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Sovereign Wealth Funds Briefing - Categorized | Fund Profile/New Launches

Use mining boom to support future

Posted on 02 June 2011

In April, Malcolm Turnbull stepped outside of his portfolio and joined the likes of bank bosses Ralph Norris (Commonwealth Bank) and Mike Smith (ANZ), the International Monetary Fund, and the Organisation for Economic Co-operation and Development in suggesting we establish a sovereign wealth fund to save money coming from the boom for future generations.
In Norway, the wealth created by the North Sea oil fields saw the government create a sovereign wealth fund in 1990. That fund now has more than $US525 billion ($488bn) of public funds and is expected to be worth $1263bn by 2030. As the oil resources are depleted and the profits slow down, the country maintains its incredible wealth that will benefit its mere five million citizens far more than sporadic tax cuts ever could……………………………………….Full Article: Source


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