Pauline Hanson has unveiled a new gas policy that would abolish the offshore gas profits tax and acquire 30% equity stakes in new projects, aiming to secure greater returns for Australian taxpayers. The proposal, announced at a gas industry conference in Adelaide, has drawn criticism from the Coalition, which compared it to policies in Venezuela.
Under the plan, the government would offer companies a 30% rebate on exploration costs in commonwealth waters in exchange for an equity stake of up to 30% in the operation. Profits from these stakes would be placed in a sovereign wealth fund. Hanson described the current petroleum resource rent tax (PRRT) as a 'failure' and criticised a proposed 25% export tax as 'economic vandalism'.
The Coalition's James Paterson expressed scepticism, stating the policy was 'borrowed from Venezuela and Hugo Chávez, not Australia'. Hanson denied it was a 'socialist takeover', insisting the government investment body would not have a day-to-day role in running partner companies.
Industry groups offered mixed reactions. Australian Energy Producers defended the existing tax system, while the Minerals Council of Australia opposed government equity stakes in a mature industry. Resources Minister Madeleine King argued the best time for such investment had passed decades ago.
