Bob Brown (Tasmania, Australian Greens) Share this | Hansard source

I move:

That the Senate:

(a) notes that:

(i) the current resources boom is generating enormous wealth from which all Australians should reap the benefits,

(ii) a sovereign wealth fund could help fund the needs of future generations, as well as seeking to improve budget measures in the immediate budget cycle,

(iii) approximately 36 countries have sovereign wealth funds which currently manage more than $4.2 trillion worth of assets globally, and

(iv) a recent statement by the International Monetary Fund called on Australia to establish a sovereign wealth fund to protect the economy from shock falls in commodity prices and 'save revenue to ensure a more equal distribution of its benefits across generations and reduce long-term fiscal vulnerabilities from an ageing population and rising health care costs';

(b) orders that there be laid on the table, no later than 20 September 2011, a report by the Productivity Commission on the development of a sovereign wealth fund for Australia; and

(c) requests that the Productivity Commission in preparing its report consider options for the establishment of a sovereign wealth fund in Australia, including:

(i) regulatory framework,

(ii) how funds are invested and managed,

(iii) funding mechanisms,

(iv) transparency and accountability,

(v) governance structure,

(vi) how capital and returns should be utilised, and

(vii) any other related matters.