03.09.2015 - Future Fund: Peter Costello pins hopes on fossil fuels
The Future Fund has snubbed the environment movement and fossil-fuel divestment activists, vowing it will continue to invest in the non-renewable energy sector and the banks that support it until the federal parliament directs the $117 billion fund to sell out. Announcing a 15.4 per cent ­investment return for 2015, chairman Peter Costello said that as long as a case existed to invest in companies such as BHP Billiton and Rio Tinto, as well as the banks that lend to them, the fund would ­continue to do so. “If you want to invest in Australian equities, you have to be in the banks and the mining companies because there’s not much left to invest in Australia,” the former federal treasurer and creator of the fund said. “We will not be reducing our holdings in banks because they lend to fossil-fuel companies — as far we are concerned, mining fossil fuels is quite legal in Australia and it generates enormous export income...............................................Full Article: Source
Print