I think Norway’s has legislation around the percent that can be used now vs what has to be reserved for future generations. Although I agree with the sentiment that the calibre of politicians we elect couldn’t be trusted to think beyond one election cycle.
The thing about legislation is: The new government can make/change/remove it. Unless you enshrine it in the Constitution - and we have a pretty poor track record of changing that.
I would think that if something were established with legislation capping how much can be spent, it would (a) be very difficult to get past the Senate crossbench and (b) be very expensive in terms of political capital, if you didn’t take it to an election as a core issue.
I think Norway’s has legislation around the percent that can be used now vs what has to be reserved for future generations. Although I agree with the sentiment that the calibre of politicians we elect couldn’t be trusted to think beyond one election cycle.
The thing about legislation is: The new government can make/change/remove it. Unless you enshrine it in the Constitution - and we have a pretty poor track record of changing that.
I would think that if something were established with legislation capping how much can be spent, it would (a) be very difficult to get past the Senate crossbench and (b) be very expensive in terms of political capital, if you didn’t take it to an election as a core issue.