The Tasmanian Greens today began action in State Parliament to put an end to unethical tobacco investment by Tasmania’s public service superannuation fund.

Greens Health Spokesperson Paul O’Halloran MP tabled a Motion calling on the Treasurer Lara Giddings to begin work as a matter of urgency to direct the Retirement Benefits Fund to put an end to all current and future 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.

“It might surprise many Tasmanian public servants $27 million worth of their collective super is propping up companies like British American Tobacco, Imperial Tobacco, Japan Tobacco, Philip Morris and the Swedish Match Company.”

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

“New South Wales, South Australia, the Australian Capital Territory and the Commonwealth have 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.”

“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.”

“This will put the acid test on the Liberal Party, who have stated that they oppose public sector superannuation being used to prop up their big tobacco financial donors,” Mr O’Halloran said.
Paul O’Halloran MP Greens Health Spokesperson Tuesday, 5 March 2013