Hanson Proposes Norway-Style Gas Policy

Pauline Hanson's One Nation party has proposed replacing Australia's offshore gas profits tax with a Norway-inspired policy designed to extract greater returns for taxpayers. The plan, announced at a major gas industry conference in Adelaide, includes abolishing the Petroleum Resource Rent Tax (PRRT) and introducing a 10% wellhead royalty on all offshore oil and gas production.

Under the proposal, the government would take up to a 30% stake in new ventures, share development and decommissioning costs, and retain part of production for domestic use. Profits would be channeled into a sovereign wealth fund modeled after Norway's Government Pension Fund Global. Hanson argued that successive governments have failed to secure a fair return from the sector, leading to public unrest.

The plan has drawn criticism from industry groups and political opponents. The Australian Energy Producers (AEP) defended the existing tax system, while the Minerals Council of Australia opposed government equity stakes in a mature industry. Resources minister Madeleine King argued that the best time for Australia to invest in the gas industry was decades ago.

Hanson denied that the proposal was a 'socialist takeover,' insisting it would be industry-led and only apply to Commonwealth waters. She also criticized proposals from crossbenchers and the Greens for an industry-destroying 25% tax on exports, arguing it would deter investment and reduce domestic supply.

The announcement comes amid intensifying debate over how to balance export earnings with domestic energy security. Crossbench support for a 25% 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.