Weapon-maker investments stoke warnings for Future Fund
Australia has been warned that its Future Fund could breach international law after it was revealed it invested millions in arms companies involved in Israel’s bombardment of Gaza.
The country’s sovereign wealth fund invested $8.6 million in Israeli arms company Elbit Systems and $13.6 million in Lockheed Martin, which provides military fighter jets to the Israeli Air Force, according to a recent Future Fund investment report.
It also injected $165.3 million into Palantir, which provided AI-powered technologies to Israel for its offensive in Gaza.
Another $72.2 million was allocated to Bank Hapoalim, Bank Leumi and Israel Discount Bank, which were identified in the United Nations database as promoting Israel’s illegal settlement activities in the West Bank, East Jerusalem and the Golan Heights.
The total funds managed by the Future Fund, which was established twenty years ago, was $337.2 billion as of March 31.
A letter from the Australian Palestine Advocacy Network to Chancellor Jim Chalmers and Finance Minister Katy Gallagher called on the federal government to address Future Fund investments and prevent the flow of Australian money into Israeli arms in the May budget.
“The Future Fund was established for the future of our children, but it is being used to finance the murder of children in Palestine,” said Katie Shammas, executive officer of the advocacy network.
Australia has recognized the state of Palestine and has recognized Israeli settlements in occupied territory as illegal for years.
The federal government also imposed sanctions on Israelis who encouraged and perpetrated settler violence.
But Ms Shammas warns that the sovereign wealth fund’s investments create a contradiction that puts Australia at risk of breaching international law; The 2024 Advisory Opinion of the International Court of Justice reaffirms the illegality of settlements.
According to the UN World Food Programme, the IDF’s bombing and starvation of Gaza has killed more than 72,000 people and destroyed the region’s infrastructure; It left four percent of the cultivated area undamaged and accessible.
A genocide case against Israel was also brought to the International Court of Justice, but the country’s prime minister denied the charges.
Israel’s military operation in Gaza began when the terrorist organization Hamas killed 1,200 Israelis and took approximately 250 people hostage on October 7, 2023.
A federal government spokesman told AAP that the Future Fund invests independently of the government and cannot legally be directed where to invest.
However, the spokesman said the Future Fund Board invests in accordance with relevant laws, including applicable sanctions, and excludes activities prohibited under agreements and contracts signed by the government.
“The board and the Future Fund Management Agency have robust processes in place to ensure these exceptions are applied appropriately,” the spokesperson said.
AAP approached the Future Fund for comment.
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