NSW Greens slam $30m tobacco investment

AAP
November 07, 2012

THE Greens have blasted the NSW government for investing almost $30 million in the tobacco industry and say the state should come clean on all its investments.

On Tuesday, NSW Treasurer Mike Baird revealed the O’Farrell government had invested $28.7 million in tobacco companies through two trusts.

Mr Baird provided the figures in an answer to a budget estimates question asked by NSW Greens MP John Kaye.

It is the first time the state government has admitted to tobacco investments.

“Investments in the international tobacco industry means taxpayers’ money are helping the expansion of manufacturers, who push their product onto children,” Mr Kaye said on Wednesday.

The Greens have also hinted the O’Farrell government could be trying to hide other investments by only providing information about two of the state’s 12 trusts.

“The O’Farrell government’s appalling $28.7 million in tobacco shares could be just the tip of the iceberg,” Mr Kaye said.

“Mike Baird should come clean with how much of the state’s investments are tied up with an industry that spreads death and disease.”

The government now faces pressure from health experts and anti-smoking campaigners to end its tobacco investments.

The Liberal Party has previously condemned the Labor state government for investing in tobacco companies, according to the Greens.

“After 18 months of trying to hide the awful truth … the coalition has finally confessed to being just as guilty,” said Mr Kaye.