Former Liberal treasurer Peter Costello has been reappointed as chair of Australia’s sovereign wealth fund for another five years.
Mr Costello will now remain chairman of the multi-billion dollar Future Fund until 2024, Treasurer Josh Frydenberg and Finance Mathias Cormann announced on Monday.
The former MP helped set up the fund – which manages money to pay for the future superannuation payments of retired civil servants – in 2006 when he was treasurer in the Howard government.
He joined its board in 2009 and became chair in 2014.
During that time, the fund’s investments have more than doubled from $67.6 billion to $148.8 billion.
But opposition treasury spokesman Chris Bowen has blasted the coalition for not consulting Labor about Mr Costello’s appointment, deeming the step ‘entirely inappropriate’ ahead of the election.
‘The Future Fund is a really important role, and the appointment of its chairperson deserves proper consideration,’ Mr Bowen said in a statement.
The federal government has also reappointed board member John Poynton and appointed a new member, John Fraser, who had been head of Treasury for more than three years.