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Greens to push vote on Sovereign Wealth Fund: Bandt

Media Release
Adam Bandt 18 May 2012

Following today's renewed support from Opposition front bencher, Malcolm Turnbull, for the Greens' policy to create a sovereign wealth fund, the Greens Deputy Leader and MP, Adam Bandt, said he would bring on a vote in Parliament on the issue next week.

Mr Bandt's motion, currently before Parliament, would start the process of establishing a new sovereign wealth fund in Australia.

"We need to take some of the benefits of the mining boom and put them away to fund this country's future infrastructure needs" Mr Bandt said.

"The Greens have been arguing for a sovereign wealth fund for some time."

"With the Western Australian government's decision to establish their own fund and Malcolm Turnbull's recent renewed endorsement, the time is right to bring on a vote in Parliament next week."

"I hope the Coalition now sees fit to support the Greens' motion on this important step to secure our future economy."

The motion to be voted on on Thursday 24 June reads:

That this House:

1) resolves that a new Australian sovereign wealth fund should be established; and

2) requires the Treasurer to present to the House no later than 26 October 2012 a report from the Productivity Commission detailing options as to:

(a)   how the fund should be established;

(b)   the fund's revenue and expenditure;

(c)    the fund's objects and governance structures; and

(d)   any other relevant matters.


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