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ECONOMICS—SOVEREIGN WEALTH FUND FOR AUSTRALIA—PROPOSED ORDER FOR PRODUCTION OF DOCUMENT

The Leader of the Australian Greens (Senator Bob Brown), pursuant to notice of motion not objected to as a formal motion, moved general business notice of motion no. 248—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.

Statement by leave: Senator Cormann, by leave, made a statement relating to the motion.

Question put.

The Senate divided—

AYES, 7

Senators—

Brown, Bob

Fielding

Hanson-Young

Ludlam

Milne

Siewert (Teller)

Xenophon


NOES, 38

Senators—

Arbib

Barnett

Bernardi

Bilyk

Birmingham

Boswell

Brown, Carol

Bushby

Cameron

Carr

Cash

Colbeck

Cormann

Crossin

Eggleston

Farrell

Faulkner

Feeney

Ferguson

Fifield

Forshaw

Furner

Humphries

Hurley

Hutchins

Ludwig

Lundy

McEwen

McGauran

McLucas

Moore

O'Brien

Parry

Payne

Pratt

Stephens

Sterle

Williams (Teller)

Question negatived.