The Australian people will finally get a fair share of their oil and gas resources under a ground-breaking new policy launched by One Nation on Thursday.
The policy will foster more exploration and development of Australia's world-class energy reserves and secure domestic supplies for energy production and critical industries like fertiliser manufacturing and liquid fuel refining.
The policy will give the industry a 30% rebate on oil and gas exploration in Commonwealth waters. In exchange, the Commonwealth would take up to a 30% non-operating equity stake in production licences through a new taxpayer-owned investment vehicle: the Australian Natural Wealth Investment Corporation (ANWIC).
ANWIC will use its share of gas and oil to meet domestic demand first, and export the surplus. Profits from the sale of taxpayer-owned gas and oil will be put in a sovereign wealth fund, and also used to pay off the nation's $1 trillion debt. The corporation would also share in 30% of costs, including the all-important decommissioning phase when the wells cease production.
One Nation will also replace the no-longer-fit-for-purpose Petroleum Rent Resource Tax on industry profits with a royalty on industry production, giving the industry more certainty and the Australian people a fairer return.
One Nation will fight to:
✔ Keep more Australian gas in Australia
✔ Lower household energy costs
✔ Support local manufacturing
✔ Secure reliable energy for the future