So the Cullen Fund shows the Government that it does not have to sell strategically important assets to improve the country’s finances, all it has to do is continue investing in the fund.
The “Cullen” superannuation fund has posted a return of 1.66 per cent in November, taking its overall value to $24.93 billion – roughly half the Government’s net debt.
Over the last 12 months, as world equity markets soared, it earned 27.76 per cent or about $5.5b. That was more than the Government’s asset-sales programme, which is forecast to bring in between $4.6b and $5b.
The fund’s annual return since inception in 2003 has been 9.55 per cent.
Please remind me, why did we stop contributions to the Cullen Fund and why are we selling the country’s silverware?