The Future Fund Eaters

The Labor Party announced yesterday its policy of ripping $4.7 billion out of the Future Fund, which is invested by a team of government picked economists and bankers and such, and investing it in a super broadband network (40 times current speeds) reaching 98% of the population.

The Future Fund, largely constructed of money from the sale of Telstra, has been invested, one imagines, in good growth stocks like overseas telecommunications companies. It is designed to partly offset the country’s future unfunded superannuation liabilities and the cost of feeding and bumwiping all the baby boomers as they decay.

Taking money from the Future Fund to invest in Australia’s own telecommunications infrastructure, despite being probably a great investment in financial terms as well as in the boost it would give to the economy and many other social benefits is, according to the Treasurer, robbing Australia’s future. Labor intends to sell off the family silver, says Costello. But if you sell the family silver and buy more, better, family silver with the proceeds, how can you go wrong?

Australia’s millions of slavering internet junkies don’t give a damn. Bring it on!

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