By Lewis JacksonSYDNEY (Reuters) - Australia's centre-left Labor government on Monday said it would appoint a former climate change minister to chair the A$212 billion ($139 billion) sovereign wealth fund, the second successive ex-minister to hold the position. Until then, Combet will continue as chair of the Net Zero Economy Agency, which oversees Australia's net zero transition plans, Chalmers said. Future Fund board member Mary Reemst has been appointed acting chair until he begins the role. Started in 2006 by then Treasurer Peter Costello with proceeds from the privatisation of state telco Telstra, the Future Fund today rivals the country's largest pension funds in size. In one of his final speeches last November, he urged government to resist using the fund to support political projects.

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Persons: Lewis Jackson SYDNEY, Greg Combet, Jim Chalmers, Combet, Chalmers, Mary Reemst, Mr Combet, Peter Costello, telco, Costello, Lewis Jackson, Stephen Coates Organizations: Labor, IFM, Future Fund, Economy Agency, telco Telstra, Fund, Liberal Party