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

I thank the senator for the question. Yes it was a significant victory for the government, and I congratulate the Attorney-General—the former Minister for Health and Ageing—as well as the health minister for taking this matter forward and for Australia being a world leader on this issue.

In relation to the broader issue, which is the issue of the investments of the Future Fund: as the senator would know, because he and I have had a lengthy discussion in the context of estimates, we as the government do not believe that it is appropriate for governments to be hands-on directing investments in the Future Fund. The reason for that is, as was the case both under the previous government and this government, that the Future Fund should exercise its discretion regarding investment independently of the government and independently of the wishes of particular ministers, senators or MPs.

If that were not the case, you could get to a rather odd position where, for example, you might have a politician—for example, Senator Boswell—saying that they should not invest in renewable energy because he does not believe in climate change, or a range of other matters that you can think of. So whatever one's personal views are in this debate—and there are politicians, including on this side, who have expressed their personal views about where those investments ought to be—I think that is a different thing to then making a decision, as the senator is advocating for through his legislation and I think by the tone of his question, to suggest that ministers and members of parliament should be directly directing investment decisions by the Future Fund. I do not think that is a sensible way to approach the management of that fund.