Treasurer Jim Chalmers insists his changes to the Future Fund’s investment mandate are legal, but the sovereign wealth fund’s first chairman, David Murray, says the government’s new directive appears to break the law.

Future Fund Chairman Greg Combet and Dr. Chalmers declined Friday to issue a legal opinion supporting their assessment that the new mandate requiring the $230 billion fund prioritize investments in housing, energy and infrastructure did not contravene the law preventing the government from directing the fund where. put your money.

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