Australian political party, the Australian Greens, wants the Productivity Commission to probe whether Australia should set up a sovereign wealth fund (SWF), Ninemsn reports. The leader of the party, Bob Brown, will move a motion in the Senate asking the government to refer the issue to its independent advisory body. Brown suggested a sovereign wealth fund is required in anticipation when the country’s non-renewable resources get exhausted. The International Monetary Fund had asked the government to consider saving the revenue boost from higher commodity prices in a sovereign wealth fund last month.
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