Snelling’s embarrassing back flip on Wealth Fund
Feb 14, 2012
Hon Iain Evans MP
Shadow Treasurer
Snelling’s embarrassing back flip on Wealth Fund
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.