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Australia opposition not keen on wealth fund

Posted on 06 May 2011

The case for Australia to establish a new sovereign wealth fund to lock away proceeds from the mining boom is premature and the country is already well served by a massive pension savings pool, opposition Treasurer Joe Hockey said, dealing a major blow to calls for the government to set up a new fund.

The remarks by Hockey, one of Australia’s most influential politicians, come after a rush of calls in recent weeks from lawmakers, policy makers and others for the government to mirror the policy of country’s such as oil-rich Norway and invest the proceeds of a once-in-a-century mining boom……………………………………….Full Article: Source


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