The Tasmanian Liberals are accusing the State Government of being hypocritical for criticising the Opposition for accepting political donations from tobacco companies.

The Opposition Spokesman, Matthew Groom, says the State Government's superannuation fund, the RBF has nearly $30 million invested in tobacco companies.

Mr Groom says he is not critical of the RBF's decision to invest in tobacco companies but says Labor and the Greens should stop being hypocritical.

"The point we're making is that Labor and the Greens can't have credibility in their attacks on the Liberal Party when they've been caught red handed bank rolling the biggest tobacco companies in the world to the tune of tens of millions of dollars," he said.

But the Premier, Lara Giddings, says Labor only has the power to stop political donations from tobacco companies.

"It'd be totally inappropriate for Lara Giddings to tell the RBF board an independent board looking after the superannuation of public servants what they should or shouldn't invest in," she said.