Similarly, following Norway's discovery of North Sea oil, Norway created the State Petroleum Fund in 1990. A substantial amount of oil profits, viewed as belonging to all Norwegians, has created a found balance of almost $60 billion. Unlike Alaska, however, always priority is to find community-wide benefits.
Norway has a steady growth rate, almost no poverty, free health, free education (at all levels) and negligible unemployment. Workers enjoy eight weeks paid leave, liberal sick leave, three-year maternity leave and reliable and inexpensive day care. Creative part-time and tell communicating opportunities help keep women in the workforce.
Sadly, I don't see the income from Australia's resources providing the same benefits – it just seems to be making the fat cats fatter.
John Seaton, Prospect Vale, Tas.