Future Fund chairman Peter Costello said global interest rates will rise further and pose recession risks to developed economies, after Australia’s sovereign wealth fund reported a 3.7 per cent loss for the calendar year.
Future Fund chairman Peter Costello said global interest rates would rise further and posed recession risks to developed economies, after Australia’s sovereign wealth fund reported a 3.7 per cent loss for the calendar year., although direct comparisons are fraught given different liquidity and tax circumstances.Mr Costello, said the results followed serious inflation hitting advanced economies during 2022.
“Central banks’ response of rapidly increasing official interest rates to control inflation had a significant impact, driving down asset prices and investment markets.”“The cycle of rising rates to control inflation is not yet complete and brings with it the possibility of recessions in much of the developed world.
“Importantly, in the second half of the calendar year/first half of the financial year the fund showed positive growth,” Mr Costello said. “The portfolio continues to be positioned towards the middle of the range of risk settings,” he said.
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