Australia: Push for Tobacco Super Ban

Source from:  Tasmania Mercury 03/06/2013

TOBACCO investments need to be struck out of Tasmania's public service superannuation fund, the Tasmanian Greens say.

Greens health spokesman Paul O'Halloran yesterday tabled a motion calling on Treasurer Lara Giddings to begin work to direct the Retirement Benefits Fund to end tobacco investments.

"The Greens' motion will test support from the Labor and Liberal parties for the introduction of legislation to end the unethical use of public servants' superannuation to prop up the tobacco industry," Mr O'Halloran said.

He said $27 million worth of public servants' super was invested in tobacco companies.

"Good public policy and accountability demands that the Tasmanian state super fund divest itself of all tobacco investments and ceases any further tobacco investments."

Finance Minister Scott Bacon said the Tasmanian public sector superannuation schemes were independently managed by the Retirement Benefits Fund board.

"Under the governing rules of the Retirement Benefits Fund the Tasmanian Government cannot direct the board regarding its investment decisions for members' funds," Mr Bacon said.

"While the Government does not have the power to influence RBF's investment decisions we have shown leadership in refusing to accept political donations from tobacco companies."

Mr O'Halloran said NSW, South Australia, the Australian Capital Territory and the Commonwealth, had all seen their super funds walk away from tobacco investments.

"A large number of superannuation funds have already turned their backs on big tobacco, including First State, HESTA, Local Government Super, UniSuper and Christian Super.

"If independent private sector operators can invest their money ethically, it beggars belief that a state-backed super fund would still be pouring money into companies that kill, and cost billions in health care."

He said cigarette taxes raise $6 billion in revenue annually, while tobacco products cost the health system about $31 billion.

"Every dollar invested in these killer companies, is more money lost from the public health system and more lives lost."

Mr O'Halloran hopes the motion will put the acid test on the Liberal Party, which has said it opposes public sector superannuation being used to prop up big tobacco financial donors. Enditem