In Business

South Australia Shadow Treasurer Iain Evans

Snelling’s Embarrassing Back Flip On Wealth Fund

Victor P Taffa

Just three months ago the Liberal Opposition proposed the idea of a State Sovereign Wealth Fund, which the Weatherill Labor Government rejected.

Shadow Treasurer Iain Evans moved a motion in the Parliament’s Economics and Finance Committee on 10 November 2011:

‘That the Economics and Finance Committee investigate the establishment of a State Sovereign wealth fund.’

The motion was not supported by the Labor Government they voted it down!

However, today the Weatherill Labor Government announced that they want to establish a committee to investigate the establishment of a future fund!

“This Labor Government has no new ideas three months ago they reject a proposal, today they suggest it!” Shadow Treasurer Iain Evans said.

“I ask Premier Weatherill, if a State Sovereign Wealth Fund was such a bad idea three months ago, what has changed?”

“It’s taken the Labor Government ten years to consider the future of this State. The back flip announced today is a major embarrassment for Treasurer Snelling.

“With State debt approaching $11 Billion, South Australians will be wondering when there will be money to put into the fund if it’s established!” Mr. Evans said.

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