One Nation has announced a Norway-inspired gas policy, proposing that the commonwealth acquire a 30% equity stake in new gas ventures to secure "vastly greater returns" for Australian taxpayers from the resource.
Policy Details
The One Nation leader, Pauline Hanson, unveiled the proposal in a speech to a major gas industry conference in Adelaide. Under the plan, the commonwealth would offer companies a 30% rebate on exploration costs in its waters in exchange for taking an equity stake of up to 30% in production licences.
The government's stake would be managed by a new commonwealth investment vehicle, which would channel any profits from production into a sovereign wealth fund.
Tax Reform
One Nation, which holds just two lower house seats but is surging in opinion polls, would also replace the petroleum resource rent tax (PRRT) with a new royalty regime for offshore gas. Hanson criticised the PRRT as a "failure", echoing advocates calling for a 25% export tax.
However, Hanson described the proposed 25% export tax as "economic vandalism", asserting that her proposal was superior.
Vision for Australia
Hanson stated: "This is a bold long-term vision that will give the Australian people vastly greater returns from their resources and align government objectives with our world-class gas industry. Australians are rightly unhappy. Despite our enormous resource wealth, ordinary families are not seeing the benefits in affordable energy, reduced debt or improved services. Public unrest is building because successive governments have failed to secure a fair share while pursuing policies that risk killing the industry that generates that wealth."
