Government holdings in tobacco stocks soar: Greens

Greens health spokesperson, Senator Richard Di Natale, today questioned the Future Fund about its tobacco holdings and the purchase of new tobacco stocks.

“The value of the Government’s tobacco holdings have increased by more than 50% in less than 18 months,” said Senator Di Natale.

“Rather than divesting itself of tobacco stocks, the government now has almost a quarter of a billion dollars in companies like Philip Morris and British American Tobacco.

“This undermines all of the good work we’ve done in tobacco control with measures such as plain packaging. It’s particularly galling when you consider they are the same companies taking legal action against the Government.

“The Managing Director of the Fund, Mark Burgess, stated that engaging with companies was better than excluding them, however Mr Burgess was unable to give a single example of a positive improvement the Fund has instigated in any company in their portfolio.

“Tobacco companies produce a product that kills people and no level of engagement will change that fact. It’s simply a case of the Government profiteering from the death and misery of people dying with lung cancer.

“I have a bill before the Senate with my colleague, Senator Scott Ludlam, that would force the fund to divest all of its holdings in companies that produce cigarettes or nuclear weaponry. This appears to be the only option left because it is clear that the fund has no intention to divest of its own accord.

“I urge the other parties to get behind the Greens bill to make sure that taxpayers money is pulled out of big tobacco.”

Media contact: Andrew Blyberg 0457 901 600