Tuesday, August 21, 2007

Newsflash: They are rolling in it.

From the Treasurer and Finance Minister:

Preliminary estimates indicate that the Australian Government general government sector recorded an underlying cash surplus of $17.3 billion for 2006-07, which is $3.7 billion higher than expected at the time of the 2007-08 Budget.

The Government will use the realised surplus from 2006-07 to transfer $7 billion to the Future Fund immediately. This should allow the Fund to meet its objectives without any additional Government contributions provided all earnings are re-invested.

The Government announced in the 2007-08 Budget that it would transfer $5 billion into the Higher Education Endowment Fund (HEEF). In view of the better than expected outcome, the Government will now invest an additional $1 billion capital in the HEEF...

...there is $2.5 billion remaining for investment. This will be invested in the Health and Medical Investment Fund (HAMIF) by the end of the financial year after legislation is passed establishing the Fund.