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Manufacturing taskforce backs Greens call for Sovereign Wealth Fund inquiry

Greens Deputy Leader and industry spokesperson Adam Bandt has welcomed the release of the Manufacturing Taskforce's report today. Mr Bandt says he will move in Parliament to implement the Taskforce's recommendation for an inquiry into a Sovereign Wealth Fund.

"The manufacturing sector has lost 125,000 jobs in the last four years. We know that the high Australian dollar, in part created by the mining boom, has put pressure on our manufacturing businesses and pressure on jobs", Mr Bandt said.

"I will bring on a debate in the Parliament on the report's recommendation for a sovereign wealth fund inquiry. I understand the government wants to run away from real action to secure the benefits of the mining boom, but it will have to justify why it opposes a Productivity Commission inquiry."

"The government should implement the report's call for an infrastructure stimulus package, starting by fast-tracking east coast high speed rail."

 "The report's emphasis on linking business innovation with science and research is central as we shift to a clean energy economy and for prosperity beyond the mining bubble. Only 30% of Australian researchers are currently employed in the Business sector. Most countries have more than 50%. Countries like USA, Japan, Sweden, have 70-80%."

"The government should also act on the recommendations for stronger local content rules."

Motion

MEMBER FOR MELBOURNE: I give notice that on the next day of sitting I shall move- That this House:

 

1)      resolves that a new Australian sovereign wealth fund should be established; and

 

2)      requires the Treasurer to present to the House no later than 29 March 2013 a report from the Productivity Commission detailing options as to:

 

(a) how the fund should be established;

(b) the fund's revenue and expenditure;

(c)the fund's objects and governance structures; and

(d) any other relevant matters.

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