Pauline Hanson announces Norway-inspired gas policy as she decries 25% export tax as ‘economic vandalism’

One Nation proposal would abolish offshore gas profits tax and acquire 30% equity in new projects in a move the Coalition says is ‘borrowed from Venezuela’

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One Nation has vowed to replace the contentious offshore gas profits tax and acquire 30% equity stakes in new ventures under an interventionist policy designed to extract “vastly greater returns” for Australian taxpayers from the resource.

The proposal for the commonwealth to co-own gas projects drew a mix of criticism and cynicism from the government, industry and the Coalition, which accused One Nation of importing ideas from Venezuela.