Financial Sustainability and the Imperative for Reform in Investment Organisation in Australia's Local Government
The losses reported from the so-called sub-prime category, and the collateral damage suffered by some councils, has brought renewed scrutiny of their financial viability and the investment practices which are employed across the local government sector. The diversity of prudential investment standards which currently apply in Australia also suggests that the investment policies expected to deliver optimal economic outcomes for ratepayers require reform. In conjunction with the moves to address the financial sustainability of the sector, this paper argues that reforms are needed to standardise investment powers, empower councils to develop appropriate investment objectives, and to centralise funds management.- 2
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