Divestment as a powerful tactic

Abstract

Our universities are under attack not just from successive governments led by the major parties, but from the powerful corporate interests pulling their strings. But divestment can be used as a tool to benefit both the environment and our sector. We saw the power of corporate interests when Kevin Rudd tried to introduce a reasonable tax on the mining of non-renewable resources, similar to the tax on oil extraction by the Norwegian Government which has resulted in a massive 'sovereign wealth fund' for that country's future. In Australia, however, the mining industry outspent the Government tenfold, funding a $22 million advertising campaign against the tax, which dwarfed the Government's spending on promoting the tax. The tax was watered down considerably to appease the mining interests, and Rudd was deposed not long afterwards.