| Malcolm Turnbull has argued Australia should be setting aside the proceeds of the mining boom in a sovereign wealth fund. Leaving aside the fact that it's pretty rich for a Coalition spokesman to advocate how to spend a tax when his party won't even support the mineral resources rent tax, let me explain why I think Turnbull is at best putting the cart well before the horse. Australia already has a sovereign wealth fund; it's called superannuation.
In other words, increasing superannuation savings substantially displaces arguments for a sovereign wealth fund. And the International Monetary Fund did not say last week Australia should establish such a fund. All it said was "revenues could be saved"..............................................Full Article: Source
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