However, the plan has faced criticism from the Opposition, with Shadow Treasurer Angus Taylor arguing that the fund should not be used for 'pet projects' and belongs to the Australian people.

Former chairman Peter Costello also expressed concern that prioritizing social goals could lead to poor financial outcomes for the fund.

The fund aims to achieve returns of at least 4-5% above inflation, despite the new requirements to focus on national priorities.

Looking ahead, the Future Fund is projected to grow to $380 billion by the early 2030s, with the government promising not to withdraw from its holdings until at least the 2032-33 fiscal year.

This new focus includes enhancing residential housing supply, facilitating the transition to net-zero emissions, and strengthening domestic infrastructure against cyber threats.

Chalmers reassured that the government's commitment to the fund's independence and commercial focus remains intact, with no specific investments being mandated by the government.

On November 21, 2024, the Australian government announced a significant overhaul of the $230 billion Future Fund, marking the most substantial change in its 18-year history.

The revised investment strategy will prioritize funding for housing, renewable energy, and cybersecurity infrastructure, aiming to direct investments where they are most needed.

Treasurer Jim Chalmers emphasized the need to modernize the Future Fund to better serve Australia's economic interests and benefit its citizens.

Despite the new priorities, the government maintains that maximizing financial returns will remain the fund's primary goal.

The Future Fund will continue to target a long-term return rate of the consumer price index plus four to five percent per annum, with no alterations to its expected risk profile.

The Albanese government has been accused by the Opposition of misusing the Future Fund for political projects, raising questions about the integrity of the investment strategy.