>Pauline Hanson will unveil a plan to tear up Australia’s offshore gas tax system and replace it with a production royalty and taxpayer equity in LNG projects, in a major interventionist proposal aimed at lifting production and returning profits to the public purse.
>The One Nation proposal would scrap the Petroleum Resource Rent Tax (PRRT) and impose a 10 per cent wellhead royalty on all offshore gas and oil production, while also establishing a Commonwealth co-investment scheme that would see the government take ownership stakes in new developments in exchange for funding early exploration.
>The plan lands amid a public groundswell of support to increase tax on gas companies, debate over east coast supply constraints and how Australia should balance attracting investment with extracting more public value from its status as one of the world’s biggest LNG exporters.
>Hanson will launch the policy with a speech at the Australian Energy Producers conference in Adelaide on Thursday, where she will be given the platform alongside a federal Labor minister and Liberal leader Angus Taylor. It reflects an increased engagement between corporate Australia and One Nation, as the populist party maintains its strong position ahead of the Coalition in the polls and looks to strengthen its negotiating influence in the next term of government by increasing its numbers in the Senate.
>Along with One Nation defector Barnaby Joyce, Hanson has consulted widely with industry over her proposal in the past few months, including a virtual meeting with several leading CEOs and industry leaders in early May where they briefed them on their new platform.
bavotto on
I guess Gina doesn’t do gas or petroleum.
Ash-2449 on
Let me guess, and Gina will be in control of that norway style fund?
JARDIS on
I feel like she’s just using the gas policy as a trojan horse to get in the gate. Her entire platform is completely bereft of thought bubble otherwise.
Keep in mind she just called removing tax concessions “communism” like 3 or 4 days ago. She’s calling squares circles and dimwits are going ride or die mode for her about it. We are truly stuffed.
Grande_Choice on
But she just blocked fracking in SA. The fuck does she want?
Bob_Katters_Hat on
I for one welcome Pauline and her new glorious era of state control
HorseLow6398 on
>The One Nation proposal would scrap the Petroleum Resource Rent Tax (PRRT) and impose a 10 per cent wellhead royalty
So is there any modelling on this the PRRT is 40% on profit so is this expected to raise more or less?
>in exchange for funding early exploration.
So the government is going to fund this now. Interesting strange how a person who is against “communism and socialism” is so keen to do this.
7 Comments
>Pauline Hanson will unveil a plan to tear up Australia’s offshore gas tax system and replace it with a production royalty and taxpayer equity in LNG projects, in a major interventionist proposal aimed at lifting production and returning profits to the public purse.
>The One Nation proposal would scrap the Petroleum Resource Rent Tax (PRRT) and impose a 10 per cent wellhead royalty on all offshore gas and oil production, while also establishing a Commonwealth co-investment scheme that would see the government take ownership stakes in new developments in exchange for funding early exploration.
>The plan lands amid a public groundswell of support to increase tax on gas companies, debate over east coast supply constraints and how Australia should balance attracting investment with extracting more public value from its status as one of the world’s biggest LNG exporters.
>Hanson will launch the policy with a speech at the Australian Energy Producers conference in Adelaide on Thursday, where she will be given the platform alongside a federal Labor minister and Liberal leader Angus Taylor. It reflects an increased engagement between corporate Australia and One Nation, as the populist party maintains its strong position ahead of the Coalition in the polls and looks to strengthen its negotiating influence in the next term of government by increasing its numbers in the Senate.
>Along with One Nation defector Barnaby Joyce, Hanson has consulted widely with industry over her proposal in the past few months, including a virtual meeting with several leading CEOs and industry leaders in early May where they briefed them on their new platform.
I guess Gina doesn’t do gas or petroleum.
Let me guess, and Gina will be in control of that norway style fund?
I feel like she’s just using the gas policy as a trojan horse to get in the gate. Her entire platform is completely bereft of thought bubble otherwise.
Keep in mind she just called removing tax concessions “communism” like 3 or 4 days ago. She’s calling squares circles and dimwits are going ride or die mode for her about it. We are truly stuffed.
But she just blocked fracking in SA. The fuck does she want?
I for one welcome Pauline and her new glorious era of state control
>The One Nation proposal would scrap the Petroleum Resource Rent Tax (PRRT) and impose a 10 per cent wellhead royalty
So is there any modelling on this the PRRT is 40% on profit so is this expected to raise more or less?
>in exchange for funding early exploration.
So the government is going to fund this now. Interesting strange how a person who is against “communism and socialism” is so keen to do this.