| Australia's treasurer Thursday dismissed arguments for a new sovereign wealth fund, or SWF, insisting the government's proposed tax on mining profits is a better solution for how to capitalize on the mining boom.
Like other mineral-rich countries, Australia is debating how best to create long-term and sustainable economic benefits from a surge in demand for its vast deposits of coal and iron ore. Creating a new sovereign wealth fund to re-process revenue from its commodity industry is one of the options suggested by law makers including influential Greens Party leader Bob Brown but so far the government has refused to debate the proposal..............................................Full Article: Source
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