Australia Treasurer: no need now for a sovereign wealth fund

SYDNEY Mon Aug 22, 2011 5:57pm EDT

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SYDNEY Aug 23 (Reuters) - Australian Treasurer Wayne Swan said on Tuesday he does not see any need now for a sovereign wealth fund to help cope with the country's mining boom.

"No it wouldn't do anything in our current situation and wouldn't do anything for some time to come," Swan told Australian radio, when asked whether the government could consider establishing a sovereign wealth fund to smooth out the impact of the resources boom. (Reporting by Rob Taylor; Editing by Ed Davies)

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