Pauline Hanson has outlined a One Nation policy to replace the offshore gas profits tax with a royalty regime and acquire up to 30% equity in new gas projects, with profits directed to a sovereign wealth fund. The proposal, announced at a gas industry conference in Adelaide, aims to secure greater returns for Australian taxpayers from the resource sector.
Hanson criticised the proposed 25% export tax as 'economic vandalism', despite some polling suggesting her supporters back the idea. Instead, she advocated abolishing the petroleum resource rent tax (PRRT), which she described as a 'failure', and introducing a royalty system for new ventures.
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%. The arrangement would expose taxpayers to financial risks, with co-ownership spanning from exploration to decommissioning, potentially lasting decades.
The Coalition criticised the policy, with Liberal frontbencher James Paterson calling it 'borrowed from Venezuela'. Resources minister Madeleine King argued the best time for such investment was decades ago, while the Minerals Council of Australia opposed equity stakes in a mature industry.
Hanson denied the proposal was a 'socialist takeover', insisting the government investment body would not have a day-to-day role in operations. She noted no pushback from industry during private briefings.
