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.
"A sovereign wealth fund could underpin Australia's move to a low-carbon future, looking beyond the current mining boom," Senator Brown said in a statement on Sunday.
"It would serve as a source of funding for long-term projects such as high-speed rail and metro light rail."
Senator Brown suggested a sovereign wealth fund was needed in anticipation of the day when the country's non-renewable riches were exhausted.
The International Monetary Fund last month signalled the government should consider saving the revenue boost from higher commodity prices in a sovereign wealth fund.
But Treasurer Wayne Swan has dismissed the idea.
"We've got eight million sovereign wealth funds in this country, they're called the superannuation accounts of Australian workers," Mr Swan said in April.
Source: http://news.ninemsn.com.au
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.
"A sovereign wealth fund could underpin Australia's move to a low-carbon future, looking beyond the current mining boom," Senator Brown said in a statement on Sunday.
"It would serve as a source of funding for long-term projects such as high-speed rail and metro light rail."
Senator Brown suggested a sovereign wealth fund was needed in anticipation of the day when the country's non-renewable riches were exhausted.
The International Monetary Fund last month signalled the government should consider saving the revenue boost from higher commodity prices in a sovereign wealth fund.
But Treasurer Wayne Swan has dismissed the idea.
"We've got eight million sovereign wealth funds in this country, they're called the superannuation accounts of Australian workers," Mr Swan said in April.
Source: http://news.ninemsn.com.au
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