Australian government has the tobacco habit

by Jenny Novac on January 9, 2012

The Australian government, which recently passed ‘plain packaging’ legislation in respect of cigarettes, is investing in the tobacco industry through its multibillion-dollar Future Fund, according to a story by Clancy Yeats for the Sydney Morning Herald.

Future Fund

The Future Fund logo

The Future Fund, which was set up by the former government to help meet the long-term cost of public sector superannuation liabilities, revealed last year that it held $147 million worth of shares in cigarette producers.

The Fund has invested a further $179 million in companies that make nuclear weapons.

The Greens, on whom the present government depends for passing legislation in the Senate, plan to increase pressure for the Fund to ditch its tobacco and nuclear weapons stakes.

When the Senate resumes sitting next month after the summer break, the Greens will push for rules forcing the Fund to divest its ‘unethical’ holdings.

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