ADELAIDE, May 21 – A populist political party in Australia has announced an ambitious energy plan that would establish a sovereign wealth fund similar to Norway’s model and give the federal government partial ownership of offshore oil and gas projects.
Pauline Hanson’s One Nation party presented the proposal during the Australian Energy Producers conference in Adelaide on Thursday. The party has experienced growing support this year, securing its first House of Representatives seat and receiving backing from Australia’s wealthiest individual, Gina Rinehart, who has provided financial support including donating aircraft and hosting fundraising events.
Rinehart controls energy assets through Hancock Energy, including coal seam gas properties in Queensland and traditional gas holdings in Western Australia. These holdings fall under state jurisdiction and would not be impacted by Hanson’s federal proposal, despite One Nation’s historical opposition to coal seam gas development.
Speaking to a crowded conference hall, Hanson declared: “We want more gas, more oil and more energy to drive our country forward.”
The party leader criticized the current Labor administration’s recently announced policy mandating that energy exporters set aside 20% of natural gas production for domestic east coast markets. This requirement, revealed in early May, has drawn strong opposition from industry leaders.
Hanson emphasized that her proposed Australian National Wealth Investment Corporation represented “not a socialist takeover” and would operate under industry leadership while focusing exclusively on federal waters.
Under the outlined framework, the federal government would acquire a 30% ownership stake in offshore permits, participate in both development expenses and cleanup costs, and reserve portions of production for domestic consumption including fertilizer and fuel manufacturing. The approval process would be streamlined to six months, according to Hanson.
Amplitude Energy CEO Jane Norman expressed support for the concept, suggesting that government partnership could create better alignment of interests. Norman revealed her company expects to invest A$20 million ($14.25 million) in obtaining federal approvals for offshore exploration activities.
However, MST Marquee analyst Saul Kavonic criticized the plan as “even more interventionist” than Labor’s current policies and warned it would burden taxpayers with additional costs.
