Norway has a $3.2 trillion sovereign wealth fund — more than $500k per citizen — built on a 78% petroleum tax and the simple principle that resources belong to the public. Australia had a mining boom too. We got a baby bonus, some tax cuts, and a prime minister knifed by a $22 million industry ad campaign. The PRRT now collects less revenue than the beer tax. Less. Than. Beer. Albanese has ruled out any gas export tax changes, of course. Because why would we want Norway's problem of being obscenely wealthy?

#auspol #sovereignty #gasexport #mining #futurefund #prrt

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

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

AI generated summary, Read the full article for complete information.

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

The Future Fund is Australia's rainy day fund. It has now become a political football

https://www.abc.net.au/news/2024-11-21/what-is-the-future-fund-and-what-is-changing/104630448

#Sunak’s #Covid19 startup fund invested nearly £2m in firms linked to his wife

Four businesses linked to #AkshataMurty revealed to have received #investment from much-criticised #FutureFund
https://www.theguardian.com/politics/2023/oct/19/sunaks-covid-startup-fund-invested-nearly-2m-in-firms-linked-to-his-wife
#ToryPoliciesInAction #ToryCorruption

‘A naive and stupid idea’: how #RishiSunak’s #FutureFund spent millions on failed firms -

The then chancellor’s loan scheme, set up as #COVID19 hit, was supposed to keep dynamic startups going, but ended up giving #taxpayer cash to long-established or #LameDuck businesses

https://www.theguardian.com/business/2023/apr/15/a-naive-and-stupid-idea-how-rishi-sunaks-future-fund-spent-millions-on-failed-firms
#FishyRishi #ToryPoliciesInAction #ToryIncompetence #ToryCorruption

Adani stock rout leaves tens of millions in Australian retirement savings exposed

Fraud allegations send Indian conglomerate’s share prices plunging but super funds contend exposure is limited due to diversification of holdings.

#AdaniGroup #australia #queensland #CommonwealthBank #CBA #FutureFund #adani #CorporateFraud #BJP #NarendraModi #business #industry #stocks #india

https://www.theguardian.com/business/2023/feb/22/adani-stock-rout-leaves-tens-of-millions-in-australian-retirement-savings-exposed