Mineral Resources shareholders get their first chance to question management when they gather in Perth on Thursday for the company’s annual general meeting. In the past five weeks, allegations of impropriety, ranging from undeclared payments to offshore entities owned by founder and CEO Chris Ellison, questionable property deals and conflicts of interest have plagued Ellison and Mineral Resources. Chris Ellison in Perth in 2023. Photographer: Fairfax Media/Fairfax Media The Future Fund will be required to invest more money in domestic housing, energy and infrastructure projects under a new mandate issued by the government. The directive accompanies a new statement of expectations for Australia’s A$230 billion ($150 billion) sovereign wealth fund, according to a statement. The government will also defer any withdrawals from the fund until at least 2032-33, by which time it’s projected to be worth A$380 billion. Australia faces a more challenging fiscal outlook as key trading partner China cools and the local job market loosens, suggesting tax revenue upgrades will be smaller than in previous years, Treasurer Jim Chalmers said. A new report by Rio Tinto Group showed 39% of workers surveyed by the world’s second-biggest miner had experienced bullying within a 12-month period, up from 31% in 2021. Some funds in Australia’s pensions industry face a “tipping point” in the next five years when retirees could outnumber savers amid a seismic demographic shift, leaders told a conference in Sydney. |