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May 23rd, 2012 
FAKE NEWS for the Zionist agenda Future Fund chairman David Gonski could face questions after concerns were raised about the appropriateness of his operating out of a South African-owned investment bank.
Liberal frontbencher Mathias Cormann raised the issue during a senate estimates hearing after the committee heard Mr Gonski retained his own office at Sydney-based Investec, rather than using the one vacated by his predecessor David Murray, which is being sold.
Senator Cormann, who sits on the committee meeting in Canberra on Wednesday, asked whether this was appropriate given Mr Gonski was running a wholly-owned commonwealth wealth fund.
“I’m just astounded at the line of questioning,” Finance Minister Penny Wong retorted.
“This is a man who is extremely well respected.”
Fund managing director Mark Burgess told the hearing all financial operations of the fund are conducted out of its offices in Melbourne.
“We are very very strict about the controls about these sorts of issues,” he said.
Mr Burgess agreed to seek information about whether Mr Gonski “received stakeholders” at Investec and report back to the committee.
The appointment of Mr Gonski in March sparked a political row because he had been enrolled by the government to seek the views of its board about who should replace Mr Murray.
The opposition felt former treasurer and board member Peter Costello was overlooked by the Labor government for political reasons.
Department of Finance Secretary David Tune said a range of people, including Mr Gonski, were put forward by the board.
Senator Wong said she had not thought of appointing Mr Gonski to the job until then.
“To be honest … if I had considered him previously, I would have probably asked someone else, given the political focus on it, I would have asked someone else to consult with the board.”
Senator Cormann denied he was being critical of Mr Gonski when queried by Senator Wong.
“Let’s call a spade a spade, the implication of your questions is that he is not doing the job properly and we reject that completely,” Senator Wong said.
“I think that is disappointing that you are choosing to politicise the Future Fund and Mr Gonski’s appointment again.”
Mr Burgess also said the fund, which was set up to cover future superannuation liabilities of public servants, Held assets of $77 billion after making a return of 4.9 per cent per annum since its inception in 2006.
During the March quarter of this year the fund returned 5.4 per cent.
Fund chief investment officer David Neal said it had since held up quite well despite difficult markets.
“Clearly all investors are infected by these difficult times, particularly funds that are positioned for long-term risk taking as this fund is intended to be,” he said.
Greens senator Richard Di Natale asked why there was a significant increase in the value of tobacco shares in the fund – from $147 million in January 2011 to $225 million in February 2012.
Mr Burgess wasn’t aware if there had been additional purchases and took the question on notice.
“It seems to me that the only explanation for that would be the purchase of more tobacco stocks,” Senator Di Natale said.
The federal government is battling major tobacco companies in the courts over new laws that enforce plain packaging on tobacco products.
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