Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I think I have explained that to the senator. We have a very clear view about the way in which we believe the governance of the fund should be undertaken. We do not believe the fund should be managed by politicians making directions about investment strategies. It is in the interests not only of Australian taxpayers now but of taxpayers in the years to come for the investment strategy to be undertaken by the fund autonomously in accordance with its investment mandate.

I thank the senator for his recognition of the work the government has done, particularly the Minister for Health and Ageing, in relation to tobacco—certainly more than any previous government has done. I understand his concerns, but what I would say to him, respectfully, is that there are more sensible ways in terms of public policy to deal with tobacco companies than for politicians to get engaged in a process whereby we tell the Future Fund where and how to invest. Whilst I have some sympathy for his views in many— (Time expired)