Two points:1. there's little doubt that sometime in the future,...

Two points:

1. there's little doubt that sometime in the future, some indolent Labor Treasurer would turn a Sovereign Wealth Fund into a Sovereign Slush Fund. Those of us with attention spans beyond a few weeks actually recall Senator Conroy and swan dishonestly describing the NBN as an "investment" and taking expenditure off Budget. Given Labor's oft displayed proclivity over the past 6 years to bully public officials one could see billions in funds being diverted to "investments" in nonsense such as NDIS, Gonski and other hair brained schemes.

2. following on from 1. I believe that apart from essential Commonwealth responsibilities as set out in the Constitution, the vast majority of people think they know how to spend their money better than the state.