Peter Costello has been appointed chairman of the A$96.6 billion (US$84.6 billion) Australia Future Fund, Melbourne, according to an announcement Tuesday by Australia’s government.
Mr. Costello, a member of the Future Fund board since 2009, had been serving as acting chairman since the departure of David Gonski last month.
Mr. Gonski is expected to join the board of Australia and New Zealand Banking Group later this month, and succeed outgoing Chairman John Morschel in May, according to a December news release from ANZ Banking Group.
Mr. Costello’s appointment as Future Fund chairman is for a five-year period that began Tuesday.
As treasurer of the Future Fund, Mr. Costello was responsible for the establishment of the fund in 2006. The Future Fund was created to help future governments meet the cost of public-sector superannuation liabilities.