Pauline Hanson has unveiled her bombshell plan to scrap the Petroleum Resource Rent Tax (PRRT) and levy a new royalty on all natural gas production.
Outlining the plan in Adelaide on Thursday, the One Nation leader said hard-working Australians were missing out on the benefits of the country’s resource wealth.
The proposal would see One Nation replace the PRRT with a 10 per cent wellhead royalty on all offshore oil and gas production.
Wellhead value refers to the price of petroleum or natural gas at the point it is extracted at the surface.
‘Despite our enormous resource wealth, ordinary families are not seeing the benefits in affordable energy, reduced debt and services,’ she told reporters.
Hanson argued governments had failed to secure a fair return from the sector and stressed the importance of involving the private sector in the industry.
‘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,’ she said.
‘Gas production is only possible with the expertise of private industry.
‘We want more gas, more oil, and more energy to drive our economy forward, pay down our debts and secure our energy future.’
Outlining the plan in Adelaide on Thursday, Pauline Hanson (pictured) said hard-working Australians were missing out on the benefits of the country’s resource wealth
The government would take a 30 per cent stake in private gas projects in Australian waters
Hanson framed the policy as a pathway to boost supply and strengthen the economy.
The policy centres on a ‘partnership model’, with a 30 per cent rebate for oil and gas exploration in Commonwealth waters to boost development and supply. The plan lets the Commonwealth take up to a 30 per cent stake and share costs and liabilities.
Under the proposal, the government would channel its stake through a new entity, the Australian Natural Wealth Investment Corporation (ANWIC).
The ANWIC would direct production toward domestic priorities such as fertiliser manufacturing, energy generation and fuel refining.
Profits would flow into a sovereign wealth fund modelled on Norway’s Government Pension Fund Global.
Hanson attacked proposals from crossbenchers and the Greens after the Australian Institute said the 25 per cent tax could raise $17billion a year.
‘Senator David Pocock and the Greens, along with lobby groups like the Australian Institute, are calling for an industry-destroying 25 per cent tax on exports,’ she said.
‘They have drawn a false equivalence to countries like Norway… a model that has succeeded because government and industry work together. These activists simply want to destroy our gas industry and push their green agenda.’
Hanson said a 25 per cent gas tax pushed by Pocock (pictured) would crush the gas industry
One Nation argues the 25 per cent export tax would deter investment and reduce domestic supply.
Hanson has also ruled out supporting Labor’s 20 per cent gas reservation policy, warning it imposes rigid requirements that risk undermining project viability.
Instead, she said the partnership model would keep more value onshore while maintaining incentives for investment.
The policy will replace the Petroleum Resource Rent Tax (PRRT) with a Commonwealth royalty on wellhead value, which the party says would simplify the tax system and deliver more predictable revenue.
The announcement comes amid intensifying debate over how to balance export earnings with domestic energy security.
Crossbench support for a 25 per cent export levy has grown, while Labor continues to push its reservation policy as a key measure to boost local supply.
The Coalition has also backed expanded oil and gas exploration, citing the fuel crisis triggered by the ongoing conflict in the Middle East.
Source: https://www.dailymail.com/news/article-15836363/pauline-hanson-one-nation-gas-oil-police-tax.html