Greens want inquiry into wealth fund

The Australian Greens want the Productivity Commission to investigate whether Australia should establish a sovereign wealth fund to save money for tough times ahead.

Leader Bob Brown will move a motion in the Senate this week calling on the government to refer the issue to its independent advisory body.

Australian Wealth-Fund Push Hits Roadblock

SYDNEY—In a blow to those calling for an Australian sovereign-wealth fund to lock away mining-boom proceeds, opposition Treasurer Joe Hockey, one of the country's most influential politicians, said Thursday that their case is premature and Australia is already well-served by its pension-savings pool.

Mr. Hockey's remarks followed a rush of calls in recent weeks from lawmakers, policy makers and others for the government to follow the examples of countries such as oil-rich Norway and invest some of the proceeds of the current boom. The backers include David Murray, chairman of the Future Fund, which holds about 70 billion Australian dollars (US$75 billion) for public-sector pensions; Warwick McKibbin, a member of the Reserve Bank of Australia board; leading bank executives; and bond-fund titan Pacific Investment Management Co. The RBA itself has signaled the need for discussion.