But Mr McKibbin is not alone in thinking that Australia should have its own sovereign-wealth fund to invest money overseas, like Norway's huge fund.

ECONOMIST: Petri-dish economies

And to tell you what you already know, the UK doesn't have a huge sovereign wealth fund, of the sort they have in Norway, much of the Middle East and Asia, keen and able to make massive long-term investments in the gubbins that underpin a nation's ability to grow and create wealth.

BBC: A UK sovereign wealth fund?

We're already seeing that in large sovereign-wealth funds, such as the decision by Norway's oil fund to adopt a GDP-weighted bond portfolio that ramps up the exposures to emerging markets.

WSJ: Pimco's Guiding Asia-Pacific's Investor Evolution: Ki Myung Hong

Norway, with a population of five million, has taxed the major oil companies heavily and created the largest sovereign wealth fund in the world, now worth more than seven hundred billion dollars, insuring the prosperity of future generations.

NEWYORKER: The Miner��s Daughter