29.08.2011 - Australia must have a sovereign wealth fund
In times of prosperity, doesn’t it make sense to set aside some wealth for the benefit of posterity; for the point when the mining boom comes to an end and we reach the bottom of the bottomless pit? It is with this aim in view that I support a sovereign wealth fund (SWF) to manage Australia’s long-term prosperity. A SWF is a state-owned but independently managed fund into which surplus revenue is pooled and then invested, typically abroad. The interest that accrues on these investments ensures that the fund’s wealth grows over time – provided the investments don’t turn bad..............................................Full Article: Source
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