n suggested that part of the liquidated proceeds from the Future Fund could be used to provide subsidies for renewable energy and to build public housing.
In 2006, after the then government had retired all its debt it pledged to put future surpluses in a fund and invest it over a long-term period to strengthen the Commonwealth government’s financial position. The money seeded to the fund belonged to taxpayers. The fund is owned by the government on behalf of taxpayers. This is why it is a sovereign fund.
In the world of sovereign wealth funds there are different funds with different objectives. Petro-funds like the Norwegian fund and the Saudi fund were set up to invest revenue from a depleting resource for the benefit of future generations.
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