| The outgoing chairman of the $73 billion Future Fund has backed plans by Western Australia to create its own sovereign wealth fund. Last month, West Australian Premier Colin Barnett said the state planned to follow the example of oil-rich sheikdoms in the Middle East to create its own fund to help store away earnings from the sale of vast quantities of iron ore and minerals to Asia.
Treasury secretary Martin Parkinson has since dismissed the idea as not contributing to Australia's future financial security...............................................Full Article: Source
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