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

Australia: Call for states to set up wealth funds

Posted on 21 September 2011

David MurrayThe head of the Future Fund has joined the mining tax and infrastructure debates by suggesting that state governments use mining royalties to set up their own sovereign wealth funds. David Murray said goods and services tax distribution methods discouraged states from putting royalties into a long-term savings fund and setting aside the money for infrastructure projects.
”The states own the minerals under the surface. They do levy royalties and the Commonwealth doesn’t, so [the states] are entitled to decide how they reimburse their own people in each state for the loss of that resource,” he said………………………………………Full Article: Source


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