Brown criticises major parties’ sovereign wealth fund failure

Greens Leader Bob Brown has condemned both major parties for today voting down his move to have the Productivity Commission investigate options for a sovereign wealth fund.

"Australia is the wealthiest country on Earth per capita in terms of resources and it is being squandered," Senator Brown said in Canberra.

"We need the proceeds from Australia's mineral wealth to fund transport in our cities and between our cities, hospitals and dental health services, schools and access to high quality tertiary education. Everyday Australians, and their children and grandchildren, should be reaping the benefits," Senator Brown said.

"Some mining companies treat this parliament as a vassal of their own power, strength and greed. We're languishing and we don't need to be. It's mismanagement, and it's not helped by the failure of the Opposition to stand up for everyday Australians."

"It's time this parliament got some spine. If a sovereign wealth fund is good enough for mineral-rich Norway, why not Australia?"