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Australia’s Parkinson says wealth fund makes no sense for now

Posted on 19 September 2011

Australia shouldn’t consider establishing a sovereign wealth fund until it returns its budget to surplus and begins paying down debt, the nation’s top economic civil servant said Monday.

The center-left Labor government has promised to balance the budget in the 2012-2013 fiscal year and has resisted calls from some lawmakers and others to establish a wealth fund to store away the proceeds of a major mining boom, opting instead for a new tax on miners and measures to boost pension savings. Australia already has a quasi sovereign wealth fund, the Future Fund, which was set up to manage public sector pension liabilities……………………………………….Full Article: Source


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