[Greens-Media] Tobacco profits put $28.7 m stain on NSW public accounts

[John Kaye]

Tobacco profits put $28.7 m stain on NSW public accounts
 
Media release: 7 November 2012
 
After eighteen months of trying to hide the awful truth, the O'Farrell government has finally been forced to admit to holding at least $28.7 million of tobacco investments, according to Greens NSW MP John Kaye.
 
('Pressure to end $30m tobacco investment', SMH, 7 Nov, p. 6, http://j.mp/smh121107)
 
In an answer to a question on notice from Dr Kaye, NSW Treasurer Mike Baird revealed that two of the state's investment trusts that manage public funds waiting to be spent on services and infrastructure have between 1.34 percent and 1.73 percent  of their money in the tobacco industry. (http://j.mp/be121107 p. 4)
 
Dr Kaye said: "Having condemned their Labor predecessors for investing public money into a product that kills half the people who use it, the Coalition has finally confessed to being just as guilty, with at least $28.7 million in tobacco industry shares.
 
"Investments in the international tobacco industry means taxpayers' money helping the expansion of manufacturers who push their product onto children.
 
"The Liberals and Nationals were only cured of their addiction to donations from the tobacco industry when it became illegal. Now they are in government, the Coalition continues its close association with the industry that profits from unnecessary disease and early death.
 
"Treasurer Mike Baird cannot hide behind the funds managers. It would be a simple matter to instruct them to keep NSW taxpayers' money out of the tobacco industry. 
 
"Health Minister Jillian Skinner needs to find the outrage she expressed when she was in opposition and tell her cabinet colleague Mike Baird holding investments in tobacco contradicts the government's responsibility to protecting public health.
 
"The Treasurer only provided data for two of the 12 separate trusts that manage the state's investments. 
 
"The O'Farrell government's appalling $28.7 million in tobacco shares could be just the tip of the iceberg. 
 
"Mike Baird should come clean with how much of the state's investments are tied up with an industry that spreads death and disease.
 
"Every dollar invested in the tobacco industry is an insult to the overwhelming majority of the 88 percent of NSW adults who do not smoke and many of those who do," Dr Kaye said.
 
For more information: John Kaye 0407 195 455 
 
 
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John Kaye
Greens member of the NSW Parliament
phone: (02) 9230 2668
fax: (02) 9230 2586
mobile: 0407 195 455
email: john.kaye at parliament.nsw.gov.au
web: www.johnkaye.org.au
 
mail: Parliament House, Macquarie St, Sydney NSW 2000