I have concerns about what the federal government is doing with its balance sheet generally, and the sovereign wealth fund would be one more log on that fire, if that's a metaphor people will accept.
The federal government is borrowing new money, and if you look again at the fiscal reference tables, you'll see that the average interest rate on its debt is about 3% now. The return on investments that it is getting on its financial assets is lower than that. On the face of it right now, the federal government is borrowing and is paying interest at a higher rate than the returns on the investments it is making.
I am concerned that the same thing will happen with the sovereign wealth fund. I do not like to see the federal government's gross debt going up the way it is, because it's creating exposure. We see it in the interest payments, but there are also things going on, I think, with these investments and transfers that really ought to show in spending as opposed to the appearance of the federal government building up assets. I would like to see the federal government do less of that.