The Future Fund and Big Tobacco

Smoking kills 15,000 Australians every year, but until February 2013 Australia had $250 million of taxpayer funds invested in cigarette companies

The Future Fund was created in 2006 to cover the government's superannuation liabilities. Out of its $80 billion investments, at its peak a quarter of a billion dollars was invested in tobacco companies which destroy people’s lives. Since the Future Fund's inception, neither of the old parties had done anything about the fact that hundreds of millions of tax-payer dollars have been invested in this insidious industry.

The fund had invested more than $200 million dollars in 15 tobacco companies, including British American Tobacco, Phillip Morris and Lorillard, some of who have challenged plain packaging in the High Court and through the World Trade Organisation.

After a year-long campaign from the Greens, including the introduction of a private members bill and regular grilling at Senate Estimates, we finally have an end to the hypocrisy of introducing world leading tobacco reform in plain packaging, while simultaneously profiteering from the sale of the toxic product.

This is a massive win for public health, and an example to other investment funds throughout the world.

Latest on The Future Fund and Big Tobacco

media-releases

Greens welcome Future Fund tobacco divestment

28 Feb 2013

Australian Greens health spokesperson, Senator Richard Di Natale, today welcomed the Future Fund’s announcement that it will no longer invest in tobacco companies.

media-releases

Time for Future Fund to act on tobacco

05 Feb 2013

Australian Greens health spokesperson, Senator Richard Di Natale, welcomed the statement from the Future Fund today that it is thinking about excluding tobacco stocks from its investment portfolio.

media-releases

Greens welcome Future Fund’s tobacco rethink

26 Oct 2012

The Australian Greens have today welcomed news that the Future Fund has launched a review into its tobacco investments.

estimates

Estimates: the Future Fund and ethical investment

16 Oct 2012

Senator Richard Di Natale asked questions of the Future Fund Management Agency about tobacco investments in the Future Fund

media-releases

Future Fund hiding behind smoke and mirrors

16 Oct 2012

Australian Greens health spokesperson, Senator Richard Di Natale, said today that the Future Fund is hiding behind a sham ‘engagement’ strategy, while continuing to trade in tobacco shares and profit from the sale of a deadly product.

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