Pauline Hanson proposes Norway-style 30% government equity stake in new gas projects, replacing PRRT with royalty and establishing sovereign wealth fund
At the Australian Energy Producers conference in Adelaide on 21 May 2026, Pauline Hanson announced a new gas policy modeled on Norway’s approach. The plan would give the Commonwealth up to a 30% equity stake in new gas projects in exchange for a 30% rebate on exploration costs in Commonwealth waters. The government would share in both financial risks and rewards over the project lifecycle, from exploration to decommissioning. Profits from the equity stake would be placed in a sovereign wealth fund to reinvest for national benefit. The policy includes replacing the Petroleum Resource Rent Tax (PRRT) with a new 10% royalty on new projects, while existing projects would remain under the current PRRT. Hanson positioned the plan as pro-industry, aiming to boost exploration and production while ensuring taxpayers receive greater returns. She opposed a proposed 25% gas export tax, arguing it would harm the industry.
While all sources agree on the core policy announcement—Norway-inspired equity stake, 30% exploration rebate, sovereign wealth fund, and opposition to the export tax—they differ significantly in framing, completeness, and inclusion of political context. ABC News Australia offers the most comprehensive and neutral account, while The Guardian emphasizes controversy and news.com.au promotes the policy’s pro-industry framing.
- ✓ Pauline Hanson announced a new gas policy at the Australian Energy Producers conference in Adelaide on 2026-05-21.
- ✓ The policy proposes a Norway-inspired model where the Commonwealth takes up to a 30% equity stake in new gas projects.
- ✓ In exchange for the equity stake, companies would receive a 30% rebate on exploration costs in Commonwealth waters.
- ✓ The government’s share of profits would be directed into a sovereign wealth fund, referred to as the Australian National Wealth Investment Corporation or similar.
- ✓ The policy aims to give taxpayers greater returns from gas resources and is framed as a long-term investment strategy.
- ✓ Hanson opposes the proposed 25% gas export tax promoted by Senator David Pocock, the Greens, and the Australia Institute.
- ✓ One Nation positions the policy as pro-gas, aiming to increase exploration and production, not restrict it.
- ✓ The equity stake would extend from exploration through to decommissioning, exposing the government (and taxpayers) to both risks and rewards over decades.
Framing of the PRRT replacement
Does not mention abolishing or replacing the PRRT at all.
States Hanson would abolish the PRRT and replace it with a royalty regime, calling the PRRT a 'failure'.
Explicitly states the PRRT would be replaced with a 'simple Commonwealth royalty' on new projects, with existing projects grandfathered, and reports a 10% rate.
Royalty rate specification
Does not mention a royalty at all.
Does not specify a rate.
Reports the royalty rate would be 10%, citing external reporting.
Tone and emphasis on political reactions
Focuses on Hanson’s presentation and defense of the policy; no mention of external criticism.
Emphasizes criticism and cynicism from government, industry, and the Coalition; includes James Paterson’s skepticism and the Venezuela comparison.
Neutral tone; includes no political reactions or industry skepticism.
Hanson’s stance on the 25% export tax
Quotes Hanson calling opponents 'activists' who want to 'destroy our gas industry'—frames opposition as ideological.
Claims Hanson called the 25% export tax 'economic vandalism' despite opinion polls showing her supporters back it—highlighting internal contradiction.
Notes opposition but does not highlight polling contradiction; focuses on policy rationale.
Sovereign wealth fund naming
Names it the 'Australian National Wealth Investment Corporation'.
Refers to a generic 'sovereign wealth fund'.
Names it the 'Australian National Investment Wealth Corporation'—slightly different wording.
The Guardian
Framing: Framed as a controversial, populist policy facing industry and political backlash, with emphasis on risks and ideological extremism.
Tone: Skeptical and critical
Loaded Language: Describes the PRRT as a 'failure' and labels the export tax 'economic vandalism', using strong negative language to frame existing policy as harmful.
"Hanson said the public was 'rightly unhappy'... described the PRRT as a 'failure'"
Cherry-Picking: Highlights criticism from the Coalition comparing the policy to Venezuela, introducing a pejorative association without equal space for defense.
"accused One Nation of importing ideas from Venezuela"
Framing by Emphasis: Notes that Hanson opposes the 25% export tax despite polls showing her supporters back it, implying inconsistency or populism.
"despite some opinion polls suggesting supporters of her rightwing populist party back the idea"
False Balance: Includes skepticism from Liberal frontbencher James Paterson but does not include follow-up from One Nation, creating imbalance.
"Liberal frontbencher James Paterson said he was sceptical..."
news.com.au
Framing: Framed as a bold, pro-growth, and investor-friendly policy that strengthens energy security and national ownership.
Tone: Supportive and promotional
Narrative Framing: Describes the policy as driving 'more gas' and a 'genuine partnership', using pro-industry language to frame it as collaborative rather than interventionist.
"wanted 'more gas', not less, and was proposing a 'genuine partnership with the gas industry'"
Loaded Language: Quotes Hanson dismissing critics as 'activists' pushing a 'green agenda', reinforcing an 'us vs them' dichotomy.
"These activists simply want to destroy our gas industry"
Appeal to Emotion: Highlights Japan and South Korea 'looking elsewhere' due to policy instability, appealing to economic nationalism.
"Japan and South Korean... were 'looking elsewhere because of the policy instability in Australia'"
Omission: Does not include any critical voices or industry skepticism, presenting the policy in a favorable light.
ABC News Australia
Framing: Framed as a significant policy shift with clear mechanics, targeting fair returns for taxpayers while maintaining industry incentives.
Tone: Neutral and informative
Proper Attribution: States the policy is a 'massive shift' but presents it factually, using direct quotes and policy mechanics without editorial judgment.
"This policy is a massive shift in how Australia gets returns in its resources"
Comprehensive Sourcing: Clarifies that existing projects would be grandfathered under PRRT, adding nuance and policy detail absent in other sources.
"Existing projects would continue to operate under a grandfathered PRRT scheme"
Vague Attribution: Reports the 10% royalty rate as reported elsewhere, providing specificity without asserting it as confirmed.
"it has been reported that the rate would be 10 per cent"
Balanced Reporting: Avoids quoting political opponents or industry reactions, focusing on policy structure and intent.
ABC News Australia
ABC News Australia provides the most complete and balanced account of the policy, including specific details about the royalty rate (10%), clarification on grandfathering existing projects, and a clear explanation of both the equity stake and royalty replacement. It also includes direct quotes and policy mechanics without heavy editorializing.
news.com.au
news.com.au offers strong detail on the equity stake mechanism, the sovereign wealth fund, and Hanson’s framing of the policy as pro-industry. However, it omits mention of replacing the PRRT with a royalty and does not clarify the tax rate, reducing its policy completeness.
The Guardian
The Guardian focuses heavily on political reactions and criticism, particularly the Venezuela comparison and skepticism from the Coalition. While it includes key policy elements, it downplays specifics like the royalty rate and misrepresents Hanson’s stance by emphasizing her criticism of the 25% export tax despite her supporters backing it.
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