Bob Brown (Tasmania, Australian Greens) Share this | Hansard source

To move:

That the Senate—   (a)   notes that:      (i)   the current resources boom is generating enormous wealth from which all Australians should reap the benefits,      (ii)   a sovereign wealth fund could help fund the needs of future generations, as well as seeking to improve budget measures in the immediate budget cycle,      (iii)   approximately 36 countries have sovereign wealth funds which currently manage more than $4.2 trillion worth of assets globally, and      (iv)   a recent statement by the International Monetary Fund called on Australia to establish a sovereign wealth fund to protect the economy from shock falls in commodity prices and 'save revenue to ensure a more equal distribution of its benefits across generations and reduce long-term fiscal vulnerabilities from an ageing population and rising health care costs';   (b)   orders that there be laid on the table, no later than 20 September 2011, a report by the Productivity Commission on the development of a sovereign wealth fund for Australia; and   (c)   requests that the Productivity Commission in preparing its report consider options for the establishment of a sovereign wealth fund in Australia, including:      (i)   regulatory framework,      (ii)   how funds are invested and managed,      (iii)   funding mechanisms,      (iv)   transparency and accountability,      (v)   governance structure,      (vi)   how capital and returns should be utilised, and      (vii) any other related matters.

To move:

That the Senate—   (a)   recognises that the Solwara 1 Project in the Bismarck Sea off Papua New Guinea plans to mine copper and gold at a depth of 1 600 metres and is the world's first deep seabed mining project;   (b)   acknowledges that full-scale undersea excavation of mineral deposits globally has potential to remove parts of the sea floor and damage the ocean's health as a result of leakage, spills and damage caused by increased toxicity and sediment from tailings; and   (c)   calls on the Government to establish an inquiry, to report by 1 October 2011, into seabed mining to assess:      (i)   the level of interest in seabed mining in Australian waters and in waters in the region neighbouring Australia,      (ii)   the potential impact on the marine environment and resources if this industry develops, and      (iii)   the need for regulation or a regional agreement to manage and reduce the potential for this industry to impact on marine productivity.