Peter Costello has expressed scepticism about Treasurer Jim Chalmers’ “values-based capitalism” plan to nudge business and superannuation funds to invest for social causes, arguing that is the job of government.
“Superannuation funds invest for returns because that’s people’s retirements,” he said.“I do think you’ve got to have very clearly define the focus in the objective of different arms of government.
The Albanese government last November floated the idea of better aligning the Future Fund’s investment strategy with the legislated goal of Australia achieving net-zero emissions by 2050, casting doubt on the fund’s investment in fossil fuels.In 2013 under the Gillard government, the fund’s board ended investments in tobacco products.
“One of the things that’s been important to the Future Fund is that a board at independent arm’s length with statutory protection invests money for the country. “I think once you start down that path it would come to a very bad end if people start thinking they can take this money and direct it to various purposes of their own.”
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