| Australia should establish a sovereign wealth fund when the budget returns to surplus rather than spend all the extra money on tax cuts and middle-class welfare, as happened under the Howard government, Prime Minister Malcolm Turnbull says. The Prime Minister would not commit to a timetable for the budget to be out of deficit, saying only that Tony Abbott's aspiration to have a strong surplus by 2023-24 was "a good goal".
Turnbull said when growth returned to trend, the budget should be back in balance. "We certainly need to get the budget back to balance over the cycle," he said. "When you talk about the budget being in balance over the cycle, when the business cycle is roaring ahead and the terms of trade are booming, you want to be running surpluses and putting money in the bank, preferably in a sovereign wealth fund...............................................Full Article: Source
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