Bob McMullan (Fraser, Australian Labor Party) Share this | Hansard source

Exactly. It was a very good idea. It should be done. We have been advocating it for years and took such a proposal to the last election. Unfortunately, the Treasurer overruled it. I only hope that the Prime Minister overrules the Treasurer. But the Prime Minister’s track record in this area is appalling. He was the architect last time when we frittered away the proceeds of a resources boom, and I think he is likely to do it again.

I do not want to speak at length on this matter. I simply want to say that I support a Future Fund. It is a pity there is no genuine fiscal reform in this proposal and no enhanced fiscal discipline. Outlays are still exploding. The risk to our fiscal future is still substantial. I support the second reading amendment moved by the member for Melbourne. I hope we can use this Future Fund, once it is established, as a basis for better policy in the future.

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