A Legislative Council report released on Friday labelled the fund “not fit-for-purpose” in a high interest rate economic environment
during the pandemic, had planned to borrow more money to chip into the fund, in a bid to keep the investment growing.
“The [fund] was created when NSW was in surplus and interest rates were low,” Mr Mookhey said on Friday. “The recommendations will be carefully considered as we determine the best approach going forward.” While one submission criticised a decision to invest part of the fund in equities as opposed to other sovereign wealth funds, which opt for bonds and other longer-term investments, the report itself questioned the rationale of investing in the fund of other state priorities.
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