| If Paul Cleary is to be believed in his recently published book, Too Much Luck: The Mining Boom and Australia’s Future, the resources boom is the worst thing that ever happened to Australia. Cleary tries hard to find support for a sovereign wealth fund among the documents even though they mostly relate to experience in overseas economies that have little in common with Australia. He is forced to concede the Treasury’s “curious bias against sovereign wealth funds”.
He neglects to mention comments in a speech by then-Treasury Secretary Ken Henry to Australian Business Economists on May 18, 2010 arguing against a SWF. These comments are far more compelling than the Treasury working papers Cleary cites...............................................Full Article: Source
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