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Australia's Future Fund: a future beyond the GFC

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  • Richard Eccleston

Abstract

Australia's Future Fund (FF) was created in 2006 as a long-term savings fund designed to meet the Australian Government's future public service pension liabilities. With the onset of the financial crisis, few commentators thought the Australian Government would have the capacity or interest to continue investing in the FF. However, in the context of Australia's rapid, commodity-driven recovery from the crisis there is a growing case that the FF should play a central role in a new fiscal policy framework designed to manage the risks associated with the current resources boom. The paper explores these arguments and the politics associated with implementing such a framework and in so doing highlights the political constraints associated with implementing SWFs in advanced democracies.

Suggested Citation

  • Richard Eccleston, 2012. "Australia's Future Fund: a future beyond the GFC," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 17(2), pages 284-297.
    • Handle: RePEc:taf:rjapxx:v:17:y:2012:i:2:p:284-297
    DOI: 10.1080/13547860.2012.668083
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    References listed on IDEAS

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    1. Posner, Richard A., 2010. "The Crisis of Capitalist Democracy," Economics Books, Harvard University Press, number 9780674062191, Spring.
    2. Tony McDonald & Yong Hong Yan & Blake Ford & David Stephan, 2010. "Estimating the structural budget balance of the Australian Government," Economic Roundup, The Treasury, Australian Government, issue 3, pages 51-79, October.
    3. Ellis Connolly & Marion Kohler, 2004. "The Impact of Superannuation on Household Saving," RBA Research Discussion Papers rdp2004-01, Reserve Bank of Australia.
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    Cited by:

    1. Bahoo, Salman & Alon, Ilan & Paltrinieri, Andrea, 2020. "Sovereign wealth funds: Past, present and future," International Review of Financial Analysis, Elsevier, vol. 67(C).

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