ensure there is an appropriate independence and arms-length relationship between the government and the Board of Guardians, which is charged with managing the investment.

I think the figures to which you refer were released under FOI by the Future Fund. I do not have up-to-date information on where investments are at any one time. In fact, that would change quite regularly in accordance with the investment decisions made by the fund from day to day, week to week or month to month. So holdings in any particular area may change.