Australia and Norway both have highly profitable resource industries – but Norwegians receive a much larger, fairer share

[indymediaaus@mastodon.social]

Australia and Norway both have highly profitable resource industries – but Norwegians receive a much larger, fairer share.
Norway taxes oil and gas at 78% and has used that revenue to build the world’s largest sovereign wealth fund, now worth $1.9 trillion AUD.
The comparison highlights the massive opportunity Australia has missed. #AUSpol #Gas
https://thepoint.com.au/off-the-charts/260420-norway-and-qatar-show-that-australia-doesnt-have-to-let-gas-take-the-piss?utm_campaign=article

[nmba@mstdn.ca]

@IndyMediaAus
In petrostate Canada we actually pay (subsidize) the oilmen to make billions in profits from our crown resource. Norway adapted the Alberta royalty model, while a series of conservative governments in Alberta slashed royalties such that we get no royalties in some years. Canadians are endlessly being taken to to the cleaners by the oilmen, they have captured all our politicians.