ERROL PARKER | Editor-at-large | Contact
Treasurer Jim Chalmers has spectacularly resigned this today after losing the entire Future Fund on the Hawk Tuah cryptocurrency crash.
Close to A$240bn has been lost according to government estimates and will almost certainly plunge the economy into recession next year. The Future Fund is Australia’s sovereign wealth fund, established in 2006 by the Howard Government under Treasurer Peter Costello. Its purpose is to strengthen the government’s long-term financial position by investing in a diverse range of assets to cover future public liabilities, such as superannuation for retired public sector employees.
It is now no more.
“We’ve lost our life savings,” said Chalmers.
“And it happened on my watch. I’ve spoken to the Prime Minister and offered my resignation, which he accepted. I was just such a big fan of Hayley Welch and I thought Hawk Tuak Coin would be a great opportunity for not only Hayley but also future generations of Australians,”
“It wasn’t meant to be. For that, I’m sorry.”
Sources close to The Advocate say Prime Minister Anthony Albanese vomited upon hearing the news.
This is a developing story.
More to come.
