Top Stories | Australia's resource boom created billions. Did the country miss its chance?

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Australia’s resource boom has reignited debate over whether Australians are getting a fair share of the nation’s mineral and gas wealth, with many pointing to Norway as a contrasting model that uses high petroleum taxes (up to 78 %) and a sovereign wealth fund to distribute benefits widely and preserve wealth for future generations. In Norway, state participation in oil development, strict fiscal rules and a massive overseas‑invested fund now worth about $3 trillion have helped avoid the “resource curse” and fund extensive public services. By contrast, Australia relies on lower royalties, a 30 % corporate tax and the profit‑only Petroleum Resource Rent Tax, leading critics to claim the sector under‑contributes while industry groups argue it is the country’s biggest taxpayer and job creator. Discussions are now focusing on whether Australia should reform its tax system or expand its own sovereign wealth fund, especially as the nation pivots toward critical minerals and renewable‑energy projects that could generate new windfalls for the economy.

Read more: https://www.sbs.com.au/news/article/norway-built-a-3-2-trillion-sovereign-wealth-fund-why-didnt-australia/haasz3tx5

#Australia #Norway #PensionFund #FutureFund #ResourceTax

Australia taxes work harder than wealth and it shows. If you earn a wage, you’re slugged more than someone pulling the same income from assets. In a country that prides itself on a fair go, that’s hard to justify.
It’s time to rebalance the system so younger Australians actually have a shot at building wealth and security not just those who already have it.

If you agree, tell your MP:

#taxreformnow #auspol #gas #resourcetax
https://www.taxreformnow.com.au

Aussies pay more tax on a stubby than the gas barons pay on billions in exported LNG.
Senator Pocock is spot on: time to end the great gas giveaway. Slap a flat 25% tax on exports, rake in billions for housing, health, & renewables instead of letting multinationals leach our resources for peanuts.
Beer taxes > PRRT? That’s not a policy, that’s a scam. Fix it now!
Sign the petition & spread the word.

#Auspol #GasTax #EndTheScam #TaxTheRich #AustraliaInstitute #ResourceTax

https://www.davidpocock.com.au/prrt_petition

If Australia had implemented a resource tax regime similar to Norway’s — particularly Norway’s sovereign wealth fund model built on high taxes and royalties from oil and gas — the country would likely be substantially wealthier and more economically resilient today. Here’s a breakdown of the key differences and what Australia might look like under such a model:

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What Norway Did Right

Norway’s approach to resource wealth is often cited as world-leading. Key features include:
1. High Resource Rent Tax: Norway imposes a 78% effective tax on oil company profits (including corporate tax and a special petroleum tax).
2. Sovereign Wealth Fund (The Government Pension Fund Global):
• Started in the 1990s.
• Now worth over US$1.6 trillion.
• Invests globally for long-term returns.
• Explicitly designed to benefit current and future generations.
3. Strict Regulation & Transparency: The system is managed transparently, with strong public oversight and limited corruption.

#australia #norway #resourcetax #sovereignwealthfund #oilandgas #economicresilience #wealthmanagement #resourcerenttax #governmentpensionfund #transparency #publicoversight #longterminvestment #economicpolicy #resourcewealth #taxreform

The Japanese government is exploiting Australia's gas #resources, leaving #Aussies with exorbitant #gas prices while #Japan profits by reselling the gas, and the Australian government is complicit in hiding this #scam from the public. #auspol #fossilfuels #ResourceTaxation #resourcetax

https://www.youtube.com/watch?v=w59KsFmSF5U

For decades #multinationals companies like #CocaCola have been taking #water out of the ground for free in #WestenAustralia and bottling it up to sell. But residents in the Perth Hills are calling for the practice to end.
#australia #resourcetax #WaterResources

https://www.youtube.com/watch?v=5KlasvouHjY

The 59 leading economists surveyed by Economic Society of #Australia were asked to pick from a list of options. How top economists would raise $20 billion per year.
#landtax #resourcetax #InheritanceTax #negativegearing #taxtherich #auspol

https://theconversation.com/inheritance-taxes-resource-taxes-and-an-attack-on-negative-gearing-how-top-economists-would-raise-20-billion-per-year-202630