One Nation will give the Australian people a stake in our nation’s natural resources, encourage more gas and oil production, establish a national wealth fund for our future, and end net-zero.
This is a bold, long-term vision that will give the Australian people vastly greater returns from their resources and align government objectives with our world-class gas industry.
Australia’s gas reserves are nothing short of a miracle. For a country with only 0.3% of the world’s population, we supply nearly 10% of the world’s exported gas.
One Nation has always fought for a fair return for the Australian people on our country’s natural resources. Australians are rightly unhappy. Despite our enormous resource wealth, ordinary families are not seeing the benefits in affordable energy, reduced debt, or improved services.
Public unrest is building because successive governments have failed to secure a fair share while pursuing policies that risk killing the industry that generates that wealth.
One Nation understands that gas doesn’t magically extract itself. Gas production is only possible with the expertise of private industry. One Nation will work with industry as a partner, leveraging this expertise to get the most out of our incredible resources.
We want more gas, more oil, and more energy to drive our economy forward, pay down our debts, and secure our energy future.
25% EXPORT
Before I go on to our policy, I would like to take a moment to address the other policies that have been put forward.
Senator David Pocock and the Greens party, along with lobby groups like the Australia Institute, continue to call for an industry-destroying 25% tax on gas exports.
The tax would apply to the total value of all gas exports and destroy the economics of the entire industry. That is their goal.
They have drawn a false equivalence with countries like Norway, which share the full risks and rewards with their industry. A model that has succeeded because government and industry partner together, supported by generous tax incentives.
These activists simply want to destroy our gas industry and push their green agenda scam. It’s nothing more than economic vandalism.
They don’t live in reality. They live in a ridiculous net-zero fantasy world, where fertilisers, plastics, medicines, and rubber can be made with the intermittent power from solar panels, and where 1,500-degree furnaces for smelting can be run on wind turbines.
They want gas stopped.
One Nation wants more gas extracted, bigger returns, and real energy security.
Reservation Policy
One Nation has previously considered an East Coast gas reservation policy. However, through consultation with industry and stakeholders, it became clear that it fell short of our policy objectives. The government’s 20% reservation policy will damage onshore development of oil and gas projects. Many of these projects are Australian producers currently supplying the domestic market.
Unfortunately, a domestic reserve may benefit the multinational exporters the most. They can afford to carve off some of their supplies, flooding the domestic market and killing domestic Australian gas companies. A blunt reserve forces inefficient use of our precious resources under their “oversupply” model. We will not destroy the industry with forced oversupply.
Our policy will instead be flexible, allowing surplus gas to be exported when domestic demand is satisfied, building sovereign wealth rather than undermining domestic supply projects. Typical of this government, they have thrust these changes onto existing projects with little to no consultation, damaging their ongoing feasibility.
This policy is a blunt tool that will result in less competition and a less efficient industry. One Nation’s policy will drive more exploration, more development, and more production without pushing out smaller Australian producers.
Our Policy
One Nation is proposing a genuine partnership with the gas industry, from exploration through to production and decommissioning. We will provide a 30% rebate on genuine oil and gas exploration in Commonwealth waters. In exchange, the Commonwealth may take up to 30% equity in issued production licences. This will be the first time that Australians have a genuine ownership stake in the nation’s natural resources.
The Commonwealth would be responsible for its costs as an equity owner and, in turn, be entitled to a proportionate share of production. These costs will include participation in decommissioning, ensuring responsible end-of-life management is planned from the outset to protect the environment and taxpayers. These ownership rights would be 100% owned by a new Commonwealth Special Investment Vehicle, the Australian Natural Wealth Investment Corporation, or ANWIC.
ANWIC will direct its share of oil and gas to Australia’s greatest benefit, selling to critical domestic industries like fertiliser production, energy, and fuel refining, or exporting when the domestic market is well supplied to pay down debt and build sovereign wealth. This flexibility will maximise value for Australians while encouraging industry participation.
One Nation would ensure the ANWIC board consists only of industry experts who have had success in the oil and gas industry, not government-appointed bureaucrats. Any profits made on Australia’s equity ownership will be put into a sovereign wealth fund to reinvest and grow, NOT to be rorted by future governments.
Importantly, ANWIC would only act as a NON-operating equity partner. We recognise that the expertise rests in our world-class industry, and we are there to benefit from their knowledge. ANWIC would also be empowered to invest in current, producing projects.
And before the Greens get excited, this won’t be some socialist takeover. It must pay its way into any existing project under commercial, arm’s-length terms, not under compulsion or coercion. This will be a direct financial investment, not a takeover.
The equity model gives flexibility to support domestic manufacturing or capture high export prices. It also provides the predictability foreign investors need. Japan and South Korea are looking elsewhere because of policy instability in Australia. We must look after our trading partners. South Korea takes our LNG and supplies us with essential liquid petroleum products. Stable partnership policy will keep these vital relationships strong instead of driving capital away.
Under One Nation’s policy, the government will have skin in the game as a true partner to industry, maximising returns to the Australian people.
CLEAR THE WAY
This bold new strategy will be supported by One Nation’s long-standing policies of cutting red, green, black and blue tape, and dumping net-zero targets.
When I consulted gas producers on this policy, they were shocked to be asked their views. One Nation has done more consultation with industry than this government has ever done.
The gas industry has been fighting an uphill battle against net-zero-obsessed governments.
To all the representatives in gas and industry, you will not be spared by trying to satisfy the net-zero zealots. If you accept any form of net-zero or emissions reduction policy, you are signing your industry’s death warrant.
They will not stop until oil and gas in Australia is gone.
One Nation will dump all net-zero policies.
We will abolish the Safeguard Mechanism that fines gas companies for doing their job.
It is actively destroying investment. It sets rigid emission baselines and imposes heavy penalties, often millions per facility, for breaches, even if our gas supports energy security or vital industry.
Companies divert enormous sums to compliance and offsets instead of production and jobs.
Constant rule changes create uncertainty, leading to project delays and cancellations and telling investors Australia is not open for business.
At the same time, insane environmental approval processes, driven by activist litigation and aligned with UN net-zero ideology, are compounding the damage.
Capital is fleeing to places that are rolling out the red carpet, taking jobs and money away from Australians.
Red, green, black and blue tape must be cut.
Approvals will be decided within six months, with certainty.
Vexatious legal claims will not stop vital projects.
One Nation is taking the country in a fundamentally different direction—clearing the way for Australian industry and thinking in generations, not election cycles.
We want more gas unlocked and government as a genuine partner, not an adversary, to the industry.
PRRT
Lastly, the Petroleum Resource Rent Tax has been a failure in the gas industry.
PRRT for offshore gas is not consistent or fit for purpose.
It was designed for oil projects, and its structure does not suit gas economics.
This has led to unstable tax revenues and eroded community trust.
One Nation would replace the PRRT with a simple Commonwealth royalty on wellhead value.
This will give the Australian people a consistent tax take, help preserve the industry’s social licence, and provide industry with predictable costs based on production.
This change will apply only to prospective projects, grandfathering current PRRT arrangements under which billions were invested.
Our policy aims for returns through participation, not ever-increasing taxation.
Conclusion
This policy is a massive shift in how Australia gets returns from its resources.
Australians will have real ownership of their resource assets for the first time, and they will get first use.
One Nation will be a partner of industry, on behalf of the people of Australia, to ensure we have fuel security, cheaper power, and the ability to pay down our debts, while providing the predictability our trading partners need to continue their mutually beneficial relationship with Australia.
