The federal government’s decision to have the fund invest in housing and green energy has ruffled Coalition feathers.
[…]
But [treasurer Jim Chalmers] has broken a bipartisan practice that had lasted 18 years: resisting the temptation to ask the fund to do anything other than chase financial returns.
It opens up a debate about what Australia does, and should do, with the hundreds of billions of dollars it has squirrelled away.
I’d say a targeted rainy day fund probably still qualifies as a “rainy day fund”, but I suppose the wording choice could have been clearer.