Greg Combet reflects on leaving politics after Gillard

Greg Combet is a former Australian politician who served as a cabinet minister in the Rudd and Gillard governments. He is now the chair of Australia’s Future Fund, a sovereign wealth fund aimed at benefiting future generations. In a recent interview, Combet shared insights about his early life, political career, and current role. Combet grew up in Rooty Hill, a suburb without major health services. His father's chronic illnesses and eventual death when Combet was just 13 shaped his understanding of social justice and the need for fair opportunities. His passion for politics began at a young age, influenced by the political climate of the 1960s and 70s. He quickly rose in politics, becoming a cabinet member noted for his work on the carbon pricing scheme. However, he left politics after Julia Gillard lost the prime ministership in 2013, citing health issues and family needs. Combet was approached by Gillard to consider a leadership challenge against Kevin Rudd but chose to retreat from politics, a decision he feels was right. Later, he worked with Prime Minister Scott Morrison during the COVID-19 pandemic, contributing to the creation of the JobKeeper program. He emphasized the importance of keeping people employed during the crisis, which helped many Australians maintain their jobs. As chair of the Future Fund, Combet manages about $300 billion. He described the fund as Australia’s national savings fund, focused on improving financial returns for citizens. He holds multiple degrees and has extensive experience in financial matters, which qualify him for this role. Combet acknowledges that his background sets him apart in a field dominated by traditional business elites. While he maintains neutrality due to his position, he would not hesitate to comment if it meant protecting the Future Fund's interests. The Future Fund aims to provide competitive returns while considering investments in areas like renewable energy and social housing. Combet clarified that the fund's strategy focuses on responsible and commercial investments, ensuring that risk is always evaluated. Overall, Combet's leadership at the Future Fund reflects a blend of his commitment to public service and professional expertise, aiming to secure a better financial future for Australians.