27 Apr '11, 10am

Time For An Australian Sovereign Wealth Fund

Norway's got one, so does Chile. For decades, the oil-rich Gulf states have also squirrelled away their export revenue into a public savings pool, known as a sovereign wealth fund. Now, there are growing calls for Australia to develop a fund of its own to make the most of the resources bonanza. Backing from the likes of Commonwealth Bank chief Ralph Norris and Liberal MP Malcolm Turnbull has increased pressure to save more of the boom. Advertisement: Story continues below For the most part though, debate has skirted around just how this might work in practice. For a government battling to convince the public of the need for a carbon tax, a savings fund probably falls in the too-hard basket. This need not be the case. Commentary from a growing number of economists, business people and former officials suggests a fund is not only sensible for Australia, but doable. So if we ...

Full article: http://peakenergy.blogspot.com/2011/04/time-for-australia...

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