Debate resumed from 7 February, on motion by Mr Costello:

That this bill be now read a second time.

upon which Mr Tanner moved by way of amendment:

That all words after “That” be omitted with a view to substituting the following words: “whilst not declining to give the bill a second reading, the House is of the view that:

(1)

the Future Fund should only invest on a prudent commercial basis and manage funds in a manner consistent with:

(a)

best-practice portfolio management;

(b)

achieving desired returns without undue risk to the Fund as whole;

(c)

enhancing Australia’s reputation as a responsible and ethical investor; and

(d)

building productive capacity in the Australian community; and that

(2)

the income stream from the Fund should be used for productive national economic purposes rather than being set aside solely to offset the cost of public sector superannuation as the Government intends”.

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