Hanson’s Gas Policy Follows the Far-Right Playbook: Attack ‘Elites’ and Push for Drilling

Why It Matters

If adopted, the policy could reshape Australia’s energy tax regime, generate billions in public revenue, and become a decisive issue in the upcoming federal election.

Key Takeaways

• One Nation proposes 30% government stake in new drilling projects.
• Replaces 40% Petroleum Resource Rent Tax with sovereign wealth fund model.
• Policy could raise up to AU$10 bn (~US$6.6 bn) yearly.
• Taps voter anger over low resource profit sharing.
• Critics label it socialist; party risks internal state‑federal tensions.

Pulse Analysis

Australia’s energy debate took a dramatic turn when One Nation introduced a Norway‑inspired gas policy that blends state ownership with a sovereign wealth fund. By offering the government a 30% equity share in future drilling ventures, the party seeks to move beyond the 40% Petroleum Resource Rent Tax that currently captures extraction profits. The model mirrors Norway’s approach, where oil revenues fund a massive sovereign fund that supports social programs, positioning the proposal as a way to deliver "vastly greater returns" to taxpayers.

Economically, the plan promises a substantial fiscal windfall. Hanson has cited estimates of up to AU$10 billion (about US$6.6 billion) in annual revenue, which could be earmarked for infrastructure, health, or climate‑resilient projects. For investors, the shift signals a more interventionist regulatory environment, potentially increasing the cost of capital but also offering clearer profit‑sharing mechanisms. The policy could also reshape the competitive landscape, as multinational operators weigh the benefits of a stable, government‑backed revenue stream against the loss of full ownership.

Politically, the announcement serves as a differentiator for One Nation ahead of the next election, positioning the party between the Liberal‑Coalition’s market‑friendly stance and Labor’s greener agenda. Critics have branded the move as socialist, and internal tensions have emerged between federal and state branches over drilling approvals. Nonetheless, the strategy taps deep‑seated voter frustration over perceived elite profiteering, making resource taxation a pivotal battleground in Australia’s evolving energy and electoral landscape.