By Stephen Johnson, Economics Reporter
The boyfriend of former ABC news anchor Juanita Phillips has been appointed as the chairman of the Future Fund, Australia’s government wealth fund valued at $300 billion. Greg Combet, who previously served as a cabinet minister under Labor Prime Minister Julia Gillard, will take over from former Liberal treasurer Peter Costello.
Established in 2006, the Future Fund manages $272 billion in assets, which includes the $10 billion Housing Australia Future Fund dedicated to the construction of social and affordable housing. Treasurer Jim Chalmers praised Mr. Combet’s extensive experience in investment, superannuation, government, and energy transformation, stating that his appointment would bring fresh leadership to the Future Fund.
Greg Combet and Juanita Phillips began dating in 2012, while he was serving as a cabinet minister and she was a newsreader for ABC’s 7pm television news in Sydney. Phillips recently bid farewell to her 21-year career as a news anchor in September, surpassing the tenure of her predecessor, Richard Morecroft.
Combet’s political career began as the secretary of the Australian Council of Trade Unions before being elected to parliament in 2007. He held various positions within Labor’s leadership, including a parliamentary secretary under Prime Minister Kevin Rudd and cabinet minister responsible for climate change under Prime Minister Gillard. Since his departure from politics in 2013, Combet has served on several boards and commissions.
The appointment of Greg Combet as the new chairman of the Future Fund has raised speculation given his relationship with a prominent media figure. However, Treasurer Chalmers maintains that Combet’s qualifications and experience make him the ideal candidate to lead the wealth fund.
The Future Fund plays a crucial role in financing public service superannuation liabilities and driving investment in areas such as housing. With his background in investment and energy transformation, Combet is poised to steer the Future Fund toward sustainable and lucrative investments.
The transition of power within the Future Fund will take place in the middle of 2024, allowing for a smooth handover from the current chairman, Peter Costello. As the new chairman, Combet will oversee the management and growth of the $300 billion fund, ensuring its continued success in supporting Australia’s financial future.
In conclusion, Greg Combet’s appointment as the chairman of the Future Fund reflects his extensive experience and qualifications in investment, superannuation, and government. While questions may arise due to his personal relationship with a prominent news anchor, Treasurer Jim Chalmers praises Combet’s leadership abilities and fresh perspective. Under Combet’s guidance, the Future Fund is poised to continue driving economic growth and financing critical public services in Australia.
