Former Labor Minister Greg Combet Appointed Chair of Australia’s Future Fund

Former Labor minister Greg Combet has been named as the new chair of Australia’s Future Fund, taking over from Peter Costello. Combet, who previously served as a member of parliament and held various portfolios, including industry and climate change, will lead the country’s sovereign wealth fund, which had $272 billion in assets under management at the end of last year.

The Future Fund was established by the Coalition government in 2006 to strengthen Australia’s financial position. It is responsible for several other sovereign wealth funds, including the Medical Research Future Fund and the Aboriginal and Torres Strait Islander Land and Sea Future Fund.

Combet’s appointment is for a five-year term and he is expected to assume the role in the middle of 2024, following his current position as chair of the Net Zero Economy Agency. His extensive experience in investment and superannuation, as well as his background in government and climate and energy transformation, make him a suitable candidate to lead the Fund into the future, according to Treasurer Jim Chalmers.

Chalmers also announced the appointment of Nicola Wakefield Evans and Rosemary Vilgan as part-time members of the Fund’s board for five-year terms. Wakefield Evans, a former partner at King & Wood Mallesons, brings extensive experience in capital markets, corporate finance, and the energy sector. Vilgan, currently the Chair of Commonwealth Bank Officers Superannuation Corporation, has a background in investment and a range of board experience.

The appointments of the new chair and board members reflect the government’s commitment to diverse and skilled leadership within Australia’s most important economic and financial institutions. Mary Reemst will serve as the acting chair of the Future Fund until Combet assumes his role.