Published • loading... • Updated
Pauline’s Norway-Style Bet on ‘Miracle’ Gas
The plan would scrap the petroleum resource rent tax and add a 10% wellhead royalty, with $500 million a year for exploration co-investment.
- On Thursday, One Nation leader Pauline Hanson unveiled a plan to scrap the Petroleum Resource Rent Tax and replace it with a production royalty and 30 per cent government equity stake in new offshore gas projects.
- Seeking to emulate Norway's sovereign wealth model, Hanson aims to convert Australia's resource base into long-term financial assets, arguing that successive governments failed to secure taxpayers a fair share of industry profits.
- Under the proposal, the Commonwealth would provide a 30 per cent rebate on exploration costs estimated at $500 million annually in exchange for ownership interests, with returns directed into the Australian National Wealth Investment Corporation.
- Resources Minister Madeleine King criticized the plan, stating Norway's unitary system differs significantly from Australia's federation, while Opposition Leader Angus Taylor opposed adding new charges to the sector.
- Energy analyst Saul Kavonic cautioned the shift could deter private capital by expanding state control over investment decisions, though the policy reflects One Nation's push to strengthen its negotiating influence ahead of the next term.
Insights by Ground AI
11 Articles
11 Articles
Coverage Details
Total News Sources11
Leaning Left5Leaning Right4Center1Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
R 40%
Factuality
To view factuality data please Upgrade to Premium
