Peter Costello, the chairman of Australia's $168 billion Future Fund, says the spread of deadly coronavirus represents a more pressing issue for the global economy and investors than the impact of climate change.
The Future Fund on Tuesday signed off on its strongest annual performance to date, delivering a 14.3 per cent return for taxpayers in 2019. At a press conference in Melbourne, Mr Costello was asked if the national sovereign wealth fund would follow the lead of BlackRock,Future Fund chairman Peter Costello distanced himself from BlackRock's action on climate change."As of today, the big short-term risk would be the coronavirus.
Mr Costello, a former federal treasurer, is also the chairman of Nine Entertainment Co, which is the owner ofIncreasing fears among economic policy leaders that climate change could cause the next financial crisis have flared up as Australian communities reel from the worst bushfire season on record.
BlackRock last week said it would cut its holdings in thermal coal producers, describing climate change as a "fundamental reshaping of finance". The International Monetary Fund and Bank for International Settlements have both warned in recent weeks that climate change poses serious risks to the global financial system."But it would be hard to think in the short term where the damage will work out and we’ll have to think about that," he said.
h_appleby No shit 🙄
Why don't they open that fund and pay for the Bradfield Scheme?
do you go to bed with a money covered Doona,, the mention of a dollar is the only time you come out of tour hole in the ground
I would have though Peter being in charge of the investment of a big chunk of money would be a bigger threat to the world economy.
Gotta watch out for the investors 🙃
He is right in the short term (1-24 months) re existential threat however the ClimateEmergency will prove a bigger threat to human existence (in its current form) over the next 10 - 30 years
Thats true. One is a serious viral health issue and the other is a concocted leftist fraud.EcoArson ausfires AGWScam
That's about the level of acumen Costello displayed when he was Treasurer. Must be one of the luckiest talentless blokes in Australia.
Costello is part of the neoliberal reactionary cartel that refuses to act on climate change, putting Australia in harm's way ClimateCriminals
No it doesn't. It will come to an end, climate change will go on, you total twit.
Hope your buying gold with all that money....
Another attempt to try to divert us from dealing with the climate change problems that require our immediate attention. To take this seriously we need a more creditable source than The Australian newspaper which is little more than a Liberal Party rag.
More disinformation from a LiberalAus stooge.
Anyone who denies that this is a bigger short term risk is a fool. Or blinded by parts of the media or both.
Of course it does. The LNP would prioritise ANYTHING above ClimateChange and their utter ineptitude in dealing with it or recognising the real risk inaction poses to the economy. ClimateCriminals FireMorrison CrimeMinister
Decoy
Climate emergency predictions for last 30 years have been wrong....polar bears thrive, snow still around, cities not under water.
I never liked Costello but he is right. The real threat that should concern people is the potential risk of an overpopulated world that will produce bio emergencies of colossal consequences. Instead the leftists are barking at bushfires and demanding 'more action' rubbish.
Climate change is like Allah and the Virgin Mary , it is entirely imaginary, but the religion of climate change is so widespread that 99% of politicians pander to it even when they know it’s a religion.
How is this idiot in charge of the “future fund”, would put him in charge of a paper bag
It's a look over here moment. Deflecting their complete and utter cockups.
Close the borders
It has certainly got it off “the front page”
Holy ... people, people in the present....the economy is a construct. People in the now are dying and are in need..
No shit Sherlock!
It won't matter in a couple of decades.
Cue outrage from climate catastrophists. Nothing, repeat nothing comes ahead of one’s religion
There must be a link between coronavirus and global warming....
kinsellawarren
oh FFS
Lol. What are the merits of your deeply researched plan of attack.
Unsurprising. Future Fund was invested in 'alternative' investments such as unconventional (shale) gas industry & US LNG export terminal via Cayman's or Delaware tax havens? MarkPlackett1 You recall?
Tell Mr Costello the most pressing issue & biggest threat we face in Australia right now is the pathetic, corrupt LNP Gov & he bears some of the blame. Their climate denial & their destructive, criminal NeoLiberal ideology is destroying Australia
The sh!t news coming out of Channel9 is a pressing issue for investors.
Still looking for an excuse for tge economy to crash. Sorry, Trump is ending the Fed. Gold standard returns soon. Climate excuse didn't work either
If I didn’t have more respect for you I’d call you an idiot!
... but doesn't everything?
Let me divert you with this short term risk so you won’t ask me about the long term existential risk. What a flog. Demonstrates again that he was never PM material.
And he’d know... not.
Yes and that’s because the virus is real and the other thing is .... NOT.
Both climate change and coronavirus, the threat and the ultimate cost they pose to economy and life, are determined in part by the response of Government. Australia needs good Government in order to best meet all the challenges of the future.
the appropriate reply to this would be ...frogshit
So that is why your mate MoronScum is still letting those planes land unquarantined. It's a handy smokescreen for the clusterfuck that is LNP policy on Climatechange. P.S Virus kills 15%, Environmental collapse kills everyone. Can you do the numbers?
Except he said “short term” an important qualifier, although a tad optimistic from Canberra’s point of view tonight.
The guy who had all the foresight to flog off our gold reserves for a pittance, whilst the mining boom was POURING cash into the government’s coffers.
The risk of Shorten winning the last election represented a more pressing issue for the global economy and investors than the impact of climate change. A Wiggle passing away represents a more pressing issue for the global economy and investors than the impact of climate change.
Wow, really are trying to find anyone with a shred of respect to down grade climate change and where Australia sits on that mountain spin
Is that because we will all be dead of coronavirusaustralia before ClimateEmergency gets us 🤷♀️ who’s going to look after Coco?
Don’t think so
A form of flu kills thousands every year. Stop distracting from the climate emergency.
The public servant is now a climate expert and a doctor. Wow, however did you find the time.
It's not an either/or situation. It's both.
RitaPanahi Isn't a long term problem just as important in the short term? Because if you want to reduce the risk of something drastic in the long term you have to start taking action as soon as possible.
I think it is neck and neck.
RitaPanahi Peter, you are letting Australian's down. How do you sleep at night. Media in Australia is a disaster and just want to panic Australian's. Surely you remember the great country we grew up in and you are single handedly destroying our culture.
Lucky for anyone who pays tax or receives public support we have some clever people managing this bucket of cash which will pay off for many decades to come.
If there’s ever a time for our fed government to patrol our borders, it’s now. Non citizens who have travelled through China in the last two weeks should not be permitted to enter australia. Citizens in the same situation should be strictly monitored.
Lol! What an obviously true statement ( which really takes away nothing from advocating for strong climate action) followed by the most hysterical tweets. So many morons....
This puddle of dna swill has way too much say and power. We set ourselves for failure when we allow over compensating spineless vacuums like Costello have custody of vital assets.
Well in that case I think he needs a little more education 🤔
And just how would you make that assessment?
Costello the man who squandered the windfall from the mining boom!
More people die of the common cold & regular flu. Only ~100 dead in over 2798 confirmed cases. Most of those dead already had poor health. Hardly ebola. But maybe climatechange will bring increased & new infectious diseases. nopanic
Costello is running interference for ScottyfromMarketing.
If it kills enough people it will impact alright
That’s because Mr Costello does not and never has understood the seriousness of the climate crisis. I recall that as Treasurer he was entirely dismissive of the Stern Review.
aka, chair of 9 Entertainment says 'hey, look over there' while his party dicks around on climate action.
He would say that. In government, he took being a tosser to a whole new level - that of genuflection towards News Corps and the IPA. auto-correct linguistic deformity, fixed
Why don’t we use this $168 billion of our national debt ?
Is this the bloke that had no spine to take on Howard for the leadership? Lol. What a sad little man he is.
RitaPanahi Anything is bigger than zero
Just another fukin polly
Peter Costello? The bloke who as treasurer had the potential to secure Australia's financial future similar to Norway on the back of the minerals boom. Instead he pork-barrelled it all to buy votes. Gave it all away. This man should not be giving advice on anything.
RitaPanahi Climate change is a hoax
Bloke who put our gold reserves out with the hard rubbish collection says what?
What would he know? Is he a doctor or a climate scientist? Or perhaps he's BOTH? 🙄
Thank god he does not do triage at the local casualty?
My tweeties will know right from the start I smelled coronavirus was a share trading scam. The publicity this virus got from the start was unprecedented based on the stats.
Well he’s always been a fool and a liar
Costello is a clown
Peter Costello is correct that the virus is a priority issue that could affect us and provides a sense or emergency. And yet, Climate change is also important. He was an outstanding Treasurer of Australia. I welcome his thoughts.
He would say that. In government, he took being a tosser to a who new level - that of genuflection towards News Corps and the IPA.
Time to check vacancies in nursing homes Peter.
MILTONESPINOZAF The coronavirus setup l believe. Suddenly it is killing thousands?
You made that up costello...did’nt you
What a stupid man.
He's just Scotty's PR guy.
Didn't realise the chief propagandist from ch9/Fairfax/LNP was an expert on infectious diseases or climate. Please keep Peter 'Austerity' Costello's opinion in your meetings and don't publish his agenda.
Corona is treatable and short term pandemic lethal to (at this time 3.6% of infected - climate change is spreading faster and could be lethal to 98% of affected ....
Interesting he can see damage from a virus than from a carbon based economy. I'm sure the billion animals that have died would disagree.
Of course the chairman would have no responsibility for the fund he is in charge of. For that matter know one working to keep it tight and on track would have any control. Who would have thought a virus 🦠 would get them off the hook so easily.
RitaPanahi Well, the virus is real.
RitaPanahi Both those issues are being used to promote fear and control. Dont buy any of that shit.
Dumb. They are not separate issues.
RitaPanahi O so Economic's & investors first before the people, Got it, 🤔 ? Like the Roman Catholic church, first before the Aust people & Children, 🤔 ? So have their church produced the Requirements & credentials that The Book & SCRIPTURE state guess Not 🤔 ? So Cult 🤔 ?.
RitaPanahi Common Sense is so refreshing once in a while isn’t it? KAG2020LandslideVictory 🇺🇸
RitaPanahi What the fuck would he know about either
RitaPanahi Correct
RitaPanahi D-uh....
LNP Jedi mind tricks don’t work on me
The chairman of Australia's $168 billion Future Fund Peter Costello says if people die they can't buy shit which hurts the fat stacks of cash large corporates stand to make.
LNP code for: get ready to buy in a bear market?
Even Islam is a greater risk than climate change.
That’s very short sighted.
Erm, which political party is he affiliated with? 🙄
Eat the rich
Time to get a new chairman of the future fund if this one thinks the only future that matters is the few years he has left and stuff anyone who out lives him.
Didn’t realise it was an either/or situation
That warrants a four letter response. C.R.A.P.
Last time I checked, the future encompassed more than just the short term. If this guy can’t worry about 2 things at once then we need someone else in charge of the future fund.
BURN THE WITCH!!!!!!!
Who ?
The coronavirus is a point of interest on the downward spiral that is global heating
How dare he talk sense in the midst of the climate hysterians' crusade!
Job for the Boys only if you are a puppet for the cause
What exactly is the Future Fund for? Who benefits? Where is the money coming from? Where is it going? What determines the future? Is the future now or perpetually 'out there' somewhere in whoop, whoop? Why doesn't Scotty raid it instead of the NDIS & welfare recipients?
You are kidding me ‘..it would be hard to think in the short term where the [CC] damage will work out & we’ll have to think about that,' Costello said. Drought-ag Industry/food product’s, Great Barrier Reef-tourism, health, extreme weather-insurance, just to name a few problems.
Such irresponsibly from the head of Future Fund which will maintain its business as usual approach notwithstanding BushFireCrisisAustralia of its 100% record of opposition to environmental resolutions at AGMs. auspol ClimateChange FutureFund
Shut him up !!! Cancel him !! Quick get onto the ABC pile on!!!
Piss off Pete. yesterdayschipwrapper
Both could be hoaxes
Biggest risk of all is a macroeconomic moron whose prideful surplus fetish stops his acolytes in politics and media from addressing climate change with realistic adequacy.
Chairman of 9 newspapers gets to make erroneous opinion on subject he knows nothing about.....
Well, he would say that. okboomer
I guess, if you define short term as this afternoon and long term as next week.
Prime ministership has certainly aged him
Give this guy a fecking lolly for stating the obvious
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