TEST ON LIBERAL & LABOR TO END RBF TOBACCO INVESTMENTS

The Tasmanian Greens will tomorrow table a motion to ensure that public sector superannuation money is invested away from tobacco companies, whose deadly products are a major burden on public health.

Greens Health spokesperson Paul O’Halloran MP called for a commitment from the Labor and Liberal parties to back the measure, which would also see the Retirement Benefits Fund required to divest all current tobacco investments.

“The Future Fund has finally demonstrated some leadership on this issue, and divested itself of its tobacco investments and it’s time for the Retirement Benefits Fund to follow suit,” Mr O’Halloran said.

“The Treasurer has stated that there is no mechanism for her to direct the RBF to dump the $27.19 million worth of tobacco investments in its portfolio, so the Greens will be moving to address that.”

“The O’Farrell Liberal Government in New South Wales last year acted to require its independent fund, State Super, to exclude tobacco from its investment portfolio.”

“We will introduce a motion on the first sitting day of Parliament to test support from the Labor and Liberal Parties for the introduction of legislation to end this kind of unethical investment.”

“Ethical investment is all about encouraging socially and environmentally responsible businesses practices, and the tobacco business does not fit that model.”

“Cigarette taxes bring in only $6 billion dollars in revenue every year, while tobacco products cost the health system about $31 billion annually. “

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

“The Tasmanian Greens have a very strong focus on wellness and keeping people out of public hospitals, and this motion supports those aims.”

“It is particularly timely with the Preventative Health Committee currently accepting submissions.”
Paul O’Halloran MP Greens Health Spokesperson Monday, 4 March 2013