The government of Western Australia has said it is planning to launch its own sovereign wealth fund in a bid to invest earnings from its mining boom.

The state, which has large deposits of minerals such as iron ore, has seen mining revenues rise in recent years.

The surge has been driven by increased demand from China and other emerging economies in Asia.

State Premier Colin Barnett said it was necessary to ensure the resources-led boom led to long term benefits.

"The Liberal-National Government is committed to ensuring future generations of West Australians have a legacy from this historic period of development, built predominantly on the significant but finite resources available to us at present," the premier said.

Mr Barnett said the details of the fund will be announced during the state's budget which is scheduled to be presented in May.

Source :bbc.co.uk