The Australian Greens, who helped Prime Minister Julia Gillard win power, want the government’s Future Fund investment program changed to prevent the holding of tobacco company shares.
Australia, which is introducing some of the toughest anti-smoking laws in the world, invested A$147.7 million ($148.2 million) in shares of tobacco companies including British American Tobacco Plc to pay for politicians’ retirement.
Australia’s sovereign wealth fund offered to buy the assets of the country’s largest listed infrastructure fund for A$2 billion ($2.1 billion), seeking steady earnings from airports across the nation.
Australia’s sovereign wealth fund, the Future Fund, said its return for the year ended June 30 was 10.6 percent.
Mark Burgess resigned as managing director of Australia’s Future Fund, the country’s A$89 billion ($81 billion) sovereign wealth manager.
Australia is likely to exacerbate the risks from a two-speed economy if it doesn’t cut its level of indebtedness to other countries, Future Fund Chairman David Murray said.
The Future Fund, an Australian sovereign wealth fund, said General Manager Paul Costello will leave at the end of this year.
Australia’s sovereign wealth fund called for the government’s planned resources tax to be amended or scrapped, saying it risks eroding the country’s appeal to investors.