Pauline Hanson announces Norway-inspired gas policy as she decries 25% export tax as ‘economic vandalism’
Summary
One Nation leader Pauline Hanson has proposed a new gas policy inspired by Norway, which includes replacing the current offshore gas profits tax with a system where the government can take a 30% ownership in new gas projects. This plan aims to increase returns for Australian taxpayers but has faced criticism from government and industry groups who warn of financial risks and compare it to policies in Venezuela.Key Facts
- One Nation wants to scrap the petroleum resource rent tax (PRRT) and introduce a new royalty system for new gas projects.
- The policy includes the government owning up to 30% of new offshore gas ventures, with profits placed into a sovereign wealth fund.
- Companies would get a 30% rebate on exploration costs in exchange for giving the government this ownership stake.
- Taxpayers could share in profits but also face long-term financial risks since gas projects take over a decade to develop.
- Critics, including the Liberal Party, compare the plan to Venezuela’s nationalized oil industry and warn against government ownership in the sector.
- Hanson denies the policy is a “socialist takeover” and says the government would not run the gas companies day-to-day.
- Major industry groups like the Minerals Council of Australia oppose government equity in the mature mining and gas industries.
- The Australian Energy Producers group says the current tax system already adjusts revenues based on oil and gas prices effectively.
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