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Australia’s sovereign wealth fund threatened by rise of nationalism: former treasurer

Canberra, March 6 (GCCurrentAffairs) The global rise of nationalism is threatening the plans of Future Fund, Australia’s sovereign wealth fund, its chairman said on Wednesday.

Peter Costello, the longest-serving treasurer in Australian history who founded the Future Fund during his time in office and has served as its chair since 2014, said “the political support for free markets internationally” has declined since he quit politics in 2009.

“You can’t finish the G20 communiques these days because of the big disagreements that now exist. The voices for free trade in the international community are much more muted,” he told News Corp Australia.

Costello served as treasurer between 1996 and 2007 and as deputy leader of the Liberal Party of Australia between 1994 and 2007, the last 11 years of which the party was in government, under the leadership of former Prime Minister John Howard.

He was widely expected to become the leader of the center-right party after Howard was defeated in the 2007 election but instead announced he would not seek or accept the position.

“Globalism is suffering. The advocates for globalism are far less prominent, and in response we see assertions of nationalism and barriers to trade,” he said.

Via UNI-India

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