Australia’s Sovereign Wealth Fund Instructed to Target Housing, Climate Change

The Future Fund is now worth $230 billion and was created to ease the government’s reliance on taxpayers.

Australia's Treasurer Jim Chalmers at the National Press Club in Canberra, Australia on May 15, 2024. Tracey Nearmy/Getty Images

The Albanese Labor government has turned to the Future Fund in its latest bid to address the housing crisis and climate change action.

In an announcement on Nov. 21, Treasurer Jim Chalmers said the Fund would be directed to invest in housing, infrastructure, and the green energy transition only where profitable.