Saturday, May 7, 2011

Australian Wealth-Fund Push Hits Roadblock

Saturday, May 7, 2011

SYDNEY—Dealing a major blow to those calling for an Australian sovereign-wealth fund to lock away mining-boom proceeds, opposition Treasurer Joe Hockey, one of the country's most influential politicians, said Thursday that their case is premature and Australia is already well-served by its pension-savings pool.

Mr. Hockey's remarks followed a rush of calls in recent weeks from lawmakers, policymakers and others for the government to follow the examples of countries such as oil-rich Norway and invest some of the proceeds of the current boom. The backers include David Murray, chairman of the Future Fund, which holds about 70 billion Australian dollars ...

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