Post by lennie on Jun 26, 2006 2:18:21 GMT -5
NSW Treasury has bought a stake in the owner of Phillip Morris, which makes a number of high-selling cigarette brands. The head of the Cancer Council, Dr Andrew Penman, says that the Government is hypocritical to convey strong anti-smoking messages at the same time it is profiting from shares. The Opposition's health spokeswoman, Jillian Skinner, also says it is unacceptable for Mr. Iemma to try and defend the investment. "It's the greatest hypocrisy I've ever heard from the Government to be making money out of tobacco companies when they're causing more hospitalisations than any other factor," Ms Skinner said.
New South Wales Premier Morris Iemma says he cannot understand concerns about Government money being invested in a tobacco company in fact Mr. Iemma is standing firm, saying he has no intention of selling the shares. The NSW Premier says, "Where do you stop? The next target then are the coal mines? Oil companies or other investments? "This is arm's length from Government, these are decisions made by fund managers.”The total amount invested in Altria is $12 million. The Government says it also goes into other stocks, including Vegemite and Kraft.
This is indeed an issue that, I think, requires some serious “looking into”. It could be seen by many as the “Iemma Government” assisting in funding in an Industry that in fact causes many of its very high Health Costs. One would not be impertinent by any means either if they asked the NSW Treasury what other similar industries has it invested in i.e.; the Liquor Industry, Gaming, the list could go on. Or maybe The ‘Iemma Govt’ might just say – ‘Oh well, we may as well get profit out of something that’s costing us? One would hope not.
The fact is, the NSW State Government has a lot of controlling power in the Tobacco Industry through its Excise and Tax Collection. They have much power in deciding through legislation as to its success also. This could be seen in two ways – ( one) The Government is just taking another grab out of an industry it already controls, or (two) The “If you can’t beat em’ – Join em’ scenario. Either way, IT STINKS.
New South Wales Premier Morris Iemma says he cannot understand concerns about Government money being invested in a tobacco company in fact Mr. Iemma is standing firm, saying he has no intention of selling the shares. The NSW Premier says, "Where do you stop? The next target then are the coal mines? Oil companies or other investments? "This is arm's length from Government, these are decisions made by fund managers.”The total amount invested in Altria is $12 million. The Government says it also goes into other stocks, including Vegemite and Kraft.
This is indeed an issue that, I think, requires some serious “looking into”. It could be seen by many as the “Iemma Government” assisting in funding in an Industry that in fact causes many of its very high Health Costs. One would not be impertinent by any means either if they asked the NSW Treasury what other similar industries has it invested in i.e.; the Liquor Industry, Gaming, the list could go on. Or maybe The ‘Iemma Govt’ might just say – ‘Oh well, we may as well get profit out of something that’s costing us? One would hope not.
The fact is, the NSW State Government has a lot of controlling power in the Tobacco Industry through its Excise and Tax Collection. They have much power in deciding through legislation as to its success also. This could be seen in two ways – ( one) The Government is just taking another grab out of an industry it already controls, or (two) The “If you can’t beat em’ – Join em’ scenario. Either way, IT STINKS.