Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

First, I would say to Senator Birmingham directly that the benchmark return rate of the fund will remain at between four and five per cent above CPI per year over the long term and that there is no change to the expected risk profile. I do want to ask the opposition what their problem is with investing in national priorities. You have to ask: why is the coalition so worried about investing in national priorities? What is wrong with priorities such as increasing the supply of residential housing, supporting the energy transition and delivering improved infrastructure, including economic resilience and security infrastructure? What is the public policy problem with that? It says something about the coalition, doesn't it? They're seeking to drum up fear and loathing over housing, again, over infrastructure and over the energy transition.

We have been very clear. The Treasurer and the Minister for Finance, as the ministers responsible for this, have been very clear that these changes in the new investment mandate are about maximising the fund's role in a changing economy, ensuring that it has regard to national priorities, but making sure that the Future Fund will still be about maximising returns. It's just that these important national priorities will be part of their investment considerations.

The senator knows that because he was the finance minister, and he knows that this is the same argument that the coalition have against governments or anybody else doing anything about housing. It's the same position that they've had for a number of months now, when they've teamed up with the Greens to stop any additional supply as a result of housing legislation. (Time expired)