The Albanese government has rewritten the mandate of the Future Fund – the nation’s sovereign wealth fund – to urge it to direct investment into the “national priorities” of housing, the energy transition and infrastructure, where the risk and returns are acceptable.

Treasurer Jim Chalmers and Finance Minister Katy Gallagher said a new “investment mandate” and “statement of expectations” would modernise, refresh and renew the fund so it played “an enduring and prominent role” in the economy.

The ministers said the Australian economy faced big structural shifts coming from the global net zero transformation as well as technological and demographic changes and global fragmentation.

The $230 billion fund, which is independent in its investment decisions, is headed by former Labor minister Greg Combet.

The new investment mandate “will require........

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