Pauline Hanson’s One Nation proposes Norway-style gas equity and tax policy
Consensus Summary
Pauline Hanson’s One Nation proposed a Norway-inspired gas policy on 2026-05-21, replacing the Petroleum Resource Rent Tax (PRRT) with a 10% royalty on new projects and allowing the Commonwealth to take a 30% equity stake in new ventures. The policy, unveiled at the Australian Energy Producers conference in Adelaide, includes a 30% exploration rebate for companies in exchange for government equity. Profits would fund a sovereign wealth fund, the Australian National Investment Wealth Corporation. Critics, including Resources Minister Madeleine King and the Coalition, dismissed the plan, with King arguing Norway’s model is unsuitable for Australia. The Coalition reaffirmed its opposition to a 25% gas export tax and urged industry to advocate for itself. While the policy was welcomed by some industry groups, others like the Minerals Council of Australia opposed government equity stakes in mature industries. Hanson denied the proposal was a socialist takeover and claimed it would encourage exploration and secure fairer returns for taxpayers.
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Key details reported by multiple sources:
- Pauline Hanson announced a policy at the Australian Energy Producers conference in Adelaide on 2026-05-21 to replace the Petroleum Resource Rent Tax (PRRT) with a 10% royalty on new gas projects.
- One Nation’s proposal includes a 30% rebate on exploration costs in Commonwealth waters in exchange for a 30% equity stake in new gas projects for the Commonwealth.
- The policy would create a sovereign wealth fund called the Australian National Investment Wealth Corporation to manage profits from the equity stake.
- Hanson cited Norway’s model as inspiration for the policy, noting Norway’s $3 trillion sovereign wealth fund.
- The proposal was unveiled during a speech at the Australian Energy Producers conference in Adelaide on 2026-05-21.
- One Nation’s policy would apply to new projects only, with existing projects grandfathered under the current PRRT.
- Resources Minister Madeleine King criticized the policy, stating Norway’s approach is not appropriate for Australia.
- Opposition Leader Angus Taylor reaffirmed the Coalition’s opposition to a 25% gas export tax and urged the oil and gas industry to advocate for itself.
Points of Difference
Details reported by only one source:
- Liberal frontbencher James Paterson accused One Nation of importing ideas from Venezuela, comparing the policy to Hugo Chávez’s nationalization efforts.
- Minerals Council of Australia (MCA) CEO Tania Constable stated that equity stakes in mature industries like oil and gas are ineffective, citing the need for such policies in fledgling industries.
- Hanson denied the proposal was a ‘socialist takeover,’ insisting the government investment body would not have a day-to-day role in running partner gas companies.
- Australian Energy Producers (AEP) defended the current tax system, stating it delivers more revenue when oil and gas prices are high.
- Hanson said there had been no pushback from industry during private briefings on the proposal, though mining billionaire Gina Rinehart was not consulted.
- Shadow Resources Minister Susan McDonald stated the oil and gas industry is already the second-biggest corporate taxpayer in Australia and a major employer.
- Hanson acknowledged One Nation had previously supported a 25% gas export tax and an east coast reserve but shifted after industry consultation.
- Hanson said the new royalty would provide predictable costs for the industry and help preserve its social license.
- One Nation MP Barnaby Joyce stated the Australian people would become a ‘part owner’ in the resource and claimed savings would come from climate funding.
- Hanson denied interference with South Australian One Nation’s opposition to Labor’s fracking bill, stating her policy applies only to Commonwealth waters.
- Hanson claimed Japan and South Korea were ‘looking elsewhere’ due to Australia’s policy instability and accused gas export tax proponents of pushing a ‘green agenda.’
- Hanson said the Labor government’s fracking bill would fail due to lack of support from Greens, Liberals, and One Nation in South Australia.
Contradictions
Conflicting information between sources:
- The Guardian and ABC report Hanson’s policy includes a 10% royalty on new gas projects, but the Guardian does not explicitly state this number, only that she proposed replacing the PRRT with a ‘royalty regime’ without specifying the rate.
- The Guardian states Hanson proposed abolishing the PRRT and introducing a royalty regime, while ABC and Newscomau explicitly state the PRRT would be replaced with a 10% royalty on new projects.
- Newscomau claims Hanson said the policy was ‘a miracle’ for Australia’s gas industry, while the Guardian and ABC do not use this phrasing.
- Newscomau reports Hanson said the Labor government’s fracking bill would fail, but the Guardian and ABC do not mention this specific claim about the bill’s prospects.
Source Articles
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