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Sovereign Wealth Funds Briefing - Categorized | Financials

Labor plans Future Fund withdrawal as it takes aim at budget surplus

Posted on 12 September 2011

Labor is planning to withdraw hundreds of millions of dollars from the Future Fund in an unprecedented move that will help the government meet its promise of returning the budget to surplus in 2012-13.
A spokeswoman for Finance Minister Penny Wong confirmed to The Australian that more than $250 million worth of assets were due to be withdrawn from the Future Fund in the 2012-13 financial year, despite the fund having been created, by Peter Costello, under the condition it was not to be touched before 2020……………………………………….Full Article: Source


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