16.03.2012 - Western Australia Premier hopes to eventually grow a state sovereign wealth fund
Western Australia Premier Colin Barnett said the proposed sovereign wealth fund would preserve a percentage of the state's minerals royalties by investing them in financial securities. The fund would ideally be built up over a period of 20 years and would be a "passive" and "conservative" investor, the earnings of which would be used to finance state government services such as health and education. "If for example we could work up to preserving 2.5% of royalty income--our royalties income is about A$3.5 billion--it starts to add up," he said...............................................Full Article: Source
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