The ruling party of Australia, Australian Greens, will start pursuing the creation of a sovereign wealth fund (SWF), which has been suggested by the International Monetary Fund (IMF), The Sydney Morning Herald reports. As per the IMF, saving the boosted government revenues will ensure a more equal distribution of its benefits and cut long-term fiscal vulnerabilities from rising heath care costs.

Before setting up a SWF, Australia needs to repay its debt, which continues to grow by close to $1 billion a week, said opposition finance spokesman, Andrew Robb. Australia already has a SWF, the Future Fund, which was created by the former government to cover future public servant superannuation liabilities.

Click here for the story from The Sydney Morning Herald.