The boyfriend of Australia’s most famous ABC News TV presenter, Juanita Phillips, is set to take charge of a staggering $300 billion Australian government wealth fund. Greg Combet, a former cabinet minister under Labor prime minister Julia Gillard, has been appointed as the new chairman of the Future Fund. This role will see him replace former Liberal treasurer Peter Costello, who established the fund in 2006 to finance public service superannuation liabilities. With assets worth $272 billion under its management, the Future Fund also oversees Labor’s $10 billion Housing Australia Future Fund, allocated to constructing 10,000 social and affordable dwellings over a five-year period.
Mr. Combet’s appointment as chair of the Future Fund board of guardians will occur in the middle of 2024, as announced by Treasurer Jim Chalmers. Chalmers praised Combet for his extensive experience in investment, superannuation, government, and the climate and energy transformation. The treasurer expressed confidence in Combet’s ability to bring fresh leadership to the fund, citing his distinguished career.
Greg Combet and Juanita Phillips began their relationship in 2012 when Combet was a cabinet minister and Phillips held the position of the ABC’s 7 pm television newsreader in Sydney. Combet, who had previously served as the secretary of the Australian Council of Trade Unions, entered parliament as a member for Newcastle in 2007. He played a prominent role in opposing the WorkChoices laws of the Coalition government, which compelled workers to sign individual contracts without a no-disadvantage test. Serving as a parliamentary secretary under Prime Minister Kevin Rudd, Combet later became a cabinet member with the climate change portfolio during the minority government formed by Gillard and the Greens.
Since leaving politics in 2013, Greg Combet has held various positions on several boards, including chairmanship of the Net Zero Economy Agency. Notably, he was also a trustee of AustralianSuper and the Superannuation Trust of Australia, as well as the chairman of IFM Investors. In recent times, Combet has been associated with the National COVID-19 Coordination Commission under the previous Coalition government.
By taking the helm of the Future Fund, Combet will oversee a vast sum of money and manage crucial investment decisions. His appointment is expected to bring a new perspective and expertise to the fund’s operations. With his extensive experience, Combet is poised to take on this challenging role and guide the Future Fund in meeting its objectives of supporting public service superannuation liabilities and financing essential housing projects for the Australian people.
Overall, Greg Combet’s appointment as the new chairman of the Future Fund represents a significant development in Australia’s financial landscape, underscoring the influence and expertise brought by individuals with a diverse range of experiences.
