Australia’s Swan Says No on Proposed Commodity Sovereign Wealth Fund
In recent news, Australian Treasurer Wayne Swan views that in the country’s current situation there is no need for a commodity-based sovereign wealth fund.
There are proponents in Australia that want a commodity-based sovereign fund. They feel that Australia is in a mining boom and a mining tax would discourage excess investment from occurring so quickly. Mining tax revenues could fill the coffers of the proposed sovereign investment entity to invest overseas.